PLCE - Why Children's Place Stock Was Falling This Morning
Shares of The Children's Place (NASDAQ: PLCE) were trading down 10% as of 10:47 a.m. ET on Monday. The fourth quarter turned out to be more challenging than management expected. The Children's Place now expects to report a loss in the range of $52 million to $57 million.
Year to date, the stock is still up 19%, and there could be more upside despite the bad news today.
Excluding higher consumer prices as a result of cost inflation , retail sales across the industry were down and below expectations in November and December of 2022. On top of weak retail spending, Children's Place faced the highest cotton costs in a decade, which is the company's largest input cost.
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Why Children's Place Stock Was Falling This Morning