The Children’s Place, the largest pure-play children’s specialty apparel retailer in North America, has announced 12.3 per cent decrease in sales to $368.9 million (Q2 FY19: $420.5 million) during second quarter (Q2) fiscal 2020 ended on August 1 2020. Company’s net loss for the quarter were $46.6 million compared to net income of $1.5 million in Q2 FY19.
The Children's Place, the largest pure-play children's specialty apparel retailer in North America, has announced 12.3 per cent decrease in sales to $368.9 million (Q2 FY19: $420.5 million) during second quarter (Q2) fiscal 2020 ended on August 1 2020. Company's net loss for the quarter were $46.6 million compared to net income of $1.5 million in Q2 FY19.#
“Second quarter digital sales increased 118 per cent. We have clearly benefited from our $50 million digital transformation investment, which provided us with the omni-channel capabilities necessary to fulfil our strong online demand,” Jane Elfers, president and chief executive officer at The Children’s Place, said in a press release.
The Children's Place, the largest pure-play children's specialty apparel retailer in North America, has announced 12.3 per cent decrease in sales to $368.9 million (Q2 FY19: $420.5 million) during second quarter (Q2) fiscal 2020 ended on August 1 2020. Company's net loss for the quarter were $46.6 million compared to net income of $1.5 million in Q2 FY19.#
“Since the temporary store closures in March, we have increased new customers to our digital file by approximately 175 per cent, converted our store-only customers to omni-channel customers at a rate approximately 3 times the pre-pandemic rate and increased our app downloads by nearly 115 per cent,” Elfers said.
The Children's Place, the largest pure-play children's specialty apparel retailer in North America, has announced 12.3 per cent decrease in sales to $368.9 million (Q2 FY19: $420.5 million) during second quarter (Q2) fiscal 2020 ended on August 1 2020. Company's net loss for the quarter were $46.6 million compared to net income of $1.5 million in Q2 FY19.#
Gross profit for Q2 FY20 was $67.1 million ($138.8 million). Selling, general, and administrative expenses were $114.3 million ($116.4 million). Company reported an operating loss of $64.5 million during the quarter compared to operating income of $3.8 million in Q2 FY19.
The Children's Place, the largest pure-play children's specialty apparel retailer in North America, has announced 12.3 per cent decrease in sales to $368.9 million (Q2 FY19: $420.5 million) during second quarter (Q2) fiscal 2020 ended on August 1 2020. Company's net loss for the quarter were $46.6 million compared to net income of $1.5 million in Q2 FY19.#
“We opened the majority of our stores during the last two weeks of June and, as of August 1, 2020, we had 771 stores open, representing 94 per cent of our total fleet. We remain on track to close 300 stores by the end of fiscal 2021 with a target of 200 store closures in fiscal 2020, inclusive of the 102 stores that we permanently closed in the first half of 2020, and 100 closures in fiscal 2021,” Elfers said in the release.
Fibre2Fashion News Desk (JL)
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