Children’s Place Inc. PLCE, +3.36% shares soared 7% in Wednesday premarket trading after the retailer reported a first-quarter profit compared with FactSet consensus for a loss. Net income totaled $4.5 million, or 28 cents per share, down from $31.5 million last year, or $1.78 per share. Adjusted EPS was 36 cents per share. FactSet was guiding for a loss of 47 cents per share. Sales of $412.4 million were down from $436.3 million last year but beat the FactSet consensus for $400.0 million. Same-store sales fell 4.6%, also beating the FactSet guidance for a 7.8% decline. “Our Q1 results significantly exceeded our expectations despite our 70% store overlap with the approximately 800 Gymboree and Crazy 8 liquidations that occurred in Q1 and the headwind of a later Easter,” said Jane Elfers, Children’s Place’s chief executive, in a statement. Children’s Place sees second-quarter sales in the range of $415 million to $420 million, a same-store sales decline in the range of 4% to 5%, and adjusted EPS in the range of flat to 20 cents. FactSet sees sales of $419.8 million, a same-store sales decline of 4.8% and EPS of 13 cents. Children’s Place’s full-year outlook is for sales in the range of $1.905 billion to $1.925 billion, flat same-store sales and adjusted EPS in the range of $5.75 to $6.25. FactSet expects sales of $1.912 billion, a 0.1% same-store sales drop and EPS of $5.60. Children’s Place stock has gained 24.4% for the year to date while the S&P 500 index SPX, +0.80% is up 13.1% for the period.
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