0001628280-21-011589 | 10-Q | XBRL Viewer

Document and Entity Information Document - shares	3 Months Ended
Document and Entity Information Document - shares	May 01, 2021	May 24, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	May 01, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Registrant Name	CHILDRENS PLACE, INC.
Entity Central Index Key	0001041859
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--01-29
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,666,938
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	PLCE
Security Exchange Name	NASDAQ
Entity File Number	0-23071
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	31-1241495
Entity Address, Address Line One	500 Plaza Drive
Entity Address, City or Town	Secaucus
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07094
City Area Code	201
Local Phone Number	558-2400
Document Quarterly Report	true
Document Transition Report	false

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Assets, Current [Abstract]
Cash and Cash Equivalents, at Carrying Value	$ 65,376	$ 63,548	$ 71,751
Receivables, Net, Current	42,619	39,534	37,173
Inventory, Net	417,808	388,141	335,795
Prepaid Expense and Other Assets, Current	50,594	55,860	23,521
Total current assets	576,397	547,083	468,240
Assets, Noncurrent [Abstract]
Property, Plant and Equipment, Net	172,090	181,801	212,011
Operating Lease, Right-of-Use Asset	260,919	283,624	349,646
Tradenames	72,292	72,492	73,090
Deferred income taxes	37,433	45,579	68,573
Other Assets, Noncurrent	8,536	9,548	13,376
Assets	1,127,667	1,140,127	1,184,936
Liabilities, Current [Abstract]
Short-term Debt	196,893	169,778	234,554
Accounts Payable, Current	228,149	252,124	263,984
Operating Lease, Liability, Current	129,070	174,585	150,463
Accrued Income Taxes, Current	6,418	5,508	2,629
Accrued Liabilities, Current	112,904	116,504	107,370
Total current liabilities	673,434	718,499	759,000
Liabilities, Noncurrent [Abstract]
Long-term Debt	74,526	75,346	0
Operating Lease, Liability, Noncurrent	195,435	214,173	281,839
Liability for Uncertainty in Income Taxes, Noncurrent	6,323	6,304	6,800
Accrued Income Taxes, Noncurrent	14,939	14,939	17,589
Other Liabilities, Noncurrent	18,000	17,489	14,673
Total liabilities	982,657	1,046,750	1,079,901
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest [Abstract]
Preferred stock, $1.00 par value, 1,000 shares authorized, 0 shares issued and outstanding	0	0	0
Common stock, $0.10 par value, 100,000 shares authorized; 14,693, 14,641, and 14,581 issued; 14,635, 14,584, and 14,529 outstanding	1,469	1,464	1,458
Additional paid-in capital	155,908	148,519	135,328
Treasury stock, at cost (58, 57, and 52)	(3,234)	(3,164)	(3,025)
Common Stock Issued, Employee Trust, Deferred	3,234	3,164	3,025
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax	(12,930)	(13,816)	(14,913)
Retained Earnings (Accumulated Deficit)	563	(42,790)	(16,838)
Total stockholders’ equity	145,010	93,377	105,035
Total liabilities and stockholders’ equity	$ 1,127,667	$ 1,140,127	$ 1,184,936

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	May 01, 2021	Jan. 30, 2021	May 02, 2020
Condensed Consolidated Balance Sheets (Parenthetical) [Abstract]
Common Stock, Par or Stated Value Per Share	$ 100	$ 100	$ 100
Common Stock, Shares Authorized	100,000,000	100,000,000	100,000,000
Preferred Stock, Par or Stated Value Per Share	$ 1,000.00
Preferred Stock, Shares Authorized	1,000,000
Preferred Stock, Shares Issued	0
Preferred Stock, Shares Outstanding	0
Treasury Stock, Shares	58,000	57,000	52,000
Common Stock, Shares, Issued	14,693,000	14,641,000	14,581,000
Common Stock, Shares, Outstanding	14,635,000	14,584,000	14,529,000

