NEW YORK (Reuters) - Children's Place Retail Stores Inc. on Monday said weak sales at its Children's Place and Disney Store chains caused a 4 percent decline in June same-store sales, forcing the retailer to forecast a wider net loss for the current quarter than analysts had expected.
The apparel retailer said it expects a net loss of 94 to 98 cents per share, including $2 million in costs, for the second quarter ending August 4. Analysts on average had been expecting a loss of 59 cents per share, excluding items, according to Reuters Estimates.
Children's Place said lower-than-expected sales trends at its Children's Place and Disney Store chains have forced it to take more markdowns than planned, hurting gross margins.
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