The Children’s Place Reports Second Quarter 2024 Results
The Children's Place (PLCE) reported improved Q2 2024 results with significant gross profit margin increase to 35% and lowest SG&A spending in over 15 years. Despite a 7.5% decrease in net sales to $319.7 million, the company achieved Adjusted Operating Income of $14.2 million, a substantial improvement from previous losses. Key highlights include:
- Positive comparable store sales for the first time in ten quarters
- Gross margin rate increased by 960 basis points to 35.0%
- Adjusted SG&A expenses decreased to $88.3 million, leveraging 180 basis points
- Adjusted net income of $3.9 million, or $0.30 per diluted share
- $28 million non-cash impairment charge for Gymboree tradename
The company's strategic changes aimed at improving profitability show promising results, despite ongoing challenges.
The Children's Place (PLCE) ha riportato risultati migliorati per il secondo trimestre del 2024 con un significativo aumento del margine di profitto lordo al 35% e le spese SG&A più basse degli ultimi 15 anni. Nonostante una diminuzione delle vendite nette del 7,5% a $319,7 milioni, l'azienda ha raggiunto un reddito operativo rettificato di $14,2 milioni, un miglioramento sostanziale rispetto alle perdite precedenti. I punti salienti includono:
- Vendite nei negozi comparabili positive per la prima volta in dieci trimestri
- Il tasso di margine lordo è aumentato di 960 punti base al 35,0%
- Le spese SG&A rettificate sono scese a $88,3 milioni, con un leverage di 180 punti base
- Reddito netto rettificato di $3,9 milioni, ovvero $0,30 per azione diluita
- Addebito di impairment non monetario di $28 milioni per il marchio Gymboree
Le modifiche strategiche dell'azienda mirate a migliorare la redditività mostrano risultati promettenti, nonostante le sfide in corso.
The Children's Place (PLCE) reportó resultados mejorados para el segundo trimestre de 2024 con un aumento significativo en el margen de ganancia bruta al 35% y los gastos SG&A más bajos en más de 15 años. A pesar de una disminución del 7.5% en las ventas netas a $319.7 millones, la empresa logró un ingreso operativo ajustado de $14.2 millones, una mejora sustancial con respecto a las pérdidas anteriores. Los aspectos más destacados incluyen:
- Ventas comparables positivas por primera vez en diez trimestres
- La tasa de margen bruto aumentó en 960 puntos básicos al 35.0%
- Los gastos SG&A ajustados se redujeron a $88.3 millones, aprovechando 180 puntos básicos
- Ingreso neto ajustado de $3.9 millones, o $0.30 por acción diluida
- Cargo por deterioro no monetario de $28 millones por el nombre comercial Gymboree
Los cambios estratégicos de la empresa orientados a mejorar la rentabilidad muestran resultados prometedores, a pesar de los desafíos en curso.
The Children's Place (PLCE)는 2024년 2분기 개선된 실적을 보고하며 총 이익률이 35%로 크게 증가했습니다. 15년 이상 만에 가장 낮은 SG&A 비용을 기록했습니다. 순 매출이 $319.7 백만으로 7.5% 감소했음에도 불구하고, 회사는 조정된 운영 소득이 $14.2 백만으로 이전 손실에 비해 상당한 개선을 이루었습니다. 주요 하이라이트는 다음과 같습니다:
- 10 분기 만에 처음으로 긍정적인 동기 매장 매출
- 총 마진률이 960 베이시스 포인트 증가하여 35.0%에 도달
- 조정된 SG&A 비용이 $88.3 백만으로 감소, 180 베이시스 포인트 활용
- 조정된 순이익이 $3.9 백만, 즉 희석 주당 $0.30
- Gymboree 상표에 대한 비현금 손상 차감액 $28 백만
회사의 수익성 향상을 목표로 한 전략적 변화는 지속적인 도전에도 불구하고 유망한 결과를 보여주고 있습니다.
The Children's Place (PLCE) a rapporté des résultats améliorés pour le deuxième trimestre 2024 avec une augmentation significative de la marge brute à 35% et les dépenses SG&A les plus basses depuis plus de 15 ans. Malgré une diminution de 7,5 % des ventes nettes à 319,7 millions de dollars, l'entreprise a atteint un revenu opérationnel ajusté de 14,2 millions de dollars, une amélioration substantielle par rapport aux pertes précédentes. Les points forts incluent :
- Ventes en magasins comparables positives pour la première fois en dix trimestres
- Taux de marge brute augmenté de 960 points de base pour atteindre 35,0 %
- Les dépenses SG&A ajustées ont diminué à 88,3 millions de dollars, tirant parti de 180 points de base
- Revenu net ajusté de 3,9 millions de dollars, soit 0,30 dollar par action diluée
- Charge de dépréciation non monétaire de 28 millions de dollars pour le nom commercial Gymboree
Les changements stratégiques de l'entreprise visant à améliorer la rentabilité montrent des résultats prometteurs malgré les défis persistants.
The Children's Place (PLCE) berichtete über verbesserte Ergebnisse für das zweite Quartal 2024 mit einer signifikanten Erhöhung der Bruttogewinnspanne auf 35% und den niedrigsten SG&A-Ausgaben seit über 15 Jahren. Trotz eines Rückgangs der Nettoumsätze um 7,5% auf 319,7 Millionen Dollar erreichte das Unternehmen einen bereinigten Betriebsgewinn von 14,2 Millionen Dollar, was eine wesentliche Verbesserung gegenüber den vorherigen Verlusten darstellt. Wichtige Höhepunkte sind:
- Positive vergleichbare Verkaufszahlen in Geschäften zum ersten Mal seit zehn Quartalen
- Bruttomargenquote um 960 Basispunkte auf 35,0% gestiegen
- Bereinigte SG&A-Ausgaben sanken auf 88,3 Millionen Dollar, wodurch 180 Basispunkte genutzt wurden
- Bereinigter Nettogewinn von 3,9 Millionen Dollar oder 0,30 Dollar pro verwässerter Aktie
- 28 Millionen Dollar nicht monetärer Wertminderungsaufwand für die Marke Gymboree
Die strategischen Veränderungen des Unternehmens zur Verbesserung der Rentabilität zeigen vielversprechende Ergebnisse, trotz anhaltender Herausforderungen.
- Gross profit margin significantly improved to 35%, up 960 basis points year-over-year
- Adjusted Operating Income of $14.2 million, a $39.2 million improvement from prior year loss
- Positive comparable store sales for the first time in ten quarters
- Adjusted SG&A expenses decreased to $88.3 million, lowest level in over 15 years for Q2
- Adjusted net income of $3.9 million, or $0.30 per diluted share, compared to a loss in the prior year
- Wholesale business rebounded with double-digit growth
- Net sales decreased by 7.5% to $319.7 million
- Comparable retail sales decreased 7.2% for the quarter
- Net loss of $32.1 million, or $2.51 per diluted share
- $28 million non-cash impairment charge for Gymboree tradename
- Ecommerce revenue decreased by a double-digit percentage
- Net interest expense increased to $9.2 million from $7.6 million in the prior year
Insights
The Children's Place's Q2 2024 results show a significant turnaround in profitability despite lower sales. The company's strategic shift to focus on profitability over volume has yielded positive results. Key points:
- Gross profit margin improved by
960 basis points to35% - Adjusted operating income of
$14.2 million , a$39.2 million improvement year-over-year - Lowest SG&A spending in over 15 years for Q2
- Positive comparable store sales for the first time in 10 quarters
However, the
The Children's Place's Q2 results highlight a critical pivot in strategy for retailers facing margin pressures. By sacrificing unprofitable sales, particularly in e-commerce, the company has demonstrated the potential for improved profitability. Notable insights:
- Positive store comparable sales indicate a potential shift in consumer behavior back to brick-and-mortar
- Double-digit growth in wholesale business suggests strength in B2B relationships
- Reduction in marketing spend and changes to free shipping thresholds have significantly improved e-commerce profitability
This approach, while beneficial for short-term profitability, may pose risks to market share and customer loyalty in the long run. The company will need to balance profitability with strategic investments in growth to maintain its competitive position in the children's apparel market.
