May 21 (Reuters) - Children's Place Retail Stores Inc (PLCE.O) posted a 20 percent rise in first-quarter profit, helped by tighter cost controls, but its adjusted earnings were in line with market expectations.

Children's Place Summer 2009

For the latest quarter, the clothing retailer posted net profit of $23.5 million, or 79 cents a share, compared with $19.5 million, or 67 cents a share, last year.

Excluding restructuring and other charges, the company earned 74 cents a share.

Revenue at the company, which is in the midst of a proxy fight with its biggest shareholder and ex-chief executive, came in almost flat at $401.9 million.

Selling, general and administrative expenses fell about 6 percent to $111.9 million Analysts, on average, were expecting earnings of 74 cents a share, before special items, on revenue of $392.6 million, according to Reuters Estimates.

Children's Place, whose rivals include Gymboree (GYMB.O), operates about 900 stores, primarily in malls and outlet centers in U.S. and Canada.

Shares of the Secaucus, New Jersey-based company closed at $34.28 Wednesday 20 May on Nasdaq. (Reporting by Nivedita Bhattacharjee in Bangalore; Editing by Anil D'Silva) (([email protected] ; within U.S. +1 646223 8780; Outside U.S. +91 804135 5800; Reuters messaging: [email protected]))