PLCE - The Children's Place tops consensus off strong margins stimulus support

The Children’s Place ([[PLCE]] +3.7%) jumps on reporting revenue above the pre-COVID level with numbers beating the market consensus in its first-quarter earnings results. Revenue of $435.48M (+70.6% Y/Y) beats consensus by $76.12M. That also compares to the Q1 2019 revenue of $412M, despite having 261 or 27% fewer stores from that time.Comparable retail sales were 83.0% for the quarter.Gross profit increased to $188.2M with the growth coming in from higher merchandise margins in both the company's digital and stores channels, lower occupancy expenses due to rent abatements of $8M, favorable lease negotiations, and permanent store closures.Adj. gross profit increased to $189.2M, compared to $45.3M a year ago.Adj. operating income increased $135.7M Y/Y to $70.7M  and leveraged 4,168 basis points to 16.2% of net sales. Non-GAAP EPS of $3.25 beats by $3.07; GAAP EPS of $3.01 beats by $3.08.The company ended the quarter with $65.4M in cash and cash equivalents.As of May 1, 2021, the company had

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The Children’s Place tops consensus off strong margins, stimulus support