Children’s Place Inc. (NASDAQ: PLCE) published its earnings report for the fiscal fourth quarter on Tuesday that came in better than expected, despite the ongoing COVID-19 crisis that has so far infected more than 29 million people in the United States and caused over half a million deaths.
Children’s Place shares were reported more than 5% up in premarket trading on Tuesday. Including the price action, the stock is now exchanging hands at £61.28 per share. In comparison, it had started the year 2021 at a per-share price of £35.28. Here’s what you need to know about why do prices rise and fall in the stock market.
Children’s Place Q4 financial results versus analysts’ estimates
Children’s Place said that its net income in the fourth quarter printed at £5.62 million that translates to 38.21 pence per share. In the same quarter last year, its net income was stood at a higher £17.45 million, or £1.16 per share.
On an adjusted basis, the speciality retailer earned 73 pence per share. Children’s Place said that it generated £340.93 million of sales in Q4 versus the year-ago figure of £369.83 million.
According to FactSet, experts had forecast the company to record 16.58 pence of per-share loss in the recent quarter. Their estimate for quarterly sales stood at a lower £303.51 million.
Children’s Place also highlighted a 38% annualised growth in digital sales that made up 46% of its total sales in the fourth quarter. In separate news from the U.S., Dick’s Sporting Goods also published its quarterly earnings report on Tuesday.
Chief Executive Jane Elfers’ comments on Tuesday
CEO Jane Elfers commented on the financial update on Tuesday and said:
“With no significant COVID-19 temporary U.S. store closures during the quarter, U.S. store sales were better than expected at 81% of last year’s levels with traffic down approximately 35%.”
As per the Secaucus-based company, it permanently closed sixty stores in Q4, for a total of 178 in 2020 as a whole. In 2021, Children’s Place plan on shutting down 122 of its stores permanently. The U.S. firm refrained from giving its guidance for the future on Tuesday due to the COVID-19 uncertainty.
Children’s Place performed fairly downbeat in the stock market last year with an annual decline of roughly 20%. At the time of writing, the American speciality retail company is valued at £840 million.
The post Children’s Place tops analysts’ estimates for earnings and revenue in Q4 appeared first on Invezz.
from USA – Invezz https://ift.tt/2N1kWJD
Wajeeh Khan
Click here to Join RICH DAD SUMMIT online with ROBERT KIYOSAKI - $1 Training for Passive Income: https://bit.ly/RichDadSummitWealthTraining
0 Comments