PLCE - Why The Children's Place Stock Jumped Today
2023-08-17 10:51:08 ET
Shares of The Children's Place (NASDAQ: PLCE) were up 11% as of 9:46 a.m. ET on Thursday following the company's second-quarter earnings report.
The stock fell hard last year with the broader market sell-off. The children's retailer reported further pressure on its revenue and earnings per share but kept its full-year sales guidance mostly steady. Wall Street feared worse news, which sent this heavily discounted apparel stock surging.
Second-quarter net sales fell 9.3% year over year, while the adjusted loss on the bottom line widened from $0.89 a year ago to $2.12 in the recent quarter. E-commerce sales increased slightly in the quarter and represented 51% of total retail sales, up from 30% in 2019.
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Why The Children's Place Stock Jumped Today