A discussion draft of the Online Sales Tax Simplification Act of 2016 is expected to be introduced in Congress soon.
Web sales at Children’s Place Retail Stores grew 24% year over year to $20.6 million for the second quarter ended Aug. 1, as total sales declined about 6.6% to $316 million, the retailer says.
Web sales at multichannel merchant The Children’s Place Retail Stores Inc. grew 24% to $20.6 million for the second quarter ended Aug. 1, up from $16.6 million for the year-ago period. Total sales declined about 6.6% to $316 million from $338 million, the retailer said in a financial statement and a conference call with analysts last week.
Children’s Place, No. 149 in the Internet Retailer Top 500 Guide, also reported for Q2:
- Web sales as a percentage of total sales were 6.5%, up from 4.9% a year ago.
- Comparable-store sales, which include online sales as well as all stores open at least one year, fell 9%, compared to a year-ago increase of 10%.
- Net loss was $7.1 million, compared to breaking even a year earlier.
- Comparable-store sales, including online sales, fell 3%, compared to a year-ago increase of 8%.
- Total sales fell 3% to $717.6 million from $738.2 million for the year-ago period.
- Net income declined 15.4% to $16.5 million from $19.5 million a year ago.