Children's Place Stock Surges Into Record Territory About Profit And Sales Beat

Shares of Children's Place Inc. soared 11% toward record territory in premarket trade Thursday, after the children's apparel retailer reported better-than-expected fiscal first-quarter results. The stock traded at $124 ahead of the open, above the May 10 record close of $122.55, but still below Monday's all-time intraday high of $125.30. The company said earlier that net earnings per share rose 48% from a year to $1.97, while the adjusted EPS of $1.95 was well above the FactSet consensus of $1.64. Revenue rose 4.1% to $436.7 million, above the FactSet consensus of $422.5 million, and same-store sales growth of 6.1% beat expectations of a 2.2% increase. The company said it now expects fiscal 2017 EPS of $7.10 to $7.20, which includes a 89-cent benefit from new accounting rules, compared with a previous outlook of $6.50 to $6.65, which includes a 45-cent accounting benefit. The stock has run up 10.6% year to date through Wednesday, while the SPDR S&P Retail has lost 7.2% and the S&P 500 has gained 5.3%.