The Children's Place Q4 sales decline, reports full year loss

The Children’s Place reported net sales decrease of 7.8 percent to 472.9 million dollars in the fourth quarter driven by the impact of permanent and temporary store closures and the negative impact of reduced operating hours in mall stores, as mandated by the mall owners. Comparable retail sales for the quarter increased 1 percent. Net income for the quarter was 7.8 million dollars or 53 cents per diluted share compared to 24.2 million dollars or 1.61 dollars per diluted share, in the three months ended February 1, 2020. Adjusted net income was 14.9 million dollars or 1.01 dollars per diluted share compared to 28 million dollars or 1.85 dollars per diluted share, in the comparable period last year.