Children's Place April same-store sales up on Disney exit
SECAUCUS, N.J. --Kids clothing retailer Children's Place Retail Stores Inc. said Thursday its April same-store sales grew 15 percent, helped by its decision to return more than 200 stores to Walt Disney Co.
Analysts surveyed by Thomson Financial expected a 5.5 percent same-store sales increase.
Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.
Earlier this month Disney said it took over 220 Disney Store outlets in North America from Children's Place and would close about 98 stores in the U.S. and two in Canada.
The move to reclaim most of the money-losing operation came after the Children's Place subsidiary that ran the chain filed for Chapter 11 bankruptcy protection in March.
Total sales for the four weeks ended May 3 rose 24 percent to $128.7 million from $104.2 million.
Children's Place expects to report first-quarter financial results on May 22. The company owned and operated 906 Children's Place stores as of May 3. 