RTTNews | Aug 25, 2020 07:39AM EDT

07:39 Tuesday, August 25, 2020 (RTTNews.com) - The Children's Place, Inc. (PLCE) reported a second quarter adjusted loss per share of $1.48, compared to adjusted net income per share of $0.19, last year. On average, nine analysts polled by Thomson Reuters expected the company to report a loss per share of $1.14, for the quarter. Analysts' estimates typically exclude special items.

Second quarter net sales decreased 12.3% to $368.9 million, primarily as a result of the impact of temporary store closures, along with a decrease in back to school sales beginning in mid-July, partially offset by increased digital sales. Analysts expected revenue 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." Jane Elfers, CEO, said.

As of August 1, 2020, the company had 771 of its 824 stores open to the public in the U.S., Canada and Puerto Rico, with the majority of the closed stores located in California. As of August 1, 2020, the company had approximately $36.1 million of cash and cash equivalents with no long-term debt, and $250.8 million outstanding on its revolving credit facility.

Shares of Children's Place, Inc. were down 9% in pre-market trade on Tuesday.

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