Children's Place Defers FY20 Guidance Due To COVID-19 Pandemic - Quick Facts

(RTTNews) - While reporting financial results for the fourth quarter on Wednesday, children's specialty apparel retailer The Children's Place, Inc. (PLCE) deferred the issuance of financial guidance for the full-year 2020, due to the ongoing heightened uncertainty regarding the evolving coronavirus (COVID-19) pandemic.

The company has also cancelled its conference call and webcast review, scheduled for Thursday, March 19, 2020.

In response to the ongoing uncertainty, the company has implemented strategic cost reduction strategies, including reducing capital expenditures, across all functional areas.

Additionally, the company's capital return program, inclusive of share repurchases and dividends, has been temporarily suspended.

"We have taken preventative measures across all of our stores in the U.S. and Canada through a combination of store closures and reduced hours based on direction from local government officials and health authorities to ensure the safety and well-being of our associates and our customers," said Jane Elfers, President and CEO.

However, the company added that it currently does not foresee any issues with product deliveries or product delays as a result of the disruption in China.