US apparel chain The Children’s Place has recorded same-store sales growth of 13.2 per cent – its highest ever comparable sales gain.
Five years ago, The Children’s Place revealed plans to close 300 stores across the US and focus its efforts on stores located in the best malls. To date it has closed 191.
Second-quarter sales rose to from US$373.6 million to $448.7 million, well above analysts estimates of $428 million.
The company reported net income of $7.5 million in the quarter to August 4, which was down from $14.3 million, due to higher interest payments and tax provisions.
“We delivered positive brick-and-mortar sales comps and positive digital-sales comps every month in the second quarter,” said CEO Jane Elfers. “Additionally, we drove positive brick-and-mortar traffic comps every month of the quarter resulting in a positive mid-single digit traffic increase. Our mall traffic was exceptional.”
Elfers said the increased sales continued into August.