Children's Place sales, profits up in Q3

Secaucus, N.J. -- The Children's Place Retail Stores reported Thursday that net income increased to $33.7 million for the quarter ended Oct. 29, up from $31.2 million a year earlier.

Sales rose 7% to $484.1 million from $453.4 million. Same-store sales edged up 0.9%.

President and CEO Jane Elfers said the improved profit and sales picture was attributable to a combination of enhanced merchandise offerings, a honed focus on inventory management and “momentum from our other strategic growth initiatives which enabled us to drive sales and expand margin despite significantly higher product costs and a difficult macroeconomic environment," said Elfers.

During the third quarter, The Children's Place opened 18 stores and closed two. Fiscal year-to-date 2011, the company has opened 88 stores and closed seven.

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