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15.92
1.42%
-0.23
After Hours:
15.75
-0.17
-1.07%
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Why is Childrens Place Inc (PLCE) Stock down?
We've noticed a 5.33% decline in Childrens Place Inc (PLCE) stock during the 2024-11-26 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!
16 Nov, 2023:
Children's Place Stock (PLCE) dropped by 24.89% from $28.56 to $21.45 in the trading on Thursday November 16, 2023. The reasons why PLCE stock down today include:
- A mixed set of third-quarter results: The company reported third quarter results that missed analysts' expectations for same-store sales and earnings per share. EPS of $3.22 lagged expectations by $0.27, while its revenue of $480.2 million came in ahead of estimates by $14.5 million.
- High distribution costs: Management attributed the lower bottom-line results to unexpectedly high distribution costs, driven by a combination of unplanned factors. These included elevated fulfilment costs, substantially increased labor expenses, and a delay in realizing certain planned savings in freight and fulfilment. Looking forward, the company anticipates these elevated distribution costs to persist into the fourth quarter.
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