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PLCE - The Children's Place: Bull Case Dented But Not Yet Broken
Children's Place Inc. (The)
From one standpoint, the story at retailer The Children's Place (PLCE) has simply collapsed. When I bought the stock last year, the case was reasonably simple. PLCE's earnings were being pressured by one-time investments in the omnichannel business. Those investments would roll off, boosting margins. Store closures added another boost. As a result, PLCE was targeting 12% operating margins by fiscal 2020 (ending January 2021) - and $12 per share in EPS. A mid-teen multiple - driven by strong e-commerce performance that was driving positive comps - suggested a path toward $200.