The Children's Place Reports December Sales
Sales for the nine-week holiday selling season reached $163.7 million, an increase of 12% from sales of $146.8 million for the same period last year. Comparable store sales for the period decreased 6%. Excluding sales of the folding scooter, comparable store sales for the nine weeks decreased 3% from the prior year period.
Total sales for the forty-eight weeks ended January 5, 2002 increased 13% to $621.9 million from $550.6 million reported in the year-ago period. Year-to-date, comparable store sales decreased 8% versus a 4% increase in the prior year restated period. Excluding sales of the folding scooter, the comparable store sales for the forty-eight-week period decreased 5% from the prior year period.
"Despite a very promotional environment, sales for the month of December greatly outperformed our expectations," commented Ezra Dabah, Chairman and Chief Executive Officer. "Additionally, we believe December sales results are a confirmation of our merchandising initiatives and reflect the strength of our brand. We are pleased with our December sales performance and while we are maintaining our fourth quarter earnings guidance of $0.60 per share, this target now appears to be rather conservative," concluded Mr. Dabah.
In conjunction with The Children's Place December sales release, you are invited to listen to the Company's pre-recorded December sales call with Seth Udasin, Chief Financial Officer, which will be available beginning at 8:00 a.m. Eastern Time today through January 17, 2002. To access the call, please visit the following web address: http://www.childrensplace.com or dial (402) 220-0676.
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 5, 2002, the Company operated 520 stores in 46 states. The Company also sells its merchandise through its virtual store located at 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.
CONTACT: The Children's Place Retail Stores, Inc.
Seth Udasin, 201/558-2409
or
Morgen-Walke Associates, Inc.
Suzanne Rosenberg/Martha Rodriguez
Media: Claudine Cornelis/Laura Novak
212/850-5600