The Children’s Place swings to Q2 loss, sales down 12.3 percent

The Children’s Place, Inc., for its second quarter reported net sales decrease of 12.3 percent to 368.9 million dollars, primarily as a result of the impact of temporary store closures, along with a decrease in back to school sales beginning in mid-July, partially offset by increased digital sales. The company said in a statement that net loss for the quarter was 46.6 million dollars or 3.19 dollars per diluted share compared to net income of 1.5 million dollars or 10 cents per diluted share, in the three months ended August 3, 2019, while adjusted net loss was 21.7 million dollars or 1.48 dollars per diluted share, compared to adjusted net income of 3 million dollars or 19 cents per diluted share, in the comparable period last year.