This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

The Children's Place Reports Fourth Quarter And Fiscal 2012 Results

Under the cost method, the Company reported net income of $19.1 million and earnings per diluted share of $0.80 for the fourteen weeks ended February 2, 2013, compared to adjusted net income of $23.3 million and adjusted earnings per diluted share of $0.93 for the thirteen weeks ended January 28, 2012. For the fifty-three weeks ended February 2, 2013, the Company reported net income of $63.2 million and earnings per diluted share of $2.61, compared to adjusted net income of $74.3 million and adjusted earnings per diluted share of $2.90 for the 52-week period ended January 28, 2012.

Under the retail method, the Company reported net income of $22.1 million and earnings per diluted share of $0.93 for the fourteen weeks ended February 2, 2013, compared to net income of $24.2 million and earnings per diluted share of $0.97 in the thirteen weeks ended January 28, 2012. For the fifty-three weeks ended February 2, 2013, the Company reported net income of $62.7 million and earnings per diluted share of $2.58, compared to net income of $77.2 million and earnings per diluted share of $3.01 for the fifty-two weeks ended January 28, 2012.

The results reported above include transactions that the Company believes are not indicative of the performance of its core business. The following table also shows Non-GAAP earnings per diluted share under the retail method excluding such transactions for the fiscal quarters and fiscal years ended February 2, 2013 and January 28, 2012.
  Fourth Quarter Fiscal Year
  2012 2011 2012 2011
Earnings per diluted share under the cost method on a GAAP basis $0.80 $0.93 $2.61 $2.90
Impact of the change in method of accounting for inventory $0.13 $0.04 -$0.03 $0.11
Earnings per diluted share under the retail method  $0.93 $0.97 $2.58 $3.01
Add back: Accelerated depreciation for DC closures and remodels; restructuring and other costs  $0.22 $0.03 $0.65 $0.03
Remove: Settlement of state tax audits; reversal of prior year's US tax accrual on foreign earnings  - -$0.13 - -$0.12
Non-GAAP earnings per diluted share under the retail method $1.15 $0.87 $3.23 $2.92

2012 Results Reported under the Retail Method

Fourth Quarter 2012
  • Net sales, which included $21.6 million of sales in the 53 rd week, increased 11.3% to $509.2 million, compared to $457.5 million the prior year.
  • Comparable retail sales, which excluded the 53 rd week, increased 4.3% compared to the prior year.
  • Gross profit increased 17.5% to $192.7 million, and increased 200 basis points to 37.8% of sales.
  • Selling, general and administrative expense increased 12.4% to $136.1 million, and deleveraged 20 basis points to 26.7% of sales.
  • Non-GAAP operating income increased 64.8% to $38.7 million, and increased 250 basis points to 7.6% of sales.
  • Non-GAAP net income was $27.3 million, a 24.8% increase compared to the prior year.
  • Non-GAAP EPS of $1.15 per diluted share compares to $0.87 last year, a 32.2% increase.

Fiscal 2012 Results
  • Net sales, which included the 53 rd week, increased 5.5% to $1,809.5, compared to $1,715.9 million the prior year.
  • Comparable retail sales, which excluded the 53 rd week, increased 2.0% compared to the prior year.
  • Gross profit increased 4.0% to $690.5 million, and deleveraged 50 basis points to 38.2% of sales.
  • Non-GAAP selling, general and administrative expense increased 6.2% to $507.0 million, and deleveraged 20 basis points to 28.0% of sales.
  • Non-GAAP operating income increased 3.0% to $114.3 million, and deleveraged 20 basis points to 6.3% of sales.
  • Non-GAAP net income was $78.3 million, a 4.5% increase compared to prior year.
  • Non-GAAP EPS of $3.23 per diluted share compares to $2.92 last year, a 10.6% increase.

Store Openings and Closures

The Company opened four stores and closed 11 during the fourth quarter of 2012. During fiscal 2012, the Company opened 64 stores and closed 18, ending the year with 1,095 stores.

2 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs