The Children's Place sales fall to $426 mn in Q3 FY20

The Children’s Place, the largest pure-play children’s specialty apparel retailer, has announced financial results for the third quarter (Q3) FY20 that ended October 31, 2020. Sales during Q3 declined 19 per cent to $425.6 million compared to sales of $524.8 million in same period last year. Net income came down to $13.3 million (Q3 FY19: $43.0 million).

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for the third quarter (Q3) FY20 that ended October 31, 2020. Sales during Q3 declined 19 per cent to $425.6 million compared to sales of $524.8 million in same period last year. Net income came down to $13.3 million (Q3 FY19: $43.0 million).#

“As expected, revenue during our peak back-to-school period was significantly impacted by the move to remote and hybrid learning models. Post the back-to-school peak, when our assortments converted to more casual options and the weather turned cooler, our sales improved,” Jane Elfers, president and chief executive officer, said in a press release.

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for the third quarter (Q3) FY20 that ended October 31, 2020. Sales during Q3 declined 19 per cent to $425.6 million compared to sales of $524.8 million in same period last year. Net income came down to $13.3 million (Q3 FY19: $43.0 million).#

Gross profit for the quarter dropped to $146.0 million ($198.1 million). Selling, general and administrative expenses decreased to $106.6 million ($120.5 million).

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for the third quarter (Q3) FY20 that ended October 31, 2020. Sales during Q3 declined 19 per cent to $425.6 million compared to sales of $524.8 million in same period last year. Net income came down to $13.3 million (Q3 FY19: $43.0 million).#

“Our digital sales penetration increased to 44 per cent in the third quarter and year-to-date, our digital sales represent 55 per cent of total sales. Since the onset of the Covid-19 pandemic in March, we have increased the number of new digital customers versus last year by approximately 100 per cent, converted over 800,000 of our store-only customers to omni-channel customers, and increased our mobile app downloads by over 60 per cent versus last year,” Elfers said.

 

The Children's Place, the largest pure-play children's specialty apparel retailer, has announced financial results for the third quarter (Q3) FY20 that ended October 31, 2020. Sales during Q3 declined 19 per cent to $425.6 million compared to sales of $524.8 million in same period last year. Net income came down to $13.3 million (Q3 FY19: $43.0 million).#

“We are approaching the fourth quarter with heightened caution and expect both sales and profitability to be under pressure due to the numerous headwinds created by the pandemic, specifically: the reduced demand for dress-up product, significantly reduced store traffic, recent nationwide spikes in Covid-19 cases resulting in additional temporary store closures, social distancing requirements, and reduced mall operating hours,” Elfers said.