Children's Place Retail Stores Q3 Profit Rises; Updates FY13 Earnings Guidance

(RTTNews) - The Children's Place Retail Stores Inc. (PLCE), a pure-play children's specialty apparel retailer in North America, reported third-quarter net income of $41.7 million, or $1.84 per share, compared to $37.3 million, or $1.54 per share, previous year. Adjusted net income was $42.7 million, or $1.89 per share, for the quarter.

On average, 21 analysts polled by Thomson Reuters expected the company to report profit per share of $1.85 for the quarter. Analysts' estimates typically exclude special items.

Net sales were $492.7 million, compared to $500.9 million, a year ago. Comparable retail sales declined 0.7%. Analysts expected revenue of $502.05 million for the quarter.

The company updated its guidance for fiscal 2013 and now projects that adjusted net income per share will be between $3.20 and $3.28, assuming negative low-single digit comparable retail sales. This compares to its previous guidance of $3.15 to $3.28, assuming negative low-single digit comparable retail sales. Analysts expect the company to report fiscal 2013 profit per share of $3.22.

The company provided initial guidance for the fourth quarter of fiscal 2013, and is forecasting adjusted net income per share to be between $0.90 and $0.98, assuming negative low-single digit comparable retail sales. Analysts expect the company to report fourth-quarter profit per share of $0.97.