UPDATE 1-Children's Place cuts profit view on post-Sandy promotions
* Cuts 2012 earnings/share view to between $3.10 and $3.15
* Third-quarter adjusted earnings/share $1.60 vs est $1.60
* Third-quarter revenue up 3 pct to $500.9 mln
* Shares down 15.5 pct (Adds conference call details, share movement)
Nov 15 (Reuters) - Children's Place Retail Stores Inc cut its full-year profit forecast citing increased promotional activity in the fourth quarter after superstorm Sandy battered the U.S. northeast.
The company's shares, which have gained 20 percent of their value over the past year, were down 15.5 percent at $48.15 on the Nasdaq on Thursday.
"The promotional environment has intensified as retailers are promoting deeper to clear inventory, post-Sandy," Children's Place vice president of finance John Taylor said on a conference call with analysts.
The kids' clothing retailer saw its inventory rise in the aftermath of the storm, particularly in its outlet business, and expects to aggressively promote its products to clear through the inventory in the fourth quarter, Taylor added.
As a result, Children's Place now expects fourth-quarter adjusted profit of between $1.01 and $1.06 per share, on low-single digit growth in comparable retail sales. Continued...