It was just last month when I warned that investors at Children's Place (NASDAQ:PLCE) could expect the wild ride to continue for the foreseeable future. Little did I know how frightening that ride could be. I actually thought the company was due for a rebound, but based on the latest news, it may still have some work ahead.

Children's Place announced March sales results yesterday that seem to indicate parents continue to flock to its stores for their little ones. Comps were up 7% for the month after gaining 11% last year. Its Disney (NYSE:DIS) locations led the way with an 11% increase, while its Children's Place stores grew comps by 5%. Of course, this likely had to do with the fact that last year's results were the opposite -- with Children's Place up 13% and Disney up 5%. Total sales grew 18% from a year ago.

Despite the seemingly decent growth, the company expects little change from last year's first-quarter earnings of $0.52 per share. If that's the case, Children's Place would fall well short of analysts' guesses, which expect the company to improve earnings to $0.63 per share. Despite the expectations of a flat quarter, the company stood by its full-year projections that it will earn between $3.63 and $3.73 per share. It will have to come in at the very top of its guidance if it hopes to avoid further disappointing the Street. Analysts are expecting earnings of $3.72 per share for the year. And, let's not forget, its results could still be impacted by expenses resulting from its ongoing stock option investigation.

While this projected first-quarter miss is certainly not what current shareholders wanted to hear, it may be exactly what those looking to acquire the stock were waiting to hear. The stock has been heading down since the news came out and is beginning to look like a bargain. Its trailing P/E of 17.2 compares favorably to competitor Gymboree (NASDAQ:GYMB), which sports a trailing P/E of 22.1. With all the bad news out on the table and the stock price discounted, I think Children's Place could very well be the place to be.

For more on what's happening in the world of kiddie retail, check out:

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Fool contributor Mike Cianciolo welcomes feedback and doesn't own any of the companies in this article. The Fool has a disclosure policy.