Nov 15 Children's Place Retail Stores Inc
cut its full-year adjusted profit forecast citing
increased promotional activity after superstorm Sandy battered
the U.S. northeast, from where the company draws almost a third
of its revenue.
The kids' clothing retailer said it now expects full-year
adjusted profit of between $3.10 and $3.15 per share, down from
its previous forecast of between $3.20 and $3.30 per share.
Chief Executive Jane Elfers said 280 of the company's stores
in the northeast and its e-commerce business were affected by
Sandy. Children's Place operated 1,102 stores, as of October.
The company, which competes with chains such as Target Corp
and Gap Inc's Old Navy, also expects
fourth-quarter adjusted profit of between $1.01 and $1.06 per
share, on low-single digit comparable retail sales.
Analysts on average were expecting adjusted profit of $1.24,
according to Thomson Reuters I/B/E/S.
Third-quarter net income rose to $35.0 million, or $1.44 per
share, from $33.7 million, or $1.33 per share, a year earlier.
On an adjusted basis, profit was in line with analysts'
estimates at $1.60 per share.
Revenue at the company, which mainly targets value-conscious
mothers, rose 3 percent to $500.9 million, also in line with