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The Children’s Place Q1FY’22 sales decline by 16.8%

  

The Q1 FY’22 sales of largest pure-play children’s specialty apparel retailer The Children’s Place declined by 16.8 per cent to $362.4 million in the three months ended April 30, 2022, compared to $435.5 million in the three months ended May 1, 2021, and decreased by 12.1 per cent, compared to $412.4 million in the three months ended May 4, 2019. The decrease in net sales compared to Q1 2021 was primarily due to lapping the COVID-19 stimulus relief program last year, the impact of unprecedented inflation on our customer, prolonged unseasonably cold temperatures through the end of the quarter in our major markets, and the impact of permanent store closures. Comparable retail sales decreased 16.9% for the quarter.

Gross profit of the brand decreased by $46.3 million to $141.9 million in the three months ended April 30, 2022, compared to $188.2 million in the three months ended May 1, 2021, and decreased $10.1 million compared to $152.0 million in the three months ended May 4, 2019. Adjusted gross profit decreased by $47.3 million to $141.9 million in the three months ended April 30, 2022, compared to $189.2 million in the comparable period last year, and decreased $9.5 million compared to $151.4 million in the comparable period in 2019. Operating income decreased $46.6 million to $19.3 million in the three months ended April 30, 2022, compared to $65.9 million in the three months ended May 1, 2021 and increased $14.3 million compared to $5.0 million in the three months ended May 4, 2019. Adjusted operating income decreased $50.1 million to $20.6 million in the three months ended April 30, 2022, compared to an adjusted operating income of $70.7 million in the comparable period last year and increased $14.0 million compared to $6.6 million in the comparable period in 2019. Net income decreased $25.4 million to $19.8 million, or $1.43 per diluted share, in the three months ended April 30, 2022, compared to net income of $45.2 million, or $3.01 per diluted share, in the three months ended May 1, 2021 and increased $15.3 million compared to $4.5 million, or $0.28 per diluted share, in the three months ended May 4, 2019. The Company ended the first quarter of 2022 with 665 stores and square footage of 3.2 million, a decrease of 8 per cent compared to the prior year and a decrease of 30 per cent compared to the end of Q1 2019 when the Company operated 971 stores pre-pandemic. The company plans to close a total of approximately 40 stores this year.

 
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