Delivers Q3 Comparable Retail Sales
Increase of 4.6%
The Children’s Place, Inc. (Nasdaq:PLCE), the
largest pure-play children’s specialty apparel retailer in North
America, today announced financial results for the thirteen weeks
ended October 29, 2016.
Jane Elfers, President and Chief Executive Officer, said, “We
delivered another outstanding quarter, with EPS significantly above
the high end of our guidance range. Comparable retail sales
increased 4.6%. Comps were positive in all three months and
accelerated as the quarter progressed. Inventory decreased 0.6% and
is in excellent shape as we enter the fourth quarter. Based on
these results, we are raising our adjusted EPS guidance for the
full year to $5.00 to $5.05 per share compared to our previous
guidance of $4.60 to $4.70 per share.”
Ms. Elfers continued, “Our number one priority is the creation
of shareholder value. Our results are indicative of the impressive
progress we have made against each of our strategic growth
initiatives - superior product, business transformation through
technology, global growth through alternate channels of
distribution and fleet optimization - all of which are supported by
a best-in-class management team. We look forward to continued
momentum in our business for the fourth quarter and beyond.”
Financial ResultsThe Company’s results are
reported in this press release on a GAAP and as adjusted, non-GAAP
basis. A reconciliation of non-GAAP to GAAP financial information
is provided at the end of this press release.
Third Quarter 2016 ResultsNet sales increased
3.9% to $473.8 million in the third quarter of 2016. Comparable
retail sales increased 4.6% in the third quarter of 2016.
Net income was $44.2 million, or $2.36 per diluted share, in the
third quarter of 2016, compared to net income of $38.5 million, or
$1.88 per diluted share, the previous year. Adjusted net
income was $42.8 million, or $2.29 per diluted share, compared to
adjusted net income of $39.6 million, or $1.93 per diluted share,
in the third quarter last year. There was no impact on adjusted net
income per diluted share in the quarter from currency exchange rate
fluctuations.
Gross profit was $194.5 million in the third quarter, compared
to $180.5 million in the third quarter of 2015. Adjusted gross
profit was $194.4 million in the third quarter, compared to $180.6
million last year, and leveraged 140 basis points to 41.0% of sales
primarily as a result of merchandise margin leverage and a higher
AUR.
Selling, general and administrative expenses were $115.4 million
compared to $105.8 million in the third quarter of 2015. Adjusted
SG&A was $115.4 million compared to $105.0 million in the third
quarter last year and deleveraged 140 basis points as a percentage
of sales primarily as a result of increased incentive compensation
expenses which were partially offset by decreased store and
administrative expenses.
Operating income was $62.1 million, compared to $57.6 million in
the third quarter of 2015. Adjusted operating income in the third
quarter of 2016 was $62.4 million compared to an adjusted operating
income of $59.5 million in the third quarter last year, and
leveraged 10 basis points compared to last year.
For the third quarter, the Company’s adjusted results exclude
net income of approximately $1.4 million, compared to excluded
charges of approximately $1.1 million in the third quarter of 2015,
comprising certain items which the Company believes are not
reflective of the performance of its core business. These excluded
items are primarily related to income due to the release of
reserves for prior year uncertain tax positions offset by asset
impairment charges in the third quarter of 2016, and asset
impairment charges and restructuring costs in the third quarter of
2015.
Fiscal Year to DateNet sales increased 3.0% to
$1,265 million, including the negative impact of approximately $3.7
million from currency exchange rate fluctuations. On a
constant currency basis, net sales were $1,268 million, a 3.3%
increase compared to net sales of $1,227 million in the prior year.
Comparable retail sales increased 4.1% in the first nine months of
fiscal 2016.
