SECAUCUS, N.J. (AP) — Shares of The Children's Place rose nearly 5 percent Thursday after the retailer reported a narrower loss in its second quarter and increased the lower end of its earnings outlook for the year.
The company also said it signed a deal to bring its stores to India. The franchise agreement will bring 50 stores to India starting next year, part of the company's plan to increase growth by opening more stores around the world. It signed a similar deal in May, which will help it open 40 franchised children's clothing stores in Latin America and the Caribbean over the next few years.
The announcements sent the company's shares up nearly 5 percent Thursday.
For the quarter ending Aug. 2, the company reported a loss of $10.7 million, or 49 cents per share. That compares with a loss of $23.6 million, or $1.05 per share, in the same quarter a year ago.
Losses, adjusted for one-time gains and costs, were 37 cents per share, surpassing Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for a loss of 45 cents per share.
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