24/7 Market News- The Children’s Place Reports Q2 2024 Results
DENVER, Colo., Sep 11, 2024 (247marketnews.com)- The Children’s Place (Nasdaq: PLCE) reported its second quarter 2024 financial results.
Although its net sales decreased $25.9 million, or 7.5%, to $319.7 million for the second quarter, compared to $345.6 million for the same quarter 2023, the Children’s Place gross profit increased $24.0 million, to $111.8 million, compared to $87.8 million in the second quarter of 2023.
Muhammad Umair, President and Interim CEO, noted, “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 $39 million improvement in Adjusted operating income despite the lower top line sales. While these first steps to improve operating results have been promising, we still believe that we have significant work ahead of us in future quarters as we rationalize profitability.”
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