Significant Improvement in Gross Profit Margin to
Lowest Level of SG&A spending in more than 15 Years during Q2
Incurred a Non-Cash Impairment Charge of
Adjusted Operating Income of
Positive Adjusted EBITDA, Improving
SECAUCUS, N.J., Sept. 11, 2024 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), an omni-channel children’s specialty portfolio of brands, today announced financial results for the second quarter ended August 3, 2024.
Muhammad Umair, President and Interim Chief Executive Officer said, “During the second quarter we proactively made certain strategic and operational changes to improve the profitability of the business and provide a foundation for future growth and we were pleased with the results. While we anticipated that these efforts would provide pressure to topline sales, we drove significant improvements in gross profit margin versus the prior year’s second quarter and sequential improvement in margin for two quarters, which is particularly important moving from the first quarter to the second quarter. In addition, we were also able to significantly decrease Adjusted SG&A expenses as we reduced payroll costs and eliminated unprofitable marketing spend, all of which has combined to show more than a
Second Quarter 2024 Results
Net sales decreased
Comparable retail sales decreased
Gross profit increased
Selling, general, and administrative expenses were well controlled at
Operating loss was
Net interest expense was
As previously announced, in the three months ended February 3, 2024, the Company established a valuation allowance against its net deferred tax assets and, as such, continues to adjust the allowance based upon the ongoing operating results. The provision for income taxes, which is reflected net of these adjustments, was
Net loss, which included certain non-cash impairment charges and non-operating restructuring charges, was
Fiscal Year-To-Date 2024 Results
Net sales decreased
Gross profit increased
Selling, general, and administrative expenses were
Operating loss was
Net interest expense was
The provision for income taxes was
Net loss, which included certain non-cash impairment charges and non-operating restructuring charges, was
Store Update
The Company closed 3 stores in the three months ended August 3, 2024 and ended the quarter with 515 stores and square footage of 2.5 million.
Balance Sheet and Cash Flow
As of August 3, 2024, the Company had
Inventories were
Non-GAAP Reconciliation
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income (loss), adjusted net income (loss) per diluted share, adjusted gross profit, adjusted selling, general, and administrative expenses, adjusted operating income (loss) and adjusted EBITDA are non-GAAP measures, and are not intended to replace GAAP financial information, and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business, and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.
Please refer to the “Reconciliation of Non-GAAP Financial Information to GAAP” later in this press release, which sets forth the non-GAAP operating adjustments for the 13-week periods and 26-week periods ended August 3, 2024, and July 29, 2023.
About The Children’s Place
The Children’s Place is an omni-channel children’s specialty portfolio of brands. Its global retail and wholesale network includes two digital storefronts, more than 500 stores in North America, wholesale marketplaces and distribution in 15 countries through five international franchise partners. The Children’s Place designs, contracts to manufacture, and sells fashionable, high-quality apparel, accessories and footwear predominantly at value prices, primarily under its proprietary brands: “The Children’s Place”, “Gymboree”, “Sugar & Jade”, and “PJ Place”. For more information, visit: www.childrensplace.com and www.gymboree.com, as well as the Company’s social media channels on Instagram, Facebook, X, formerly known as Twitter, YouTube and Pinterest.
