In its second-largest acquisition, Amazon buys the company for $970 million.
The web accounted for nearly 12% of total revenue.
E-commerce sales increased for The Children’s Place Retail Stores Inc. in the third quarter, but the same can’t be said for stores.
For the third quarter ended Oct. 29, The Children’s Place, No. 127 in the Internet Retailer Top 500 Guide, reported:
- The web accounted for 11.6% of total sales compared with 10.1% in the third quarter of 2010. Based on those percentages Internet Retailer calculates web sales increased by 22.5% to $56.1 million from $45.8 million.
- Total sales increased 6.7% to $484 million from $453.4 million.
- Comparable-store sales increased 0.9%.
- Net income increased 7.7% to $33.7 million from $31.3 million in the prior year.
“The Children's Place delivered solid financial results for the quarter, including positive comparable retail sales, accelerated total sales growth, continued gross margin expansion and a strong earnings per share increase,” says CEO Jane Elfers.
For the first three quarters:
- The web accounted for 10.3% of total sales compared with 8.9% in the first three quarters of 2010. Based on those percentages Internet Retailer calculates web sales increased 19.2% to $129.6 million from $108.7 million.
- Total sales increased 3.3% to $1.26 billion from $1.22 billion.
- Comparable-store sales decreased 2.4%.
- Net income increased 3.9% to $53 million from $51 million in the prior year.