Specialty apparel retailer the Children’s Place Retail Stores, Inc. said that its Chief Operating Officer Eric Bauer has left the company effective June 19, 2012. President and Chief Executive Officer Jane Elfers will resume oversight of the company’s supply chain, store operations, finance, information technology and real estate functions.
Bauer, aged 49, has been COO of Children’s Place since May 2011. Bauer has more than 25 years of broad-based retail experience. Most recently, he spent eight years with Gap, Inc. (GPS), culminating in his appointment as executive vice president, brand operations – chief operating officer, for GAP North America.
Prior to joining Gap, Bauer served as chief financial officer and executive vice president of administration at Tickets.com, Inc., a publicly-held ticketing services and software technology provider for live-event venues, from September 2000 to September 2003.
Bauer began his career as a credit analyst with Banque Arabe et Internationale D’Investissement and subsequently held positions of increasing responsibility with KPMG Peat Marwick, International Marketing Associates, Pepsico Corporation’s Taco Bell Division and Choice Hotels International.
Commenting on Bauer’s departure, Elfers said, “We thank Eric for his contributions and wish him well in his future endeavors.”
In mid-May, New Jersey-based Children’s Place reported a 19 percent decline in profit for the first quarter, as higher expenses and restructuring charges offset an increase in sales.
Net income for the first quarter was $23.59 million or $0.96 per share, down from $29.08 million or $1.10 per share in the prior-year quarter. Net sales rose 2 percent to $438.51 million from $430.81 million in the same period last year.
Children’s Place undertook several actions during the first quarter to reduce operating costs going forward. This includes consolidation of U.S. distribution centers, streamlining of its field workforce and restructuring corporate headquarters, which is expected to result in annual savings of about $9 million.
In Wednesday’s regular session, PLCE is trading at $45.21, down $0.53 or 1.16 percent on a volume of 13,844 shares.