UPDATE: Children's Place Posts 19% Drop In Q1 Profit, Projects Q2 Loss

Children's Place Retail Stores Inc

reported a 19% drop in its fiscal first-quarter earnings. Children's Place expects a loss between $0.65 and $0.70 per share for the current quarter. However, analysts were expecting a loss of $0.50 per share. It lifted the low end of its full-year earnings view to $3.15 to $3.30 per share, versus $3.10 to $3.30 per share. Children's Place posted its quarterly profit at $23.6 million, or $0.96 per share, versus $29.1 million, or $1.10 per share, in the year-ago period. Excluding items, Children's Place earned $1.10 per share. The company in March expected earnings between $1.03 and $1.08 per share. Its same-store sales fell 0.7%. Net sales rose 1.8% to $438.5 million, versus analysts' estimates of $447 million. The company's gross margin declined to 40.3% from 42.6%. Children's Place shares closed at $44.53 yesterday.