Net income was $68.1 million, or $3.56 per diluted share, in the
first nine months of fiscal 2016, compared to net income of $40.4
million, or $1.94 per diluted share, the previous year. Adjusted
net income was $68.4 million, or $3.57 per diluted share, inclusive
of a negative ($0.03) impact due to foreign exchange, compared to
$50.5 million, or $2.42 per diluted share, an increase of 48%,
compared to the previous year. On a constant currency basis,
adjusted net income per diluted share was $3.60, a 49% increase
compared to the previous year.
Gross profit was $483.7 million in the first nine months of
fiscal 2016, compared to $447.6 million last year. Adjusted
gross profit was $483.6 million, or 38.2% of net sales, leveraging
170 basis points compared to last year.
Selling, general and administrative expenses in the first nine
months of fiscal 2016 were $332.6 million, compared to $338.7
million last year. Adjusted SG&A was $332.9 million, compared
to $324.9 million last year, leveraging 20 basis points compared to
last year.
Operating income was $98.8 million, compared to operating income
of $60.7 million in the first nine months of fiscal 2015. Adjusted
operating income was $101.7 million, or 8.0% of net sales, compared
to $77.4 million, or 6.3% of net sales last year.
For the first nine months, the Company’s adjusted results
exclude net charges of approximately $0.2 million, compared to
excluded charges of approximately $10.1 million in the first nine
months of 2015, comprising certain items which the Company believes
are not reflective of the performance of its core business. These
excluded charges are primarily related to asset impairment charges
offset by income related to the release of reserves for prior year
uncertain tax positions in the first nine months of 2016, and proxy
and legal settlement costs, asset impairment charges and
restructuring costs in the first nine months of 2015.
Store Openings and ClosuresThe Company closed 5
stores and opened 2 stores during the third quarter of 2016. The
Company ended the third quarter with 1,061 stores and square
footage of 4.961 million, a decrease of 2.0% compared to the prior
year. The Company’s international franchise partners opened 16
points of distribution in the third quarter, and the Company ended
the quarter with 139 international points of distribution open and
operated by its 6 franchise partners in 17 countries.
Capital Return ProgramDuring the third quarter
of 2016, the Company returned approximately $37 million to
shareholders through the repurchase of 416,865 shares and its
quarterly dividend payment of $0.20 per share. Year to date, the
Company returned approximately $123 million to shareholders
compared to approximately $90 million last year. Since 2009, the
Company has returned over $747 million to its investors through
share repurchases and dividends. At the end of the third quarter,
approximately $159 million remained available for future share
repurchases under the Company’s existing share repurchase
program.
Additionally, the Company’s Board of Directors authorized a
quarterly dividend of $0.20 per share, payable on January 5, 2017
to shareholders of record at the close of business on December 17,
2016.
OutlookThe Company is updating its outlook for
fiscal 2016 and now expects adjusted net income per diluted share
to be in the range of $5.00 to $5.05, inclusive of a ($0.03)
negative impact from foreign exchange. This compares to the
Company’s previous guidance for adjusted net income per diluted
share of $4.60 to $4.70 and to adjusted net income per diluted
share of $3.60 in fiscal 2015. This guidance assumes a positive low
single digit increase in comparable retail sales for the year. This
guidance for adjusted net income per diluted share excludes year to
date net charges of approximately $0.2 million primarily related to
asset impairment charges and income related to the release of
reserves for prior year uncertain tax positions that the Company
believes are not reflective of the performance of its core
business.
The Company expects adjusted net income per diluted share in the
fourth quarter of 2016 to be between $1.43 and $1.48. The Company
expects no impact on adjusted net income per diluted share in the
quarter from currency exchange rate fluctuations. This compares to
adjusted net income per diluted share of $1.19 in the fourth
quarter of 2015. This guidance assumes a positive low single digit
increase in comparable retail sales for the quarter.
