Children’s Place, Inc. (NASDAQ:PLCE) shares are soaring Wednesday after the company posted a second-quarter earnings beat before the opening bell.
The Details:
Children’s Place reported quarterly earnings of 30 cents per share which beat the analyst consensus estimate of losses of $1.10 per share.
The company reported quarterly sales of $319.655 million, below the consensus estimate of $327.38 million. Children's Place said the decrease in net sales was primarily driven by an anticipated decrease in ecommerce revenue, as the company proactively rationalized its unprofitable promotional strategies, inflated marketing spend and “free shipping” offers to significantly improve profitability.
The company said the cost-cutting ...
