UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date
of report (Date of earliest event reported): April 9,
2007
THE
CHILDREN’S PLACE RETAIL STORES, INC.
(Exact
name of registrant as specified in charter)
|
Delaware
|
0-23071
|
31-1241495
|
|
(State
or Other Jurisdiction
.of
Incorporation)
|
(Commission
File
Number)
|
(IRS
Employer
Identification
No.)
|
915
Secaucus Road, Secaucus, New Jersey, 07094
(Address
of Principal Executive Offices) (Zip Code)
(201)
558-2400
(Registrant’s
telephone number, including area code)
Not
applicable
(Former
Name or Former Address, if Changed Since Last Report)
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
| o |
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
|
| o |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
|
Item
1.01 Entry into a Material Definitive Agreement
On
April
9, 2007, we notified the landlord of our Ontario California distribution center,
Haven Gateway LLC, that we are exercising our right to extend our lease of
the
distribution center for an additional thirty three (33) months. Accordingly,
our
lease now expires on October 31, 2010.
A
copy of
the notification letter is attached here to as exhibit 10.1.
Item
8.01 Other Events
On
April
12, 2007, we issued a press release containing our sales results for the
five-week period ended April 7, 2007 and updated guidance for fiscal year 2007.
A
copy of
our press release is included as Exhibit 99.1 hereto.
Item
9.01 Financial Statements and Exhibits
(a) Financial
Statements of Business Acquired: Not applicable
(b) Pro
Forma
Financial Information: Not applicable
(c) Exhibits:
| 10.1 |
Notification
letter dated April 9, 2007, to Haven
Gateway LLC regarding the extension of the Ontario California Distribution
Center lease.
|
| 99.1 |
Press
Release dated April 12, 2007.
|
[SIGNATURE
BLOCK FOLLOWS]
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| THE CHILDREN’S PLACE RETAIL STORES, INC. | ||
| |
|
|
| By: | /s/ Susan Riley | |
|
Name:
Susan Riley
|
||
|
Title:
Executive
Vice President, Finance and
Administration
|
||
Dated:
April 12, 2007
FOR
IMMEDIATE RELEASE
THE
CHILDREN’S PLACE RETAIL STORES, INC. REPORTS CONSOLIDATED
MARCH
SALES UP 18%; CONSOLIDATED COMPARABLE STORE SALES UP 7%
~
Company Provides Preliminary First Quarter EPS Guidance; Reiterates Fiscal
2007
EPS Guidance ~
Secaucus,
New Jersey - April 12, 2007 - The Children’s Place Retail Stores, Inc. (Nasdaq:
PLCE)
today
announced sales of $204.7 million for the five-week period ended April 7, 2007,
an 18% increase compared to sales of $173.4 million for the five-week period
ended April 1, 2006. Consolidated comparable store sales increased 7% on top
of
last year’s 11% increase. During March 2007, the Company opened two Children’s
Place stores and closed two.
Total
Sales (millions):
|
March
2007
|
March
2006
|
%
Increase
|
Year-to-Date
2007
|
Year-to-Date
2006
|
%
Increase
|
|
|
The
Children’s Place brand
|
$
155.7
|
$
133.2
|
17%
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$
251.8
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$
217.9
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16%
|
|
Disney
Store
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$
49.0
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$
40.2
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22%
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$
86.7
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$
69.4
|
25%
|
|
Total
Company
|
$
204.7
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$
173.4
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18%
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$
338.5
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$
287.3
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18%
|
Comparable
Store Sales Increase:
|
March
2007
|
March
2006
|
Year-to-Date
2007
|
Year-to-Date
2006
|
|
|
The
Children’s Place brand
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5%
|
13%
|
4%
|
7%
|
|
Disney
Store
|
11%
|
5%
|
13%
|
10%
|
|
Total
Company
|
7%
|
11%
|
6%
|
8%
|
As
previously stated, due to the extra week in fiscal 2006, the Company’s fiscal
2007 comparable store sales have shifted by one week as compared to the
corresponding period of fiscal 2006. Any references made today and going forward
regarding last year’s comparable store sales results will be on the “adjusted”
basis. For a breakdown of the Company’s fiscal 2006 comparable store sales
results on an “as reported” and “as adjusted” basis, please refer to the
Company’s March 8, 2007 press release.
At
this
time, the Company anticipates first quarter 2007 earnings per share to be
approximately even with last year’s first quarter. The Company continues to
expect fiscal 2007 earnings per share of approximately $3.63 to $3.73, before
any residual expenses the Company may incur as a result of the conclusion of
the
stock option investigation.
-
more
-
PLCE:
March 2007 Sales Release
Page
2
In
conjunction with today’s March 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, April 19, 2007. To access the
call, please dial (402) 220-1182 or you may listen through the Investor
Relations section of the Company’s website, www.childrensplace.com.
The
Children’s Place Retail Stores, Inc. is a leading specialty retailer of
children’s merchandise. The Company designs, contracts to manufacture and sells
high-quality, value-priced merchandise under the proprietary “The Children’s
Place” and licensed “Disney Store” brand names. As of April 7, 2007, the Company
owned and operated 865 The Children’s Place stores and 328 Disney Stores in
North America and The Children’s Place online store 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, as well as the risks and
uncertainties relating to the Company's stock option grants and procedures
and
the recently completed investigation by the special committee of the Company’s
Board of Directors, the previously announced pending restatement of the
Company’s historical financial statements, the delays in filing the Company’s
periodic reports with the Securities and Exchange Commission, the outcome of
the
informal investigation of the Company being conducted by the Securities and
Exchange Commission, potential other governmental proceedings, the
shareholder litigation commenced against the Company and certain of its officers
and directors,
and
the potential impact of each
of these matters on the Company, as well as matters relating to the Company’s
discussions with The Walt Disney Company. 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. The Company undertakes 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 Company or any other person
that
the events or circumstances described in such statement are
material.
| CONTACT: |
The
Children’s Place Retail Stores, Inc.
Heather Anthony, Senior Director,
Investor
Relations, (201) 558-2865
Susan LaBar, Manager, Investor Relations,
(201) 453-6955
|
###