Children's Place Consolidates Management Roles

(RTTNews) - The Children's Place Inc. (PLCE) said that it has consolidated key management roles. Jane Elfers, President and chief Executive officer said she will permanently re-assume direct responsibility for product and Mike Scarpa will permanently reassume the chief financial officer title, in addition to his current chief operating officer title.

Jane Elfers, President and CEO said, "……today we are announcing a more streamlined senior leadership structure. I will permanently reassume direct responsibility for product and Mike Scarpa will permanently reassume the CFO title, in addition to his current COO title. Pamela Wallack and Anurup Pruthi have left the business to pursue other opportunities…..."

Ms. Elfers continued, "We delivered positive comp sales every month in Q3 resulting in a positive high single digit comp for the quarter. In light of our strong performance, we are reaffirming our Q3 EPS guidance. Importantly, our inventory is in great shape as we enter Q4."

The company said in August that it expects net income per share in the third quarter of 2018 to be in the range of $2.97 to $3.07 based upon a mid-single digit comparable retail sales increase.