Financial ResultsThe Company’s results are
reported in this press release on a GAAP and as adjusted, non-GAAP
basis. Adjusted net income, adjusted net income per diluted share,
adjusted gross profit, adjusted SG&A, and adjusted operating
income are non-GAAP measures, and are not intended to replace GAAP
financial information and may be different from non-GAAP measures
reported by other companies. The Company believes the items
excluded as non-GAAP adjustments are not reflective of the
performance of its core business and that providing this
supplemental disclosure to investors will facilitate comparisons of
the past and present performance of its core business. The
Company uses non-GAAP measures to evaluate and measure operating
performance, including, as previously disclosed, to measure
performance for purposes of the Company’s annual bonus and
long-term incentive compensation plans. A reconciliation of
non-GAAP to GAAP financial information is provided at the end of
this press release.
Conference Call InformationThe Children’s Place
will host a conference call to discuss its third quarter 2016
results today at 8:00 a.m. Eastern Time. The call will be broadcast
live at http://investor.childrensplace.com. An audio archive will
be available on the Company’s website approximately one hour after
the conclusion of the call.
About The Children’s Place, Inc.The Children’s
Place is the largest pure-play children’s specialty apparel
retailer in North America. The Company designs, contracts to
manufacture, sells at retail and wholesale, and licenses to sell
fashionable, high-quality merchandise at value prices, primarily
under the proprietary “The Children’s Place,” “Place” and “Baby
Place” brand names. As of October 29, 2016, the Company
operated 1,061 stores in the United States, Canada and Puerto Rico,
an online store at www.childrensplace.com, and had 139
international points of distribution open and operated by its 6
franchise partners in 17 countries.
Forward Looking Statement
This press release contains, and the above referenced conference
call may contain, forward-looking statements made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, including but not limited to statements relating to
the Company’s strategic initiatives and adjusted net income per
diluted share. Forward-looking statements typically are
identified by use of terms such as “may,” “will,” “should,” “plan,”
“project,” “expect,” “anticipate,” “estimate” and similar words,
although some forward-looking statements are expressed
differently. These forward-looking statements are based upon
the Company's current expectations and assumptions and are subject
to various risks and uncertainties that could cause actual results
and performance to differ materially. Some of these risks and
uncertainties are described in the Company's filings with the
Securities and Exchange Commission, including in the “Risk Factors”
section of its Annual Report on Form 10-K for the fiscal year ended
January 30, 2016. Included among the risks and uncertainties that
could cause actual results and performance to differ materially are
the risk that the Company will be unsuccessful in gauging fashion
trends and changing consumer preferences, the risks resulting from
the highly competitive nature of the Company’s business and its
