(RTTNews) - Specialty apparel retailer The Children's Place, Inc. (PLCE) reported Thursday that net income for the third quarter nearly halved to $42.86 million or $3.26 per share from $78.87 million or $5.30 per share in the prior-year quarter.
Excluding items, adjusted net income was $3.33 per share, compared to $5.43 per share last year.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $3.73 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the quarter declined 8.8 percent to $509.12 million from $558.23 million in the same quarter last year. Analysts expected revenue of $499.44 million for the quarter. Comparable retail sales decreased 10 percent for the quarter.
Looking ahead to the fourth quarter, the company expects adjusted earnings in a range of $0.50 to $0.75 per share on net sales between $460 million and $470 million, with a low-teens percent decrease in comparable retail sales.
For fiscal 2022, the company now projects adjusted earnings in a range of $4.05 to $4.30 per share on net sales between $1.713 billion and $1.723 billion, with a low-double digit decrease in comparable retail sales.
Previously, the company expected adjusted earnings of around $7.00 per share on net sales of approximately $1.725 billion, with a low double digit decrease in comparable retail sales.
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