Children's Place Oct. key sales figure down

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.