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):
January
10, 2008
THE
CHILDREN’S PLACE RETAIL STORES, INC.
(Exact
Name of Registrants as Specified in Their Charters)
Delaware
(State
or
Other Jurisdiction of
Incorporation)
|
0-23071
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31-1241495
|
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
915
Secaucus Road, Secaucus, New Jersey
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07094
|
|
(Address
of Principal Executive Offices)
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(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 (see
General
Instruction A.2. below):
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
7.01 Regulation
FD Disclosure
On
Janury 10, 2008, the Company issued a press release containing its sales results
for
the
five-week period ended January 5, 2008.
A
copy of
this press release is included as Exhibit 99.1 hereto.
Item
9.01 Financial
Statement and Exhibits.
(d) Exhibits.
Exhibit
99.1 Press
Release dated January 10, 2008 (regarding sales results).
2
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.
| Date: January 10, 2008 | ||
| THE CHILDREN’S PLACE RETAIL STORES, INC. | ||
| |
|
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| By: | /s/ Susan Riley | |
|
Name: Susan
Riley
Title: Executive
Vice President, Finance and Administration
|
||
FOR
IMMEDIATE RELEASE
THE
CHILDREN’S PLACE RETAIL STORES, INC. REPORTS DECEMBER SALES
Secaucus,
New Jersey - January 10, 2008 - The Children’s Place Retail Stores, Inc.
(Nasdaq: PLCE)
today
announced sales results for the five-week period ended January 5, 2008.
Total
sales for the five-week period ended January 5, 2008 were $314.6 million, a
1%
decrease compared to sales of $318.5 million for the five-week period ended
December 30, 2006. Consolidated comparable store sales increased 2% on top
of
last year’s 6% comparable store sales increase. During fiscal December, the
Company opened one The Children’s Place store and seven Disney Stores.
For
the
nine-week holiday selling period, The Children’s Place brand achieved a 7%
increase in comparable store sales on top of a 4% increase for the same period
last year. Disney Store reported a 5% decline in comparable store sales compared
to a 12% increase last year. Both brands had higher promotional levels during
the 2007 holiday season than last year.
Total
Sales (millions):
|
December
2007
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December
2006
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%
Change
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Year-to-Date
2007
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Year-to-Date 2006
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% Change
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The Children’s Place brand
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$ 199.9
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$ 197.9
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1%
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$ 1,438.0
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$ 1,319.2
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9%
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Disney Store
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$ 114.7
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$ 120.6
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(5)%
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$ 603.1
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$ 571.2
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6%
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Total Company
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$ 314.6
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$ 318.5
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(1)%
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$ 2,041.1
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$ 1,890.4
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8%
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Comparable
Store Sales1:
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December 2007
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December 2006
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Year-to-Date 2007
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Year-to-Date 2006
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The Children’s Place brand
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6%
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4%
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2%
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11%
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Disney Store
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(4)%
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10%
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0%
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13%
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Total Company
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2%
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6%
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2%
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12%
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The
Company also provided an update on its strategic review that began in October,
2007. As part of this ongoing process, during December the Company retained
an
industry-leading retail consulting firm to help identify operational
improvements that are expected to deliver enhanced shareholder value.
Additionally, the Board of Directors and management team are in the process
of
assessing a wide variety of options to improve the Company’s business and
competitive position, including a long-term strategy to realize the full
potential for the Disney Store brand.
-
more
-
PLCE:
December 2007 Sales Release
Page
2
Separately,
the Company commented that it will not be able to hold its fiscal 2006
Shareholder Meeting by the February 3, 2008 deadline required by the Nasdaq
Stock Market listing rules due to the delayed filing of its Annual Report on
Form 10-K which was filed on December 5, 2007. Accordingly, the Company will
request an extension to the meeting deadline from Nasdaq and expects to hold
the
meeting in the Spring of 2008.
In
conjunction with today’s December 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, January 17, 2008. To access
the call, please dial (402) 220-2650 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 January 5, 2008, the
Company owned and operated 912 The Children’s Place stores and 337 Disney Stores
in North America and its online stores at www.childrensplace.com
and
www.disneystore.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. Some of these risks and uncertainties are described in the Company's
filings with the Securities and Exchange Commission, including in the “Risk
Factors” section of its reports of Forms 10-K and 10-Q. Risks and uncertainties
relating to the restatement of the Company's historical financial information,
the Company’s historical stock option granting practices and other historical
practices identified as material weaknesses as described in the Company’s
filings on December 5, 2007, the delays in scheduling of the Company’s fiscal
2006 shareholder meeting, 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 also could cause actual
results, events and performance to differ materially. 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 they were made. 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.
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CONTACT:
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The
Children’s Place Retail Stores, Inc.
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Investors:
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Jane
Singer, Investor Relations, (201) 453-6955
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Media:
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Diane
Zappas/Leigh Parrish, FD, (212)
850-5600
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###