RTTNews | Aug 25, 2020 10:35AM EDT

10:35 Tuesday, August 25, 2020 (RTTNews.com) - Shares of Children's Place Inc. (PLCE) tanked over 20% on Tuesday morning after the company reported a second-quarter loss that was wider than Wall Street analysts' estimates.

PLCE is currently trading at $18.48, down $4.83 or 20.72%, on the Nasdaq.

Children's Place reported second-quarter loss of $46.6 million or $3.19 per share, compared to a profit of $1.5 million or $0.10 per share last year.

The Secaucus, New Jersey-based company reported second-quarter adjusted loss of $1.48 per share, compared to a adjusted earnings per share of $0.19 per share last year. On average, nine analysts polled by Thomson Reuters expected a loss of $1.14 per share for the quarter.

Second-quarter sales decreased 12.3% to $368.9 million, hurt largely by temporary store closures due to COVID-19 pandemic as well as a decrease in back to school sales. Analysts had a consensus revenue estimate of $365.21 million for the quarter.

"Due to the large majority of schools adopting remote or hybrid learning models for the start of the school year, our back to school sales have been significantly impacted and we anticipate a meaningful negative impact on our Q3 results." CEO Jane Elfers said.

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