Childrens Place Inc (NASDAQ:PLCE) stock took a hit on Thursday following the release of its earnings report for the first quarter of 2018.
The bad news for PLCE stock starts off with earnings per share of $1.87 for the first quarter of the year. This is down from Childrens Place Inc’s earnings per share of $1.95 from the same time last year. It also didn’t come anywhere close to Wall Street’s earnings per share estimate of $2.21 for the period.
Childrens Place Inc also reported net income of $31.54 million for the first quarter of 2018. This is a drop from the children’s apparel and accessories retailer’s net income of $36.23 million reported in the first quarter of 2017.
During the first quarter of the year, Childrens Place Inc reported operating income of $23.06 million. This is a major decrease from the company’s operating income of $42.28 million reported in the same period of the year prior.
Childrens Place Inc’s earnings report for the first quarter of 2018 also includes revenue of $436.31 million. The company’s revenue from the first quarter of the previous year came in at $436.68 million. Analysts’ were looking for revenue of $444.14 million for the first quarter of the year.
Childrens Place Inc also reaffirmed its outlook for the full year of 2018 in its most recent earnings report. The company is expecting earnings per share between $7.95 and $8.20 on revenue ranging from $1.920 billion to $1.935 billion. Wall Street is estimating earnings per share of $8.16 on revenue of $1.91 billion for the year.
PLCE stock was down 7% as of noon Thursday.
As of this writing, William White did not hold a position in any of the aforementioned securities.