Childrens Place Inc PLCE announced financial results Thursday for the quarter ended November 1, 2014. Net sales were $487.3, in-line with estimates of $487.87 million for the third quarter of 2014.
The quarter included the negative impact of approximately $3.9 million from currency exchange rate fluctuations. This compares to net sales of $492.7 million for the third quarter of 2013. Comparable retail sales increased 0.2 percent for the third quarter 2014.
Adjusted net income per share was $1.82, above estimates of $1.80 and below the $1.89 reported in the year-ago period.
"We delivered earnings at the high end of our guidance range for the third quarter and continue to make significant progress on our strategic initiatives. We are well positioned to compete effectively in the fourth quarter and we are confirming our full year guidance," commented Jane Elfers, President and Chief Executive Officer.
The company provided initial guidance for the fourth quarter of fiscal 2014, and expected an adjusted net income per diluted share between $0.83 and $0.93, assuming positive low single-digit comparable retail sales. This compares to an adjusted net income per diluted share of $0.96 in the fourth quarter of 2013. The company estimated a $0.02 negative impact from foreign exchange in the fourth quarter of 2014.
Childrens Place traded at $52.20 in the premarket, up 1.6 percent.
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