Children’s Place stock rocked as Gymboree bankruptcy blamed for big earnings miss

Shares of Children’s Place Inc. took a beating Monday, after the apparel retailer reported fourth-quarter earnings and sales, and provided full-year guidance that missed expectations by a wide margin, citing the “unprecedented” negative effect of rival Gymboree’s bankruptcy.

The stock PLCE, -10.34% plummeted 10.3% in active to its lowest close since November 2016. The stock led the decliners in the SPDR S&P Retail exchange-traded fund XRT, -1.93%

The company reported before the open that it swung to net income of $12.02 million, or 74 cents a share, for the quarter to Feb. 2, from a loss of $9.9 million, or 57 cents a share, in the same period a year ago.

>>> Original Source <<<