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a_Mickey_Muppet
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hey gang,
yeeeeeeeep! you read that right! and i KNEW this would happen someday!
Children's Place to exit Disney chain, posts loss
NEW YORK (Reuters) - Retailer Children's Place (PLCE.O) on Thursday said it is in advanced talks with The Walt Disney Company for Disney to regain ownership of two-thirds of Disney Stores in North America.
Disney confirmed it was talking about potentially buying back a portion of the Disney Store chain, whichChildren's Place has operated under a license.
"Given the challenging macro-economic environment, we believe the steps we are taking today, while difficult, will put The Children's Place in position to realize its full potential," Chuck Crovitz, interim chief executive officer of The Children's Place Retail Stores Inc, said in the earnings release.
Children's Place also on Thursday posted a net loss for the fourth quarter, compared with a year-ago net gain, hurt mostly by one-time charges regarding their exit of the Disney Store North America chain.
The company reported a quarterly net loss of $58.5 million, or $2.01 per share, compared with a net profit of $44.7 million, or $1.48 per share, a year earlier.
While Children's Place posted a net gain when one-time items are excluded, they still fell short of analysts' average estimates as a tough economic environment crimped consumer spending. Excluding items such as asset impairment charges, the company earned $20.5 million, or 70 cents a share. Analysts polled by Reuters Estimates had expected 89 cents a share.
The company said it recognized a pretax asset impairment charge of $80.3 million in the fourth quarter of fiscal 2007, related to exiting the Disney store. The company said it plans to cut 80 positions from its shared services work force.
Children's Place said consolidated comparable sales for all its stores in the fourth quarter rose 3 percent, while the Disney Stores comparable sales fell 4 percent.
Apart from the charges, Children's Place said a tough economic environment and high inventory hurt earnings.
Crovitz said he anticipates sales will increase in the mid-single digits in 2008, driven in part by 30 new store openings in the latter part of the year.
"By any measure, fiscal 2007 was a very tough year for our company. For the majority of the year, our merchandise assortments ... did not resonate with the consumer and our inventory levels were too high, particularly given the challenging economic environment," Crovitz said.
Children's Place shares were up 9.7 percent at $21.50 in trading before the opening bell.
Oh! and my friend Malenda that works at the Disney Store told me that Hoop retails back words spells POOH retails! good! then MAYBE we'll see MORE Muppet stuff in the D-store then? 
yeeeeeeeep! you read that right! and i KNEW this would happen someday!
Children's Place to exit Disney chain, posts loss
NEW YORK (Reuters) - Retailer Children's Place (PLCE.O) on Thursday said it is in advanced talks with The Walt Disney Company for Disney to regain ownership of two-thirds of Disney Stores in North America.
Disney confirmed it was talking about potentially buying back a portion of the Disney Store chain, whichChildren's Place has operated under a license.
"Given the challenging macro-economic environment, we believe the steps we are taking today, while difficult, will put The Children's Place in position to realize its full potential," Chuck Crovitz, interim chief executive officer of The Children's Place Retail Stores Inc, said in the earnings release.
Children's Place also on Thursday posted a net loss for the fourth quarter, compared with a year-ago net gain, hurt mostly by one-time charges regarding their exit of the Disney Store North America chain.
The company reported a quarterly net loss of $58.5 million, or $2.01 per share, compared with a net profit of $44.7 million, or $1.48 per share, a year earlier.
While Children's Place posted a net gain when one-time items are excluded, they still fell short of analysts' average estimates as a tough economic environment crimped consumer spending. Excluding items such as asset impairment charges, the company earned $20.5 million, or 70 cents a share. Analysts polled by Reuters Estimates had expected 89 cents a share.
The company said it recognized a pretax asset impairment charge of $80.3 million in the fourth quarter of fiscal 2007, related to exiting the Disney store. The company said it plans to cut 80 positions from its shared services work force.
Children's Place said consolidated comparable sales for all its stores in the fourth quarter rose 3 percent, while the Disney Stores comparable sales fell 4 percent.
Apart from the charges, Children's Place said a tough economic environment and high inventory hurt earnings.
Crovitz said he anticipates sales will increase in the mid-single digits in 2008, driven in part by 30 new store openings in the latter part of the year.
"By any measure, fiscal 2007 was a very tough year for our company. For the majority of the year, our merchandise assortments ... did not resonate with the consumer and our inventory levels were too high, particularly given the challenging economic environment," Crovitz said.
Children's Place shares were up 9.7 percent at $21.50 in trading before the opening bell.
Oh! and my friend Malenda that works at the Disney Store told me that Hoop retails back words spells POOH retails!
good! then MAYBE we'll see MORE Muppet stuff in the D-store then? 