November 25, 2009, 12:00 AM

Store sales suffer, but the web booms in Q3 for The Children’s Place

While comparable-store sales declined for The Children’s Place in Q3, it was a different story online. Web sales and total sales increased 44% and 2.8%, respectively.

While comparable-store sales declined for The Children’s Place Retail Stores Inc. in the third quarter, it was a different story online.

For the quarter ended Oct. 31, The Children’s Place reported:

  • E-commerce revenue grew year over year 44% to $32.4 million from $22.5 million.
  • Total sales grew 2.8% to $463.2 million from $450.6 million in the third quarter of 2008.
  • The web accounted for 7% of total sales compared with 5% in the prior year.
  • Comparable-store sales declined 2%.
  • Net income was $37.8 million compared with $24.1 million in the prior year.
"We were pleased to have delivered top-line growth and increased profitability in the third quarter,” says interim CEO Chuck Crovitz. “While the consumer remains cautious, we were encouraged by the increased number of sales transactions as customers responded favorably to our fashionable assortment at value price points.”

For the first three quarters:

  • E-commerce revenue grew year over year 39.1% to $82.6 million from $59.4 million.
  • Total sales year over year declined 0.8% to $1.18 billion from $1.19 billion.
  • The web accounted for 7% of total sales.
  • Comparable-store sales declined 3%.
  • Net income was $54.2 million compared with $43.6 million in the prior year.
The Children’s Place is No. 149 in the Internet Retailer Top 500 Guide (a PDF version of the company’s financial and operating profile can be ordered by clicking on its name).

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