Secaucus, New Jersey - February 24, 2000 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today reported record sales and earnings for the fourth quarter and fiscal year ended January 29, 2000.

Fourth Quarter

• Net sales increased 39% to $135.5 million, compared with $97.3 million in 1998.
• Comparable store sales increased 5% on top of an 18% increase in 1998.
• Net income increased 36% to $13.5 million from $9.9 million last year.
• Diluted earnings per share increased 34% to $0.51 from $0.38 in 1998.
• Opened 11 new stores during the fourth quarter.

Fiscal Year

• Net sales increased 48% to $421.5 million, compared with $283.9 million in 1998.
• Comparable store sales grew 15% on top of a 14% increase in 1998.
• Net income increased 70% to $35.0 million from $20.7 million last year.
• Diluted earnings per share increased 65% to $1.32 from $0.80 in 1998.
• Opened 84 new stores in 1999 for a total of 293 at end of fiscal year.

"Fiscal 1999 was an exciting year for The Children's Place. The Company made significant progress towards realizing many of its long-term goals while achieving a 70% increase in earnings over fiscal 1998," commented Ezra Dabah, Chairman and Chief Executive Officer. "Our ability to generate continued comparable store sale increases in addition to strong new store performance reflects the success of our business strategy of providing a broad assortment of high quality, value-priced merchandise to our customers."

Mr.Dabah noted that during 1999, the Company's 84 new store openings reached an average annualized sales level in excess of of $1.3 million per store. In addition, the 54 stores opened in 1998 yielded a record 93% return on investment in 1999. Both of these results surpass the Company's store model.

"The Company's inventory is well positioned heading into the spring season with Fall/Holiday 1999 merchandise representing less than 10% of the total," continued Mr. Dabah. "We are proud of our 1999 results which reinforce our plan to open 100 new stores in 2000. We are committing our resources to building and improving our business to achieve our objectives and we are enthusiastic about our opportunities."

The Company also announced today that Mr. Stanley Silver, President and Chief Operating Officer, has resigned to pursue other interests. A search to hire a replacement for the position is underway. In the interim, Mr. Dabah will assume the responsibilities of Chief Operating Officer.

Separately, The Children's Place announced that it has received a commitment from its lender for a new three-year revolving credit facility of $75 million, which can be increased to $100 million. This facility will replace the Company's current $50 million credit facility.

The Children's Place will host a webcast of its fourth quarter earnings conference call today at 9:45 a.m., Eastern Standard Time. Investors and the media are invited to listen to the call at the Company's Web site at www.childrensplace.com

The Children's Place Retail Stores, Inc. is a leading specialty retailer of high quality, value-priced apparel and accessories for children, newborn to age twelve. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of January 29, 2000, the Company operated 293 stores located primarily in regional shopping malls in the eastern half of the United States and sells merchandise through its World Wide Web site located at www.childrensplace.com

This press release contains certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. The Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof.

THE CHILDREN'S PLACE RETAIL STORES, INC.
CONDENSED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)

13 Weeks Ended:

52 Weeks Ended:

	Jan. 29, 2000			Jan. 30,1999			Jan. 29, 2000			Jan. 30, 1999
Net Sales	$	135,513		$	97,344		$	421,496		$	283,853
Cost of sales	75,832			53,470			241,188			166,449
Gross profit	59,681				43,874			180,308		117,404
Selling, general, and administrative expenses	33,360				23,396			105,137		70,313
Pre-opening costs	361				530			3,485		3,030
Depreciation and amortization	4,352			3,130			13,849			8,607
Operating income	21,608				16,818			57,837		35,454
Interest expense, net	211				(57)			346		324
Other expense, net	5			18			54			110
Income before income taxes	21,392				16,857			57,437		35,020
Provision for income taxes	7,862			6,911			22,388			14,358
Net income	$	13,530		$	9,946		$	35,049		$	20,662
Diluted earnings per share		0.51			0.38			1.32			0.80
Diluted weighted average number of shares outstanding		26,552			26,409			26,648			25,909

THE CHILDREN'S PLACE RETAIL STORES, INC.
CONDENSED BALANCE SHEET
(In thousands)
(Unaudited)

	Jan. 29, 2000			Jan. 30, 1999
Current assets:
Cash and cash equivalents	$	2,204		$	16,370
Accounts receivable	5,112			2,742
Inventories	56,021			35,339
Other current assets	10,247			8,069
Total current assets	73,584			62,520
Property and equipment, net	87,674			42,304
Other assets, net	9,701			5,937
Total assets	$	170,959		$	110,761
Current liabilities:
Revolving credit facility	$	6,507		$	0
Accounts payable		20,216			13,345
Accrued expenses and other current liabilities	19,521			13,644
Total current liabilities	46,244			26,989
Other liabilities	4,649			3,165
Total liabilities	50,893			30,154
Stockholders' equity	120,066			80,607
Total liabilities and stockholders' equity	$	170,959		$	110,761