The Children's Place estimates 38 percent drop in Q1 sales

The Children’s Place, Inc. total net sales to have decreased 38 percent to 254 million dollars for the first quarter ended May 2, 2020. The company said in a statement that to help fulfill its surging online demand, the company enabled its ship-from-store capabilities in approximately 85 percent of its U.S. stores in late April, which more than doubled its daily shipping capacity. Through Saturday, May 16th, Q2 digital demand is up more than 400 percent.

As of May 2, 2020, the company had approximately 72 million dollars of cash and cash equivalents and 235 million dollars outstanding on its 360 million dollars revolving credit facility, which was increased from 325 million dollars as a result of finalizing an amendment with its lenders on April 24, 2020.

On May 19, 2020, The Children’s Place plans to reopen stores in 10 states including Alabama, Arkansas, Idaho, Mississippi, Montana, Nebraska, North Dakota, Oklahoma, South Dakota, and Utah. The company added that it will continue to reopen stores on a phased timeline. Currently, over 40 percent of the company’s U.S. stores are in states and counties that have not yet been authorized to reopen to the public.

Picture:Facebook/The Children's Place

 

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