Loading...
Loading...
Shares of
Childrens Place Inc were halted Wednesday morning prior to the company reporting preliminary first quarter results and an update to its fiscal 2015 outlook.
Children's Place stated in a
press release its preliminary first quarter adjusted earnings per share will fall in a range of $0.81 to $0.83, exceeding analyst expectations of $0.64. The company noted its first quarter results reflect "significant progress" across multiple strategic initiatives.
Shares were up more than 9 percent in the pre-market session.
Comparable retail sales for the quarter rose 0.7 percent despite difficult weather across many parts of the country. This represents the company's fourth consecutive quarter of positive comps.
Children's Place expects to report total sales for the quarter of approximately $405 million and for adjusted gross margins to increase by 130 basis points to 150 basis points compared to the same quarter a year ago, exceeding a prior guidance range of down 20 basis points to up 10 basis points.
The company also announced it will return $43 million to shareholders through the repurchase of 647,700 shares and through a newly announced quarterly dividend of $0.15 per share, payable on July 9 to shareholders of record at the close of business on June 18.
Since 2009, over half a billion dollars has been returned to investors through share repurchases and dividends.
The company will report its full first quarter results and hold an investor conference at 8 a.m. ET on May 14.
Finally, Children's Place stated that for the full year fiscal 2015 it expects adjusted net income to be in the range of $3.30 to $3.45, exceeding analyst expectations of $3.26. The guidance includes a $0.15 negative impact from foreign exchange and assumes an increase in comparable retail sales of approximately one percent.Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
