Children’s Place reports Q1 adjusted EPS ($1.52) vs ($1.18) last year

Reports Q1 revenue $242.1M vs $267.9M last year. Muhammad Umair, President and Interim Chief Executive Officer said, “The first quarter was a challenging time for our business and customers. We are not satisfied with the results, but we will continue to take actions focused on the long-term health of the Company as we strive to drive more sustainable growth and stronger performance moving forward. Our results remain under pressure due to the current macroeconomic environment, including softer consumer sentiment and particularly unseasonable weather patterns, while the lapping of our shipping threshold increase added an anticipated challenge to top-line sales. While we are not pleased with the results, management is moving with urgency to remediate, and we are currently entering the back-to-school selling season with a more balanced inventory position. We will continue to focus on improving our inventory turns and explore plans to further streamline our productivity, while reducing inefficient SG&A spending, with more to come in the near future.”