Childrens Place Announces $100 Million Buyback Plan, Strong Q4 Guidance

Shares of Childrens Place Inc PLCE were quiet Thursday morning despite positive Q4 guidance and news of a $100 million share buyback plan.

President and Chief Executive Officer Jane Elfers announced, "Today, we are updating our fourth quarter guidance for comparable retail sales and adjusted EPS. We expect to deliver both comparable retail sales and adjusted EPS in the upper end of the guidance range we provided in our third quarter earnings press release. Customer reaction to our Spring merchandise has been strong and our inventories are in excellent shape entering 2015, with a significant decline in carryover inventory."

Elfers continued, "In addition, our Board has authorized a new $100 million share repurchase, reflecting our Company's commitment to return excess capital to our shareholders. Over the past five years, we have returned over $487 million to our shareholders through share repurchases and dividends. This new authorization reflects our confidence in our ability to execute our growth strategies."

Childrens Place closed Wednesday at $58.53, up 5.01 percent.