Children's Place Oct. key sales figure down

Children's Place says key retail sales figure falls 2 percent in October

• On 7:13 am EST, Thursday November 5, 2009

SECAUCUS, N.J. (AP) -- Children's Place Retail Stores Inc. said Thursday that a key retail sales figure slipped 2 percent in October on lower sales in the U.S. and Canada.

Analysts polled by Thomson Reuters expected a bigger decline of 3.1 percent for sales at stores open at least a year.

The sales figure is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

The children's apparel retailer said sales at stores open at least a year fell 5 percent in the U.S. and dropped 3 percent in Canada. Online sales jumped 36 percent for the month.

Total sales for the four weeks ended Oct. 31 rose 3 percent to $149.8 million.

Sales at stores open at least a year dropped 2 percent in the third quarter, with sales in the U.S. off 4 percent and sales in Canada down 5 percent. Online sales surged 44 percent.

Total net sales rose 3 percent to $463.2 million in the third quarter.

Children's Place predicts third-quarter earnings from continuing operations of $1.35 to $1.39 per share.

Analysts predict a profit of 97 cents per share.

The company opened eight stores in October and 13 stores in the quarter. It has opened 34 stores and closed one for the fiscal year-to-date.

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