Forward-Looking Statements
This press release contains or may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and results of operations, including adjusted net income (loss) per diluted share. Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently. These forward-looking statements are based upon the Company’s current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended February 3, 2024. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unable to achieve operating results at levels sufficient to fund and/or finance the Company’s current level of operations and repayment of indebtedness, the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by changes in economic conditions (including inflation), the risk that changes in the Company’s plans and strategies with respect to pricing, capital allocation, capital structure, investor communications and/or operations may have a negative effect on the Company’s business, the risk that the Company’s strategic initiatives to increase sales and margin, improve operational efficiencies, enhance operating controls, decentralize operational authority and reshape the Company’s culture are delayed or do not result in anticipated improvements, the risk of delays, interruptions, disruptions and higher costs in the Company’s global supply chain, including resulting from disease outbreaks, foreign sources of supply in less developed countries, more politically unstable countries, or countries where vendors fail to comply with industry standards or ethical business practices, including the use of forced, indentured or child labor, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, various types of litigation, including class action litigations brought under securities, consumer protection, employment, and privacy and information security laws and regulations, the imposition of regulations affecting the importation of foreign-produced merchandise, including duties and tariffs, risks related to the existence of a controlling shareholder, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact: Investor Relations (201) 558-2400 ext. 14500
| THE CHILDREN’S PLACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Second Quarter Ended | Year-to-Date Ended | ||||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||||
| Net sales | $ | 319,655 | $ | 345,599 | $ | 587,533 | $ | 667,239 | |||||||
| Cost of sales | 207,861 | 257,840 | 382,998 | 483,019 | |||||||||||
| Gross profit | 111,794 | 87,759 | 204,535 | 184,220 | |||||||||||
| Selling, general and administrative expenses | 96,065 | 111,965 | 205,159 | 224,895 | |||||||||||
| Depreciation and amortization | 9,505 | 11,953 | 21,140 | 23,801 | |||||||||||
| Asset impairment charges | 28,000 | 782 | 28,000 | 2,532 | |||||||||||
| Operating loss | (21,776 | ) | (36,941 | ) | (49,764 | ) | (67,008 | ) | |||||||
| Interest expense, net | (9,231 | ) | (7,641 | ) | (16,952 | ) | (13,543 | ) | |||||||
| Loss before provision (benefit) for income taxes | (31,007 | ) | (44,582 | ) | (66,716 | ) | (80,551 | ) | |||||||
| Provision (benefit) for income taxes | 1,107 | (9,227 | ) | 3,193 | (16,363 | ) | |||||||||
| Net loss | $ | (32,114 | ) | $ | (35,355 | ) | $ | (69,909 | ) | $ | (64,188 | ) | |||
| Loss per common share | |||||||||||||||
| Basic | $ | (2.51 | ) | $ | (2.82 | ) | $ | (5.50 | ) | $ | (5.16 | ) | |||
| Diluted | $ | (2.51 | ) | $ | (2.82 | ) | $ | (5.50 | ) | $ | (5.16 | ) | |||
| Weighted average common shares outstanding | |||||||||||||||
| Basic | 12,772 | 12,522 | 12,707 | 12,448 | |||||||||||
| Diluted | 12,772 | 12,522 | 12,707 | 12,448 | |||||||||||
| THE CHILDREN’S PLACE, INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Second Quarter Ended | Year-to-Date Ended | ||||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||||
| Net loss | $ | (32,114 | ) | $ | (35,355 | ) | $ | (69,909 | ) | $ | (64,188 | ) | |||
| Non-GAAP adjustments: | |||||||||||||||
| Asset impairment charges | 28,000 | 782 | 28,000 | 2,532 | |||||||||||
| Restructuring costs | 6,104 | 9,659 | 6,367 | 9,928 | |||||||||||
| Credit agreement/lender-required consulting | 1,102 | — | 1,852 | — | |||||||||||
| Professional and consulting fees | 422 | — | 422 | — | |||||||||||
| Accelerated depreciation | 256 | 907 | 1,813 | 907 | |||||||||||
| Fleet optimization | 123 | 81 | 708 | 1,168 | |||||||||||
| Change of control | — | — | 14,589 | — | |||||||||||
| Broken financing and restructuring fees | — | — | 6,661 | — | |||||||||||
| Canada distribution center closure | — | — | 781 | — | |||||||||||
| Reversal of legal settlement accrual | — | — | (2,279 | ) | — | ||||||||||
| Contract termination costs | — | 546 | — | 2,962 | |||||||||||
| Aggregate impact of non-GAAP adjustments | 36,007 | 11,975 | 58,914 | 17,497 | |||||||||||
| Income tax effect (1) | — | (3,113 | ) | — | (4,549 | ) | |||||||||
| Net impact of non-GAAP adjustments | 36,007 | 8,862 | 58,914 | 12,948 | |||||||||||
| Adjusted net income (loss) | $ | 3,893 | $ | (26,493 | ) | $ | (10,995 | ) | $ | (51,240 | ) | ||||
| GAAP net loss per common share | $ | (2.51 | ) | $ | (2.82 | ) | $ | (5.50 | ) | $ | (5.16 | ) | |||
| Adjusted net income (loss) per common share | $ | 0.30 | $ | (2.12 | ) | $ | (0.87 | ) | $ | (4.12 | ) | ||||
(1) The tax effects of the non-GAAP items are calculated based on the statutory rate of the jurisdiction in which the discrete item resides, adjusted for the impact of any valuation allowance.