dependence on consumer spending patterns, which may be affected by
weakness in the economy that continues to affect the Company’s
target customer, the risk that the Company’s strategic initiatives
to increase sales and margin are delayed or do not result in
anticipated improvements, the risk of delays, interruptions and
disruptions in the Company’s global supply chain, including
resulting from foreign sources of supply in less developed
countries or more politically unstable countries, the risk that the
cost of raw materials or energy prices will increase beyond current
expectations or that the Company is unable to offset cost increases
through value engineering or price increases, and the uncertainty
of weather patterns. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as
of the date they were made. The
Company undertakes no obligation to release publicly any revisions
to these forward-looking statements that may be made to reflect
events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
(Tables Follow)
|
|
|
|
|
|
|
|
|
THE CHILDREN’S PLACE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
Year-to-Date Ended |
|
|
October 29, |
|
October 31, |
|
October 29, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Net
sales |
|
$ |
473,777 |
|
|
$ |
455,913 |
|
|
$ |
1,264,544 |
|
|
$ |
1,227,233 |
|
Cost of
sales |
|
|
279,260 |
|
|
|
275,400 |
|
|
|
780,805 |
|
|
|
779,607 |
|
Gross
profit |
|
|
194,517 |
|
|
|
180,513 |
|
|
|
483,739 |
|
|
|
447,626 |
|
Selling,
general and administrative expenses |
|
|
115,442 |
|
|
|
105,797 |
|
|
|
332,557 |
|
|
|
338,653 |
|
Asset
impairment charges |
|
|
392 |
|
|
|
919 |
|
|
|
3,218 |
|
|
|
2,371 |
|
Other costs |
|
|
17 |
|
|
|
14 |
|
|
|
276 |
|
|
|
87 |
|
Depreciation and amortization |
|
|
16,586 |
|
|
|
16,136 |
|
|
|
48,938 |
|
|
|
45,782 |
|
Operating income |
|
|
62,080 |
|
|
|
57,647 |
|
|
|
98,750 |
|
|
|
60,733 |
|
Interest
expense, net |
|
|
(158 |
) |
|
|
(254 |
) |
|
|
(408 |
) |
|
|
(635 |
) |
Income
before taxes |
|
|
61,922 |
|
|
|
57,393 |
|
|
|
98,342 |
|
|
|
60,098 |
|
Provision for income taxes |
|
|
17,756 |
|
|
|
18,898 |
|
|
|
30,202 |
|
|
|
19,687 |
|
Net
income |
|
$ |
44,166 |
|
|
$ |
38,495 |
|
|
$ |
68,140 |
|
|
$ |
40,411 |
|
|
|
|
|
|
|
|
|
|
Earnings
per common share |
|
|
|
|
|
|
|
|
Basic |
|
$ |
2.41 |
|
|
$ |
1.90 |
|
|
$ |
3.63 |
|
|
$ |
1.96 |
|
Diluted |
|
$ |
2.36 |
|
|
$ |
1.88 |
|
|
$ |
3.56 |
|
|
$ |
1.94 |
|
|
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
18,342 |
|
|
|
20,297 |
|
|
|
18,785 |
|
|
|
20,628 |
|
Diluted |
|
|
18,703 |
|
|
|
20,517 |
|
|
|
19,139 |
|
|
|
20,878 |
|
THE CHILDREN’S PLACE, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL
INFORMATION TO GAAP |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
Year-to-Date Ended |
|
|
October 29, |
|
October 31, |
|
October 29, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Net
income |
|
$ |
44,166 |
|
|
$ |
38,495 |
|
|
$ |
68,140 |
|
|
$ |
40,411 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
Asset
impairment charges |
|
|
392 |
|
|
|
919 |
|
|
|
3,218 |
|
|
|
2,371 |
|
Restructuring costs |
|
|
(56 |
) |
|
|
919 |
|
|
|
(527 |
) |
|
|
2,044 |
|
Proxy
costs |
|
|
- |
|
|
|
10 |
|
|
|
12 |
|
|
|
5,773 |
|
Legal
Settlement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,000 |
