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): July 9, 2007
THE
CHILDREN’S PLACE RETAIL STORES, INC.
(Exact
name of registrant as specified in charter)
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Delaware
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0-23071
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31-1241495
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(State
or Other Jurisdiction
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(Commission
File
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(IRS
Employer
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of
Incorporation)
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Number)
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Identification
No.)
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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)
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| o |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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| o |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
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Item
8.01 Other Events
On
July
9, 2007, The Children’s Place retail Stores, Inc., (the “Company”) issued a
press release containing its sales results for the five-week period ended July
7, 2007, provided guidance for its second quarter ending on August 4, 2007,
and
provided an update on when it anticipates becoming current with its quarterly
and annual filings with the Securities and Exchange.
A
copy of
the Company’s 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:
99.1 Press
Release dated July 9, 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.
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THE
CHILDREN’S PLACE RETAIL STORES, INC.
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By:
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/s/
Susan Riley
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Name:
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Susan Riley
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Title:
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Executive
Vice President, Finance and
Administration
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Dated: July 9, 2007
FOR
IMMEDIATE RELEASE
THE
CHILDREN’S PLACE RETAIL STORES, INC. COMMENTS ON JUNE SALES, SECOND QUARTER
OUTLOOK
-
Company Expects to File SEC Reports No Later Than the End of August -
Secaucus,
New Jersey - July 9, 2007 - The Children’s Place Retail Stores, Inc. (NASDAQ:
PLCE)
today
announced total consolidated sales of approximately $154.7 million for the
five-week period ended July 7 2007, an approximate 2% increase compared to
sales
of $151.7 million for the five-week period ended July 1, 2006. Consolidated
comparable store sales decreased approximately 4% for the five weeks ended
July
7, 2007, compared to a 15% increase last year. Consolidated June comparable
store sales are comprised of an approximate 4% decrease at The Children’s Place
brand, and an approximate 3% decrease at Disney Store. Quarter-to-date,
consolidated comparable store sales are approximately flat compared to last
year’s 14% increase. Final June sales results will be reported on Wednesday,
July 11, 2007, before the market opens.
Based
on
quarter-to-date sales trends, the Company anticipates reporting a loss per
share
of approximately $(0.94) to $(0.98) for the second quarter ending August
4,
2007. This earnings per share range includes approximately $2.0 million,
pre-tax, in costs paid or accrued in association with the Company’s previously
disclosed stock option investigation and related expenses.
“In
the
month of June, sales came in below our expectations at both brands,” said Ezra
Dabah, Chief Executive Officer of The Children’s Place Retail Stores, Inc. “As a
result, we took significantly more markdowns which are negatively impacting
our
gross margin. We believe our assortments at both brands were not as focused
and
compelling as last year, which has been compounded by continuing mall traffic
declines.”
“As
we
look at our back-to-school and holiday assortments at both brands, we remain
cautiously optimistic about the second half. Our merchandise is focused and
we
remain true to our formula of fashion, quality and value.”
The
Company stated that inventory per square foot at the end of the second quarter
is anticipated to be in-line to below previous guidance at The Children’s Place
and in-line with guidance at Disney Store, as previously provided by the
Company
on its first quarter conference call.
The
Company expects to provide an update to full fiscal year earnings guidance
on
its second quarter conference call, scheduled for August 23, 2007, by which
time
it will have received initial customer response to its Back-to-School
assortments.
Separately,
the Company commented that progress is being made toward finalizing its
historical financial statements to reflect the correct measurement dates
for its
past stock option grants. At this time, the Company anticipates becoming
current
in its quarterly and annual filings with the Securities and Exchange Commission
by the end of August.
As
stated
above, the Company will provide further details regarding its June sales
results
on Wednesday, July 11, 2007, before the market opens and will provide a
pre-recorded
monthly sales call, which will be available beginning at 7:30 a.m. Eastern
Time
through Wednesday, July 18, 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.
-
more
-
PLCE:
Company Comments on June Sales, Second Quarter
Outlook
Page
2
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 June 2, 2007, the Company
owned and operated 876 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.
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Heather
Anthony, Senior Director, Investor Relations, (201) 558-2865
Susan
LaBar, Manager, Investor Relations, (201)
453-6955
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