UPDATE: Children's Place Q4 Earnings Top Expectations

reported stronger-than-expected earnings for the fourth quarter. The Secaucus, New Jersey-based company posted quarterly net earnings of $17 million, or $0.79 per share, compared to $15.7 million, or $0.69 per share, in the year-ago period. Excluding non-recurring items, the company's adjusted earnings fell to $0.94 per share from $0.96 per share. Its sales surged to $479.2 million from $467.5 million. However, analysts were expecting earnings of $0.93 per share on revenue of $479 million. Its same-store sales rose 3.7% in the quarter. Gross profit rose to $164.8 million in the fourth quarter from $164.3 million, while adjusted gross profit slipped to $164.4 million from $166.1 million last year. Children's Place lifted its quarterly dividend by 13% from $0.1325 per share to $0.15 per share. During the fourth quarter, the company opened 1 store and closed 21 stores. Children's Place repurchased 293,013 shares for around $16.1 million during the quarter. Jane Elfers, President and Chief Executive Officer said, "In fiscal 2014 we delivered positive comparable retail sales with improved momentum through the year, made significant progress on our growth initiatives and further strengthened our management team. Our solid financial results were driven by an enhanced merchandise assortment that resonated with our customers, disciplined expense management and strong inventory controls. In addition, we generated $161 million in operating cash flow and returned $86 million to shareholders through our share repurchase and dividend programs." For the first quarter, Children's Place projects adjusted earnings of $0.60 to $0.65 per share, versus analysts' estimates of $0.73 per share. The company also expects fiscal 2015 earnings of $3.15 to $3.30 per share, inclusive of a negative impact of $0.15 per share from foreign exchange. Children's Place now projects to close around 200 stores through 2017, versus its earlier target to close 125 stores in the period from 2013 to 2016. Children's Place shares slipped 1.12% to $57.23 in pre-market trading.