|
Sales
tax audit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,350 |
|
DC exit
costs |
|
|
17 |
|
|
|
14 |
|
|
|
276 |
|
|
|
87 |
|
Aggregate impact of
Non-GAAP adjustments |
|
|
353 |
|
|
|
1,862 |
|
|
|
2,979 |
|
|
|
16,625 |
|
Income tax effect
(1) |
|
|
(141 |
) |
|
|
(745 |
) |
|
|
(1,153 |
) |
|
|
(6,520 |
) |
Prior year uncertain
tax positions (2) |
|
|
(1,580 |
) |
|
|
- |
|
|
|
(1,580 |
) |
|
|
- |
|
Net impact of Non-GAAP
adjustments |
|
|
(1,368 |
) |
|
|
1,117 |
|
|
|
246 |
|
|
|
10,105 |
|
|
|
|
|
|
|
|
|
|
Adjusted net
income |
|
$ |
42,798 |
|
|
$ |
39,612 |
|
|
$ |
68,386 |
|
|
$ |
50,516 |
|
|
|
|
|
|
|
|
|
|
GAAP net income per
common share |
|
$ |
2.36 |
|
|
$ |
1.88 |
|
|
$ |
3.56 |
|
|
$ |
1.94 |
|
|
|
|
|
|
|
|
|
|
Adjusted net income per
common share |
|
$ |
2.29 |
|
|
$ |
1.93 |
|
|
$ |
3.57 |
|
|
$ |
2.42 |
|
|
|
|
|
|
|
|
|
|
(1) The tax effects of the non-GAAP items are calculated based
on the statutory rate of the jurisdiction in which the discrete
item resides. |
|
|
|
|
|
|
|
|
|
(2) Prior year tax provision related to uncertain tax
positions. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
Year-to-Date Ended |
|
|
October 29, |
|
October 31, |
|
October 29, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Operating income |
|
$ |
62,080 |
|
|
$ |
57,647 |
|
|
$ |
98,750 |
|
|
$ |
60,733 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
Asset
impairment charges |
|
|
392 |
|
|
|
919 |
|
|
|
3,218 |
|
|
|
2,371 |
|
Restructuring costs |
|
|
(56 |
) |
|
|
919 |
|
|
|
(527 |
) |
|
|
2,044 |
|
Proxy
costs |
|
|
- |
|
|
|
10 |
|
|
|
12 |
|
|
|
5,773 |
|
Legal
Settlement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,000 |
|
Sales
tax audit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,350 |
|
DC exit
costs |
|
|
17 |
|
|
|
14 |
|
|
|
276 |
|
|
|
87 |
|
Aggregate impact of
Non-GAAP adjustments |
|
|
353 |
|
|
|
1,862 |
|
|
|
2,979 |
|
|
|
16,625 |
|
|
|
|
|
|
|
|
|
|
Adjusted operating
income |
|
$ |
62,433 |
|
|
$ |
59,509 |
|
|
$ |
101,729 |
|
|
$ |
77,358 |
|
THE CHILDREN’S PLACE, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL
INFORMATION TO GAAP |
(In thousands, except per share
amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
Year-to-Date Ended |
|
|
October 29, |
|
October 31, |
|
October 29, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Gross
Profit |
|
$ |
194,517 |
|
|
$ |
180,513 |
|
|
$ |
483,739 |
|
|
$ |
447,626 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
Restructuring costs |
|
|
(75 |
) |
|
|
102 |
|
|
|
(125 |
) |
|
|
406 |
|
Aggregate impact of
Non-GAAP adjustments |
|
|
(75 |
) |
|
|
102 |
|
|
|
(125 |
) |
|
|
406 |
|
|
|
|
|
|
|
|
|
|
Adjusted
Gross Profit |
|
$ |
194,442 |
|
|
$ |
180,615 |
|
|
$ |
483,614 |
|
|
$ |
448,032 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Third Quarter Ended |
|
Year-to-Date Ended |
|
|
October 29, |
|
October 31, |
|
October 29, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
$ |
115,442 |
|
|
$ |
105,797 |
|
|
$ |
332,557 |
|
|
$ |
338,653 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
|
|
Restructuring costs |
|
|
(19 |
) |
|
|
(817 |
) |
|
|
402 |
|
|
|
(1,638 |
) |
Proxy
costs |
|
|
- |
|
|
|
(10 |
) |
|
|
(12 |
) |
|
|
(5,773 |
) |
Legal
Settlement |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,000 |
