In its second-largest acquisition, Amazon buys the company for $970 million.
E-commerce in 2010 accounted for 8.6% of total sales.
The web grew while comparable-store sales fell for The Children’s Place Retail Stores Inc. in 2010.
For the year ended Jan. 30, The Children’s Place, No. 123 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 29.5% to about $143.6 million from $110.9 million in 2009.
- Total sales increased year over year 1.8% to $1.67 billion from $1.64 billion.
- Comparable-store sales declined 4.7%.
- Net income decreased 6% to $83.1 million from $88.4 million in 2009.
“The Children's Place made significant progress in 2010,” says CEO Jane Elfers. “We increased top-line sales through growth in our e-commerce business and the opening of 67 new stores, primarily in value centers.”
Internet Retailer calculates the web accounted for 8.6% of total sales compared with 6.8% in the prior year.
For the fourth quarter:
- Web sales increased 32.5% to $37.5 million from $28.3 million in the fourth quarter of 2009.
- Total sales declined year over year 2.1% to $453.2 million from $462.8 million.
- Comparable-store sales declined 9%.
- Net income declined 5.9% to $32.1 million from $34.1 million in Q4 2009.
Internet Retailer calculates the web accounted for 8.3% of total sales compared with 6.1% in the prior year quarter.