The Children’s Place web sales increase by 13% in the second quarter
E-commerce accounts for 58% of sales growth in the quarter.
Specialty children’s apparel retailer The Children’s Place Retail Stores Inc. reported strong web sales growth in its fiscal second quarter.
For the quarter ended Aug. 3, The Children’s Place, No. 112 in Internet Retailer’s 2013 Top 500 Guide, reported:
- Online sales represented 13.2% of total sales compared with 10.5% in the second quarter of 2012. Based on those percentages, e-commerce sales totaled $50.5 million in the second quarter, up by 33.2% from $37.9 million in the prior year quarter.
- Total sales increased by 6.0% to $382.4 million from $360.8 million.
- Comparable-store sales declined 0.4%.
- Net loss of $23.6 million, compared with a net loss of $17.9 million in the second quarter of 2012.
E-commerce accounted for 58.3%, or $12.6 million, of $21.6 million in sales growth for the quarter.
During the second quarter, the company says it recorded charges of $23.2 million, including store impairment and early closure expenses associated with its plan to close approximately 100 underperforming stores over the next three years.
For the six months ended Aug. 3, The Children’s Place reported:
- E-commerce accounted for 13.1% of sales in the first half of the year, compared with 10.9% during the same period last year. Based on those percentages, e-commerce sales totaled $105.5 million in the period, up by 21.1% from $87.1 million in the first six months of 2012.
- Total sales increased about 0.8%, to $805.6 million from $799.3 million.
- Comparable-store sales declined 3.2%.
- Net loss was $4.4 million, compared with net income of $6.8 million in the first half of fiscal 2012.