Children's Place shares drop after revenue miss

Children's Place Inc. shares dropped nearly 6% in Wednesday premarket trading after the kids clothing and accessories retailer reported second quarter revenue that missed Street expectations. Net income totaled $24.1 million, or $1.60 per share, after a loss of $46.6 million, or $3.19 per share, last year. Adjusted EPS of $1.71 blew past the FactSet consensus for 47 cents. Revenue totaled $413.9 million, up from $368.9 million below the FactSet consensus for $442.6 million. Digital sales totaled 43% of total sales, according to a statement from Chief Executive Jane Elfers. More than 70% of the digital business comes through a mobile device. Back-to-school has also gotten off to a strong start, according to Elfers. Children's Place plans to shutter an additional 81 stores in fiscal 2021, on top of 42 closed in the first half of the year, reaching the goal of closing 300 locations. Children's Place stock has doubled, up 100.8% for the year to date, while the S&P 500 index has gained 18.4% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Children's Place shares drop after revenue miss
Children's Place Inc. shares dropped nearly 6% in Wednesday premarket trading after the kids clothing and accessories retailer reported second quarter revenue that missed Street expectations. Net income totaled $24.1 million, or $1.60 per share, after a loss of $46.6 million, or $3.19 per share, last year. Adjusted EPS of $1.71 blew past the FactSet consensus for 47 cents. Revenue totaled $413.9 million, up from $368.9 million below the FactSet consensus for $442.6 million. Digital sales totaled 43% of total sales, according to a statement from Chief Executive Jane Elfers. More than 70% of the digital business comes through a mobile device. Back-to-school has also gotten off to a strong start, according to Elfers. Children's Place plans to shutter an additional 81 stores in fiscal 2021, on top of 42 closed in the first half of the year, reaching the goal of closing 300 locations. Children's Place stock has doubled, up 100.8% for the year to date, while the S&P 500 index has gained 18.4% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.