Children's Place Q1 Earnings Slump - Quick Facts

(RTTNews) - Children's Place Retail Stores, Inc. (PLCE) Thursday reported a drop in first-quarter net earnings, chiefly due to lower net sales.

For the three months to May 3, net earnings decreased to $13.6 million or $0.61 per share, from $19.3 million or $0.83 per share a year ago.

Earnings, excluding certain items, stood at $15.3 million or $0.68 per share. On average, 18 analysts polled by Thomson-Reuters estimated the company's earnings to be $0.61 for the quarter. Analysts' estimates typically exclude one-time items.

Net sales declined to $410.1 million from $423.2 million in the same quarter last year. Analysts expected sales of $407.99 million.

The board recommended a quarterly dividend of $0.1325 per share, payable on July 17 to shareholders on record June 27.

For 2014, the company raised the bottom end of its adjusted earnings guidance to $2.90 and $3.05 per share, from the previously-issued guidance of $2.85 $3.05 per share. The company expects foreign exchange rates to hurt annual earnings by $0.10. Analysts expect annual earnings of $2.97 per share.

For the second quarter, the company expects adjusted earnings of $0.47 to $0.41 per share.