Children’s Place Falls After Q1 Loss Grows
The Children’s Place, Inc. showed just how tough its turnaround could be, posting a bigger fiscal first-quarter loss and weaker sales Friday while mapping out new long-term goals. For the quarter ended May 2, net sales dropped to $215.2 million from $242.1 million the year before. Net loss widened to $53.2 million, or $2.40 a share, from $34.0 million, or $1.57 a share. The stock closed regular hours at $3.48, down 3.06%, MarketScreener said. The Nasdaq Composite added 0.3% Friday, but the stock underperformed. The company posted results after the bell, so a bigger trading response may show up next session.