) |
Sales
tax audit |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,350 |
) |
Aggregate impact of
Non-GAAP adjustments |
|
|
(19 |
) |
|
|
(827 |
) |
|
|
390 |
|
|
|
(13,761 |
) |
|
|
|
|
|
|
|
|
|
Adjusted
Selling, general and administrative expenses |
|
$ |
115,423 |
|
|
$ |
104,970 |
|
|
$ |
332,947 |
|
|
$ |
324,892 |
|
THE CHILDREN’S PLACE, INC. |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(In thousands) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
October 29, |
|
January 30, |
|
October 31, |
|
|
|
2016 |
|
|
2016* |
|
|
2015 |
|
Assets: |
|
|
|
|
|
|
Cash
and cash equivalents |
|
$ |
192,243 |
|
|
$ |
187,534 |
|
|
$ |
183,923 |
|
Short-term investments |
|
|
75,100 |
|
|
|
40,100 |
|
|
|
34,600 |
|
Accounts
receivable |
|
|
30,605 |
|
|
|
26,315 |
|
|
|
36,501 |
|
Inventories |
|
|
325,463 |
|
|
|
268,831 |
|
|
|
327,324 |
|
Other
current assets |
|
|
53,132 |
|
|
|
58,528 |
|
|
|
52,106 |
|
Total
current assets |
|
|
676,543 |
|
|
|
581,308 |
|
|
|
634,454 |
|
|
|
|
|
|
|
|
Property
and equipment, net |
|
|
274,747 |
|
|
|
290,980 |
|
|
|
302,216 |
|
Other
assets, net |
|
|
31,992 |
|
|
|
25,660 |
|
|
|
40,688 |
|
Total
assets |
|
$ |
983,282 |
|
|
$ |
897,948 |
|
|
$ |
977,358 |
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
Revolving
loan |
|
$ |
65,600 |
|
|
$ |
- |
|
|
$ |
34,351 |
|
Accounts
payable |
|
|
189,390 |
|
|
|
154,541 |
|
|
|
183,738 |
|
Accrued
expenses and other current liabilities |
|
|
146,127 |
|
|
|
120,481 |
|
|
|
115,615 |
|
Total
current liabilities |
|
|
401,117 |
|
|
|
275,022 |
|
|
|
333,704 |
|
|
|
|
|
|
|
|
Other
liabilities |
|
|
87,850 |
|
|
|
95,133 |
|
|
|
94,127 |
|
Total
liabilities |
|
|
488,967 |
|
|
|
370,155 |
|
|
|
427,831 |
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
494,315 |
|
|
|
527,793 |
|
|
|
549,527 |
|
|
|
|
|
|
|
|
Total
liabilities and stockholders' equity |
|
$ |
983,282 |
|
|
$ |
897,948 |
|
|
$ |
977,358 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Derived from the audited consolidated
financial statements included in the Company's Annual Report on
Form 10-K |
for the fiscal year
ended January 30, 2016. |
|
|
|
|
|
|
|
THE CHILDREN’S PLACE, INC. |
CONDENSED CONSOLIDATED CASH FLOWS |
(In thousands) |
(Unaudited) |
|
|
39 Weeks Ended |
|
|
October 29, |
|
October 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
Net
income |
|
$ |
68,140 |
|
|
$ |
40,411 |
|
Non-cash
adjustments |
|
|
55,267 |
|
|
|
48,497 |
|
Working
Capital |
|
|
2,143 |
|
|
|
(3,847 |
) |
Net cash
provided by operating activities |
|
|
125,550 |
|
|
|
85,061 |
|
|
|
|
|
|
|
|
|
|
|
Net cash
used in investing activities |
|
|
(61,753 |
) |
|
|
(16,932 |
) |
|
|
|
|
|
|
|
|
|
|
Net cash
used in financing activities |
|
|
(62,088 |
) |
|
|
(56,338 |
) |
|
|
|
|
|
|
|
|
|
|
Effect
of exchange rate changes on cash |
|
|
3,000 |
|
|
|
(1,159 |
) |
|
|
|
|
|
|
|
|
|
|
Net
increase in cash and cash equivalents |
|
|
4,709 |
|
|
|
10,632 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, beginning of period |
|
|
187,534 |
|
|
|
173,291 |
|
|
|
|
|
|
|
|
|
|
|
Cash and
cash equivalents, end of period |
|
$ |
192,243 |
|
|
$ |
183,923 |
|
Contact: Robert Vill, Group Vice President, Finance, (201) 453-6693
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