** Children's Place PLCE.O plunges 22.7% to $5.30 premarket

** Apparel retailer reported 9.6% y/y drop in Q1 net sales; posts adjusted net loss/share of $1.52 vs year-ago loss of $1.18

** Says results pressured by current macroeconomic environment, including softer consumer sentiment, particularly unseasonable weather patterns

** CEO says management moving with urgency to remediate

** Adds, "We are currently entering the back-to-school selling season with a more balanced inventory position"

** Notes co well-positioned to offset impact of tariffs, maintain affordable products as no single country accounts for more than 20% of total sourcing and due to limited exposure to China

** PLCE falls ~34% this year, as of last close

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))