Children’s Place (NASDAQ:PLCE) reported earnings for the first quarter of fiscal 2020. The report sent PLCE stock down nearly 1.5% on Thursday. The company reported revenue of $255.2 million, which was below Wall Street’s estimate of $270.6 million. However, the company reported adjusted loss per share of $1.96 for the quarter, which beat the expected loss of $2.14 by analysts.
Additionally, the company reported a GAAP per-share loss of $7.86 for the period.
The following are other noteworthy aspects of the most recent Children’s Place earnings report:
- Adjusted loss per share is a significant, negative change from earnings per share of 36 cents during Q1 2019.
- Revenue for the quarter was 38% worse compared to $412.3 billion during the same time last year.
- Children’s Place’s earnings also detailed a net loss of $114.8 million.
- That is a negative switch from net income of $4.5 million from the first quarter of 2019.
Jane Elfers, president and CEO of Children’s Place, said this about the earnings report:
“We believe that our long-standing transformation strategy has prepared us well for these uncertain times. As demand for our essential children’s clothing continues to surge, our omni-channel advantages are clear; quarter-to-date, our consolidated sales are up positive low double-digits, with on-line demand up 300%, while approximately 95% of our stores remain closed. We are planning to have the majority of our stores open by July 1st.”
The company also did not include fiscal 2020 guidance. This is due to the ongoing effects of the novel coronavirus. That said, Wall Street analysts are looking for EPS of $1.51 on revenue of $1.61 billion for the year.
PLCE stock was down 1.5% on Thursday.
Nick Clarkson is a web editor at InvestorPlace. As of this writing, he did not hold a position in any of the aforementioned securities.
