The Children's Place Reports January and Fiscal 2001 Sales Results; Company Projects Fourth Quarter EPS Growth of at Least 20% Over Last Year
Total sales for January 2002 increased 16% over the restated four-week period ended February 3, 2001. Comparable store sales for the four-week period decreased 7% as compared to a 2% decrease for the restated four-week period ended February 3, 2001. Excluding sales of the Yaak folding scooter, comparable store sales for January decreased 5% from the prior year period.
Sales for the thirteen weeks ended February 2, 2002 increased to $198.7 million from $183.6 million reported for the fourteen-week period last year. Total sales for the fourth quarter increased 15% over the restated thirteen-week period ended February 3, 2001. Comparable store sales for the period decreased 6% versus flat comparable store sales for the year-ago restated thirteen weeks. Excluding sales of the folding scooter, comparable store sales for the thirteen weeks decreased 3% from the prior year period.
Based on fourth quarter sales, combined with a projected increase in gross margin from the year-ago period, the Company now anticipates fourth quarter earnings to grow to at least $0.67 per share, a 20% increase over last year.
Total sales for the fifty-two weeks ended February 2, 2002 increased to $657.0 million from $587.4 million reported in the fifty-three week year-ago period. Total sales in fiscal 2001 increased 13% over the restated fifty-two week period ended February 3, 2001. Comparable store sales for fiscal 2001 decreased 8% versus a 4% increase in the prior year restated period. Excluding sales of the folding scooter, comparable store sales for the fifty-two-week period decreased 5% from the prior year.
In conjunction with The Children's Place January sales release, you are invited to listen to the Company's pre-recorded January sales call with Seth Udasin, Chief Financial Officer, which will be available beginning at 8:00 a.m. Eastern Time today through February 14, 2002. To access the call, please visit the following web address: http://www.childrensplace.com or dial (402) 530-9025.
The Company plans to report full results for the fourth quarter and fiscal 2001 on February 28, 2002.
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 February 2, 2002, the Company operated 520 stores in 46 states. 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.
CONTACT: The Children's Place Retail Stores, Inc.
Seth Udasin, 201/558-2409
or
Morgen-Walke Associates, Inc.
Suzanne Rosenberg or Martha Rodriguez
Media: Laura Novak of Stephanie Sampiere
212/850-5600
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