By Katherine Hamilton
Children's Place shares climbed Tuesday morning after the retailer said preliminary sales rose during part of its fourth quarter.
Shares rose 13% to $12.35. The stock is up 74% over the past six months.
The Secaucus, N.J.-based company said its net sales rose 3.4% during the six-week period ended Dec. 14, compared with the same period in 2023. The increase improves on the year-to-date trend during the third quarter.
The company posted $455 million in net sales during the previous fourth quarter, which was a three-month period ended Feb. 3, 2024.
Children's Place's brick-and-mortar revenue declined due to lower store count, which was offset by growth in wholesale revenue.
Comparable retail sales for the six-week period fell 8.9% compared with last year, largely driven by a decline in e-commerce revenue. The decrease in e-commerce revenue was narrower than the company expected as Children's Place cut out unprofitable sales and promotional strategies to improve profitability, it said.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
December 17, 2024 10:28 ET (15:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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