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Q2 web sales rise, but not same-store revenue for The Children’s Place
E-commerce increased 48.3% while comparable-store sales decreased 5.6%.
Comparable-store sales declined, but it was a different story for e-commerce for The Children’s Place Retail Stores Inc. in the second quarter.
For the quarter ended July 30, The Children’s Place, No. 127 in the Internet Retailer Top 500 Guide, reported:
- E-commerce increased 48.3% to $30.1 million from $20.3 million in the second quarter of 2010.
- Total sales decreased 0.5% to $343.5 million from $345.3 million in the second quarter of 2010.
- Comparable-store sales decreased 5.6%.
- Net loss was $9.8 million compared with a net loss of $8.2 million in the prior year.
Internet Retailer calculates the web accounted for 8.8% of total sales in the second quarter compared with 5.9% in the prior year.
“Our strategy to significantly reduce the amount of unproductive inventory in our stores resulted in lower mark-downs and solid margin expansion during the quarter, despite higher product costs," says CEO Jane Elfers. "The competitive environment was highly promotional throughout the quarter which constrained top-line sales. However, with our significantly improved merchandise and tightly controlled inventory, we were able to reach the high-end of our guidance range."
For the first two quarters:
- E-commerce increased 21.2% to $69.2 million from $57.1 million in the first two quarters of 2010.
- Total sales increased 0.9% to $774.3 million from $767.4 million in the first two quarters of 2010.
- Comparable-store sales decreased 4.3%.
- Net income was $19.3 million, a decrease of 2% from net income of $19.7 million in the first two quarters of 2010.
Internet Retailer calculates the web accounted for 8.9% of total sales in the second quarter compared with 7.4% in the prior year.