| THE CHILDREN’S PLACE, INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Second Quarter Ended | Year-to-Date Ended | ||||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||||
| Operating loss | $ | (21,776 | ) | $ | (36,941 | ) | $ | (49,764 | ) | $ | (67,008 | ) | |||
| Non-GAAP adjustments: | |||||||||||||||
| Asset impairment charges | 28,000 | 782 | 28,000 | 2,532 | |||||||||||
| Restructuring costs | 6,104 | 9,659 | 6,367 | 9,928 | |||||||||||
| Credit agreement/lender-required consulting | 1,102 | — | 1,852 | — | |||||||||||
| Professional and consulting fees | 422 | — | 422 | — | |||||||||||
| Accelerated depreciation | 256 | 907 | 1,813 | 907 | |||||||||||
| Fleet optimization | 123 | 81 | 708 | 1,168 | |||||||||||
| Change of control | — | — | 14,589 | — | |||||||||||
| Broken financing and restructuring fees | — | — | 6,661 | — | |||||||||||
| Canada distribution center closure | — | — | 781 | — | |||||||||||
| Reversal of legal settlement accrual | — | — | (2,279 | ) | — | ||||||||||
| Contract termination costs | — | 546 | — | 2,962 | |||||||||||
| Aggregate impact of non-GAAP adjustments | 36,007 | 11,975 | 58,914 | 17,497 | |||||||||||
| Adjusted operating income (loss) | $ | 14,231 | $ | (24,966 | ) | $ | 9,150 | $ | (49,511 | ) | |||||
| THE CHILDREN’S PLACE, INC. RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO GAAP (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Second Quarter Ended | Year-to-Date Ended | ||||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||||
| Gross profit | $ | 111,794 | $ | 87,759 | $ | 204,535 | $ | 184,220 | |||||||
| Non-GAAP adjustments: | |||||||||||||||
| Change of control | — | — | 905 | — | |||||||||||
| Aggregate impact of non-GAAP adjustments | — | — | 905 | — | |||||||||||
| Adjusted gross profit | $ | 111,794 | $ | 87,759 | $ | 205,440 | $ | 184,220 | |||||||
| Second Quarter Ended | Year-to-Date Ended | ||||||||||||||
| August 3, 2024 | July 29, 2023 | August 3, 2024 | July 29, 2023 | ||||||||||||
| Selling, general and administrative expenses | $ | 96,065 | $ | 111,965 | $ | 205,159 | $ | 224,895 | |||||||
| Non-GAAP adjustments: | |||||||||||||||
| Restructuring costs | (6,104 | ) | (9,659 | ) | (6,367 | ) | (9,928 | ) | |||||||
| Credit agreement/lender-required consulting | (1,102 | ) | — | (1,852 | ) | — | |||||||||
| Professional and consulting fees | (422 | ) | — | (422 | ) | — | |||||||||
| Fleet optimization | (123 | ) | (81 | ) | (708 | ) | (1,168 | ) | |||||||
| Change of control | — | — | (13,684 | ) | — | ||||||||||
| Broken financing deal | — | — | (6,661 | ) | — | ||||||||||
| Canada distribution center closure | — | — | (781 | ) | — | ||||||||||
| Reversal of legal settlement accrual | — | — | 2,279 | — | |||||||||||
| Contract termination costs | — | (546 | ) | (2,962 | ) | ||||||||||
| Aggregate impact of non-GAAP adjustments | (7,751 | ) | (10,286 | ) | (28,196 | ) | (14,058 | ) | |||||||
| Adjusted selling, general and administrative expenses | $ | 88,314 | $ | 101,679 | $ | 176,963 | $ | 210,837 | |||||||
