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Plans seasonal promotions to build on momentum
Children's Place Retail Stores Inc. (Secaucus, N.J.) says sales grew 3 percent to $463.2 million from $450.6 million during the third quarter ended October 31, beating Wall Street's estimate of $461.2 million. Same-store sales, including online sales, dropped 2 percent during the period.
The children’s apparel retailer attributes a favorable product mix and attractive prices as prompting shoppers to spend during the back-to-school season. The company $37.8 million, or $1.37 per share, for the period – a 57 percent jump from the same quarter a year ago.
Interim ceo Chuck Crovitz says the retailer's performance was also helped by cost control efforts, with selling, general and administrative expenses reduced to $118.6 million from $126.7 million. Children's Place operates 950 stores.
