PLCE - Children's Place Retail Stores reports mixed Q3 earnings; initiates Q4 and updates FY23 outlook
2023-11-16 07:06:31 ET
- Children's Place Retail Stores press release ( NASDAQ: PLCE ): Q3 Non-GAAP EPS of $3.22 misses by $0.29 .
- Revenue of $480.2M (-5.7% Y/Y) beats by $15.56M .
- Outlook
The Company is providing updated guidance for the fourth quarter of 2023 and for the full year 2023. For the fourth quarter of 2023, the Company now expects:
- Net sales in the range of $460 million to $465 million vs. consensus of $435.16M, representing a low single digit increase as compared to the prior year’s fourth quarter.
- Adjusted operating profit for the fourth quarter is expected to be approximately 2.0% to 3.0% of net sales.
- Interest expense is expected to be approximately $6.5 million for the fourth quarter.
- The effective tax rate for the fourth quarter is expected to be approximately 27%, calculated by applying the discrete method.
- Adjusted net income per diluted share is estimated to be in the range of $0.25 to $0.45 vs. consensus of $1.30 based upon an anticipated weighted average number of shares of 12.6 million.
The Company now expects net sales for the full year 2023 , to be in the range of $1.605 billion to $1.610 billion vs. consensus of $1.57B, adjusted operating profit is estimated to be in the low single digit percentage range of net sales and adjusted net loss per diluted share is estimated to be in the range of ($0.59) to ($0.39) based upon an anticipated weighted average number of shares of 12.5 million vs. consensus of $0.94.
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Children's Place Retail Stores reports mixed Q3 earnings; initiates Q4 and updates FY23 outlook