| THE CHILDREN’S PLACE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (Unaudited) | |||||||||||
| August 3, 2024 | February 3, 2024* | July 29, 2023 | |||||||||
| Assets: | |||||||||||
| Cash and cash equivalents | $ | 9,573 | $ | 13,639 | $ | 18,846 | |||||
| Accounts receivable | 61,926 | 33,219 | 33,073 | ||||||||
| Inventories | 520,593 | 362,099 | 536,980 | ||||||||
| Prepaid expenses and other current assets | 35,251 | 43,169 | 65,108 | ||||||||
| Total current assets | 627,343 | 452,126 | 654,007 | ||||||||
| Property and equipment, net | 111,296 | 124,750 | 141,244 | ||||||||
| Right-of-use assets | 163,539 | 175,351 | 112,325 | ||||||||
| Tradenames, net | 13,000 | 41,123 | 70,491 | ||||||||
| Other assets, net | 6,236 | 6,958 | 45,018 | ||||||||
| Total assets | $ | 921,414 | $ | 800,308 | $ | 1,023,085 | |||||
| Liabilities and Stockholders' (Deficit) Equity: | |||||||||||
| Revolving loan | $ | 316,655 | $ | 226,715 | $ | 347,546 | |||||
| Accounts payable | 215,793 | 225,549 | 262,369 | ||||||||
| Current portion of operating lease liabilities | 67,610 | 69,235 | 65,266 | ||||||||
| Accrued expenses and other current liabilities | 98,458 | 94,905 | 124,970 | ||||||||
| Total current liabilities | 698,516 | 616,404 | 800,151 | ||||||||
| Long-term debt | — | 49,818 | 49,785 | ||||||||
| Related party long-term debt | 165,354 | — | — | ||||||||
| Long-term portion of operating lease liabilities | 110,596 | 118,073 | 63,714 | ||||||||
| Other long-term liabilities | 15,820 | 25,032 | 23,505 | ||||||||
| Total liabilities | 990,286 | 809,327 | 937,155 | ||||||||
| Stockholders' (deficit) equity | (68,872 | ) | (9,019 | ) | 85,930 | ||||||
| Total liabilities and stockholders' (deficit) equity | $ | 921,414 | $ | 800,308 | $ | 1,023,085 | |||||
* Derived from the audited consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended February 3, 2024.
| THE CHILDREN’S PLACE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) | |||||||
| Second Quarter Ended | |||||||
| August 3, 2024 | July 29, 2023 | ||||||
| Net loss | $ | (69,909 | ) | $ | (64,188 | ) | |
| Non-cash adjustments | 100,757 | 63,570 | |||||
| Working capital | (225,535 | ) | (32,087 | ) | |||
| Net cash used in operating activities | (194,687 | ) | (32,705 | ) | |||
| Net cash used in investing activities | (12,478 | ) | (18,261 | ) | |||
| Net cash provided by financing activities | 203,652 | 52,969 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (553 | ) | 154 | ||||
| Net (decrease) increase in cash and cash equivalents | (4,066 | ) | 2,157 | ||||
| Cash and cash equivalents, beginning of period | 13,639 | 16,689 | |||||
| Cash and cash equivalents, end of period | $ | 9,573 | $ | 18,846 | |||
FAQ
What was The Children's Place (PLCE) gross profit margin in Q2 2024?
How did The Children's Place (PLCE) Adjusted Operating Income change in Q2 2024?
What was The Children's Place (PLCE) net sales for Q2 2024?
Did The Children's Place (PLCE) report a profit or loss in Q2 2024?
