The Children's Place president and CEO Jane Elfers focused on the positive following decreases in net and comparable-store sales for the third quarter, despite the company’s reportedly strong performance during the back-to-school period.
"We achieved the high-end of our earnings guidance as a result of strong execution of our important back-to-school period, and the continuation of disciplined expense management across the organization," said Elfers. "We are well-positioned as we enter the fourth quarter and look forward to making substantive progress on our key strategic initiatives."
The company reported net sales of $492.7 million, compared to $500.9 million in the third quarter of 2012. Comparable retail sales declined 0.7%.
Net income was $41.7 million, or $1.84 per diluted share, in the third quarter of 2013, compared to $37.3 million, or $1.54 per share, the previous year.
The company opened 10 stores and closed 3, ending the third quarter with 1,123 stores.
The company updated its guidance for fiscal 2013 and now projects that adjusted net income per diluted share will be between $3.20 and $3.28, assuming negative low-single digit comparable retail sales. This compares to its previous guidance of $3.15 to $3.28, assuming negative low-single digit comparable retail sales.