The Top 500 retailer buys Campus Deals, which offers mobile coupons to college students.
Web sales grow while total sales shrink for Children’s Place
E-commerce revenue for the second quarter increased 30.2% to $22.0 million. In contrast, total sales and comparable-store sales declined 6.6% and 9%, respectively.
The web now accounts for a larger percentage of total sales at The Children’s Place Retail Stores Inc.
For the second quarter ended Aug. 1, Children’s Place, No. 149 in the Internet Retailer Top 500 Guide, reported:
- Web sales for the second quarter increased 30.2% to $22.0 million from $16.9 million in Q2 of 2008.
- Total sales decreased year over year 6.6% to $315.7 million from $338 million.
- Comparable-store sales declined 9%.
- The web accounted for 7% of total revenue, compared with 5% in the prior year.
- Net loss was $7 million compared with net income of $11,000 in the previous year. The net loss included certain expenses related to discontinued operations, the retailer says.
For the first two quarters:
- E-commerce sales increased 36% to $50.2 million from $36.9 million.
- Total sales declined 2.8% to $717.6 million from $738.2 million.
- Comparable-store sales decreased 3%.
- Net income decreased year over year 15.4% to $16.5 million from $19.5 million.