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): October 20,
2010
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THE
CHILDREN’S PLACE RETAIL STORES, INC.
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(Exact
Name of Registrant as Specified in
Charter)
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Delaware
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(State
or Other Jurisdiction of
Incorporation)
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0-23071
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31-1241495
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(Commission
File Number)
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(IRS
Employer Identification No.)
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500
Plaza Drive, Secaucus, New Jersey
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07094
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(Address
of Principal Executive Offices)
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(Zip
Code)
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(201)
558-2400
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(Registrant’s
Telephone Number, Including Area
Code)
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Not
Applicable
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(Former
Name or Former Address, if Changed Since Last
Report)
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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):
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o
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Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
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o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
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o
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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.
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Other
Events.
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On
October 20, 2010, The Children’s Place Retail Stores, Inc. (the “Company”)
issued a press release providing updated earnings guidance for the third quarter
of its 2010 fiscal year. A copy of the press release is attached as
Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference
herein.
Forward Looking
Statements
This
Current Report on Form 8-K, including Exhibit 99.1, contains forward-looking
statements made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements typically
are identified by use of terms such as “may,” “will,” “should,” “plan,”
“expect,” “anticipate,” “estimate” and similar words, although some
forward-looking statements are expressed differently. Forward-looking
statements represent Company management’s judgment regarding future
events. Although the Company believes that the expectations reflected
in such forward-looking statements are reasonable, the Company can give no
assurance that such expectations will prove to be correct. All
statements other than statements of historical fact included in this Current
Report on Form 8-K are forward-looking statements. The Company cannot
guarantee the accuracy of the forward-looking statements, and you should be
aware that the Company’s actual results could differ materially from those
contained in the forward-looking statements due to a number of factors,
including the statements under the heading “Risk Factors” contained in the
Company’s filings with the Securities and Exchange Commission.
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Item 9.01
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Financial Statements and
Exhibits
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(d)
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Exhibits
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99.1
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Press Release, dated October 20, 2010.
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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: October 20, 2010
| THE CHILDREN’S PLACE RETAIL STORES, INC. | |||
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By:
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/s/ Susan J. Riley | ||
| Name: Susan J. Riley | |||
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Title:
Executive Vice President, Finance
and Administration
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Exhibit
99.1
FOR IMMEDIATE
RELEASE
THE
CHILDREN’S PLACE UPDATES GUIDANCE FOR THIRD QUARTER 2010
Secaucus, New Jersey – October 21,
2010 – The Children’s Place Retail Stores, Inc. (Nasdaq: PLCE), the largest pure-play
children’s specialty apparel retailer in North America, today announced that as
a result of weaker than expected sales quarter-to-date, the Company now expects
earnings per diluted share from continuing operations for the third quarter of
2010 to be in the range of $1.10 to $1.13 compared to its previous guidance of
$1.38 to $1.43. The updated guidance includes a $0.04 per share benefit
resulting from the Company’s repurchase of 1.6 million shares so far during the
third quarter of 2010, and assumes that comparable retail sales, which are
running in the negative mid-single digits quarter-to-date, will remain at this
level throughout the remainder of the third quarter.
“We
had a solid start with back-to-school basics, but poorly performing fashion
coupled with unseasonably warm temperatures have negatively impacted sales and
profitability during the quarter,” commented Jane Elfers, President and Chief
Executive Officer of The Children’s Place. “Looking forward, there is
uncertainty surrounding the upcoming holiday season but we are pleased to be
entering the fourth quarter with lean and fresh inventory. We continue to pursue
our five key initiatives which we expect to drive sales and profit growth in
2011 and beyond.”
The
Company will provide further commentary on the third fiscal quarter and an
outlook on the remainder of fiscal 2010 as part of its third quarter 2010
earnings release and conference call scheduled for Thursday, November 18. The
conference call will begin at 8:00 a.m. Eastern Time and will be broadcast live
at http://investor.childrensplace.com.
An audio archive will be available approximately one hour after the conclusion
of the call.
About
The Children’s Place Retail Stores, Inc.
The
Children’s Place is the largest pure-play children’s specialty apparel retailer
in North America. The Company designs, contracts to manufacture and sells
fashionable, high-quality merchandise at value prices under the proprietary “The
Children's Place” brand name. As of July 31, 2010, the Company owned and
operated 977 stores and an online store at www.childrensplace.com.
Forward-Looking
Statements
This press release may contain certain
forward-looking statements regarding future circumstances, including statements
relating to the Company’s positioning, and forecasts regarding earnings per
diluted share for the third
quarter of 2010. 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 annual report on Form 10-K for
the fiscal year ended January 30, 2010. Included among the risks and
uncertainties that could
cause actual results,
events and performance to differ materially are the risk that the Company will be
unsuccessful in gauging fashion trends and changing consumer preferences, and
the risks resulting from the highly competitive nature of the Company’s business
and its dependence on consumer spending patterns, which may be affected by
a downturn in the economy. Readers 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.
Susan
Riley, EVP, Finance & Administration, (201) 558-2400
Jane
Singer, VP, Investor Relations, (201)
453-6955
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