The Children's Place, a children's specialty apparel retailer, has announced 38.1 per cent sales decline to $255.2 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $412.4 million in same period prior year. Company reported a net loss of $114.8 million during the quarter compared to net income of $4.5 million in Q1 FY19.
The Children's Place, a children's specialty apparel retailer, has announced 38.1 per cent sales decline to $255.2 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $412.4 million in same period prior year. Company reported a net loss of $114.8 million during the quarter compared to net income of $4.5 million in Q1 FY19.#
“As demand for our essential children’s clothing continues to surge, our omni-channel advantages are clear; quarter-to-date, our consolidated sales are up positive low double-digits, with on-line demand up 300 per cent, while approximately 95 per cent of our stores remain closed. We are planning to have the majority of our stores open by July 1st,” Jane Elfers, president and chief executive officer, said in a press release.
The Children's Place, a children's specialty apparel retailer, has announced 38.1 per cent sales decline to $255.2 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $412.4 million in same period prior year. Company reported a net loss of $114.8 million during the quarter compared to net income of $4.5 million in Q1 FY19.#
Company reported a gross loss of $19.7 million compared to gross profit of $152.0 million in Q1 FY19. Selling, general and administrative expenses were $98.4 million (Q1 FY19: $128.0 million). Operating loss for Q1 FY20 were $173.1 million compared operating income of $5.0 million in same period prior year.
The Children's Place, a children's specialty apparel retailer, has announced 38.1 per cent sales decline to $255.2 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $412.4 million in same period prior year. Company reported a net loss of $114.8 million during the quarter compared to net income of $4.5 million in Q1 FY19.#
“The challenges that lie ahead are many, and visibility is limited, but we are moving forward with urgency and focus, guided by the strategic pillars of our long-standing transformation strategy,” Elfers said.
The Children's Place, a children's specialty apparel retailer, has announced 38.1 per cent sales decline to $255.2 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $412.4 million in same period prior year. Company reported a net loss of $114.8 million during the quarter compared to net income of $4.5 million in Q1 FY19.#
We believe that our superior product, coupled with our unique ability, at this critical juncture, to significantly grow digital revenue, while meaningfully reducing our reliance on our store portfolio, will result in consolidated market share gains for years to come.”
The Children's Place, a children's specialty apparel retailer, has announced 38.1 per cent sales decline to $255.2 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $412.4 million in same period prior year. Company reported a net loss of $114.8 million during the quarter compared to net income of $4.5 million in Q1 FY19.#
As of June 8, 2020, The Children's Place had 61 stores open to the public in the US and Canada.
Fibre2Fashion News Desk (JL)
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