SECAUCUS, N.J.--(BUSINESS WIRE)--Jan. 9, 2003--The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced sales of $98.1 million for the five-week period ended January 4, 2003, a 1% decrease compared to sales of $98.8 million reported for December 2001.

Comparable store sales for the five-week period decreased 19% as compared to a 2% increase in the prior year period.

Sales for the nine-week holiday selling season were $162.3 million, a 1% decrease from sales of $163.7 million for the same period last year. Comparable store sales decreased 19% for the nine-week period versus a 6% decrease in the same period last year.

Sales for the forty-eight weeks ended January 4, 2003, increased 2% to $637.1 million from $621.9 million reported in the year-ago period. Year-to-date, comparable store sales decreased 16% as compared to an 8% decrease in the prior year period.

The Company noted that while the Holiday selling season was challenging, results for the fourth quarter-to-date are in line with its previously stated expectations.

In conjunction with The Children's Place December sales release, you are invited to listen to the Company's pre-recorded monthly sales call, which will be available beginning at 7:30 a.m. Eastern Time today through Thursday, January 16, 2003. To access the call, please dial (402) 220-1182, or visit the Company's website, 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 4, 2003, the Company operated 644 stores, including 616 stores in the United States and 28 stores in Canada. The Company also sells its merchandise through its virtual store located at www.childrensplace.com.

This press release and above referenced call may contain 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. Actual results, events, and performance may differ. Readers or listeners (on the call) are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by The Children's Place or any other person that the events or circumstances described in such statement are material.