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): August 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
2.02 Results of Operations and Financial Condition
On
August 9, 2007 we issued a press release announcing
certain financial information for
the
fiscal month and quarter ended August
4, 2007 and reiterated guidance for the second quarter of fiscal 2007.
A
copy of
our press release relating to the foregoing is attached hereto as Exhibit
99.1
and is incorporated in this Item 2.02 by reference.
The
information contained under this Item 2.02 shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set
forth by specific reference in such a filing.
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 August 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.
| THE CHILDREN’S PLACE RETAIL STORES, INC. | ||
| |
|
|
| By: | /s/ Susan Riley | |
|
Name:
Susan Riley
Title:
Executive Vice President, Finance and Administration
|
||
Dated:
August 9, 2007
FOR
IMMEDIATE RELEASE
THE
CHILDREN’S PLACE RETAIL STORES, INC. REPORTS JULY SALES UP
8%;
COMPARABLE
STORE SALES DOWN 1%
~
Company Reiterates Second Quarter Guidance of a Loss of $(0.94) to $(0.98)
Per
Share ~
Secaucus,
New Jersey - August 9, 2007 - The Children’s Place Retail Stores, Inc. (Nasdaq:
PLCE)
today
announced sales results for the four-week period ended August 4, 2007.
Total
sales for the four-week period ended August 4, 2007 increased 8% to $141.2
million compared to sales of $131.1 million for four-week period ended July
29,
2006. Consolidated comparable store sales decreased 1% compared to last year’s
10% increase. During July, the Company opened eight Children’s Place stores and
closed one.
Total
Sales (millions):
|
July
2007
|
July
2006
|
%
Increase
|
Second
Quarter
2007
|
Second
Quarter
2006
|
%
Increase
|
Year-to-Date
2007
|
Year-to-Date
2006
|
%
Increase
|
|
|
The
Children’s Place brand
|
$99.0
|
$91.5
|
8%
|
$290.5
|
$269.4
|
8%
|
$646.7
|
$591.4
|
9%
|
|
Disney
Store
|
$42.2
|
$39.6
|
7%
|
$133.8
|
$126.2
|
6%
|
$256.6
|
$230.7
|
11%
|
|
Total
Company
|
$141.2
|
$131.1
|
8%
|
$424.3
|
$395.6
|
7%
|
$903.3
|
$822.1
|
10%
|
Comparable
Store Sales Increase/(Decrease)1:
|
July
2007
|
July
2006
|
Second
Quarter 2007
|
Second
Quarter 2006
|
Year-to-Date
2007
|
Year-to-Date
2006
|
|
|
The
Children’s Place brand
|
(3)%
|
9%
|
(1)%
|
13%
|
1%
|
12%
|
|
Disney
Store
|
2%
|
16%
|
0%
|
15%
|
3%
|
16%
|
|
Total
Company
|
(1)%
|
10%
|
(1)%
|
14%
|
2%
|
13%
|
The
Company continues to anticipate reporting a loss per share of approximately
$(0.94) to $(0.98) for the second quarter of fiscal 2007. As a reminder,
this
loss 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, which is in line with previous guidance.
Further, as stated in its July 9, 2007 press release, the Company expects
to
provide an update to full fiscal year earnings guidance on its second quarter
conference call, scheduled for Thursday, August 23, 2007.
The
Company stated that inventory per square foot at the end of the second quarter
is anticipated to be 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.
-
more
-
PLCE:
July 2007 Sales Release
Page
2
In
conjunction with today’s July 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, August 16, 2007. To access the
call, please dial (402) 220-2660 or you may listen through the Investor
Relations section of the Company’s website, www.childrensplace.com.
The
Company plans to report second quarter results on Thursday, August 23, 2007.
The
Company will host a conference call on that date to be broadcast live via
webcast at 10:00 a.m. Eastern Time. Interested parties are invited to listen
to
the call by dialing (785) 830-1916 and providing the Conference ID, PLCE. The
call will also be webcast live and can be accessed via the Company’s web site,
www.childrensplace.com.
A
replay of the call will be available approximately one hour after the conclusion
of the call, until midnight on August 30, 2007. To access the replay, please
dial (402) 220-0119, or you may listen to the audio archive on 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 August 4, 2007, the
Company owned and operated 883 The Children’s Place stores and 328 Disney Stores
in North America and The Children’s Place online store at www.childrensplace.com.
1
As
previously announced, 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. References made today and going forward
regarding last year’s comparable store sales results, in view of the shift, will
be on the “adjusted” basis. For a breakdown of the Company’s fiscal 2006
comparable store sales on an “as reported” and “as adjusted” basis, please refer
to the Company’s March 8, 2007, press release.
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
|
###