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Net sales	$ 435,481,000	$ 255,207,000
Cost of Goods and Services Sold	247,275,000	274,880,000
Gross profit (loss)	188,206,000	(19,673,000)
Selling, General and Administrative Expense	106,738,000	98,491,000
Depreciation, Depletion and Amortization, Nonproduction	15,561,000	17,888,000
Impairment of Long-Lived Assets Held-for-use	0	37,091,000
Operating income (loss)	65,907,000	(173,143,000)
Interest Expense	(4,414,000)	(1,889,000)
Interest Income, Other	3,000	49,000
Income (loss) before benefit for income taxes	61,496,000	(174,983,000)
Provision (benefit) for income taxes	16,291,000	(60,173,000)
Net income (loss)	$ 45,205,000	$ (114,810,000)
Earnings Per Share, Basic [Abstract]
Earnings Per Share, Basic	$ 3.08	$ (7.86)
Earnings Per Share, Diluted	$ 3.01	$ (7.86)
Earnings Per Share, Diluted [Abstract]
Weighted Average Number of Shares Outstanding, Basic	14,670	14,611
Weighted Average Number of Shares Outstanding, Diluted	15,002	14,611

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 45,205	$ (114,810)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	886	(1,523)
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax	0	155
Other Comprehensive Income (Loss), Net of Tax	886	(1,368)
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$ 46,091	$ (116,178)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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+ Details

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Deferred Compensation, Share-based Payments [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Treasury Stock [Member]	Stockholders' Equity [Member]
Common Stock, Shares Issued Balance at Feb. 01, 2020	14,762
Total stockholders' equity at Feb. 01, 2020		$ 1,476	$ 139,041	$ 2,956	$ 108,215	$ (13,545)	$ (2,956)	$ 235,187
Treasury Stock, Shares at Feb. 01, 2020							(51)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	81
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 0	8	(8)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 585		585
Stock Repurchased and Retired During Period, Shares	(262)
Stock Repurchased and Retired During Period, Value	$ (14,559)	(26)	(4,290)		(10,243)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	(1,523)					(1,523)
Stock Issued During Period, Value, Employee Benefit Plan				69
Net income (loss)	(114,810)				(114,810)
Total stockholders' equity at May. 02, 2020	$ 105,035	1,458	135,328	3,025	(16,838)	(14,913)	$ (3,025)	105,035
Common Stock, Shares Issued Balance at May. 02, 2020	14,581						(1)
Treasury Stock, Shares at May. 02, 2020	52						(52)
Common Stock Issued, Employee Trust, Deferred	$ 0						$ (69)
Common Stock, Shares Issued Balance at Jan. 30, 2021	14,641
Total stockholders' equity at Jan. 30, 2021	$ 93,377	1,464	148,519	3,165	(42,790)	(13,816)	$ (3,165)	93,377
Treasury Stock, Shares at Jan. 30, 2021	57						(57)
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures	81
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures	$ 0	8	(8)
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$ 7,916		7,916
Stock Repurchased and Retired During Period, Shares	(29)
Stock Repurchased and Retired During Period, Value	$ (2,374)	(3)	(519)		(1,852)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	886					886
Stock Issued During Period, Value, Employee Benefit Plan				69
Net income (loss)	45,205				45,205
Total stockholders' equity at May. 01, 2021	$ 145,010	$ 1,469	$ 155,908	$ 3,234	$ 563	$ (12,930)	$ (3,234)	$ 145,010
Common Stock, Shares Issued Balance at May. 01, 2021	14,693						(1)
Treasury Stock, Shares at May. 01, 2021	58						(58)
Common Stock Issued, Employee Trust, Deferred	$ 0						$ (69)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	May 01, 2021	May 02, 2020
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net income (loss)	$ 45,205,000	$ (114,810,000)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]
Operating Lease, Expense, Noncash	26,659,000	29,365,000
Depreciation, Depletion and Amortization, Nonproduction	15,561,000	17,888,000
Share-based Payment Arrangement, Noncash Expense	7,916,000	585,000
Deferred Income Tax Expense (Benefit)	8,389,000	(55,656,000)
Impairment of Long-Lived Assets Held-for-use	0	37,091,000
Other Noncash Expense	389,000	58,000
Increase (Decrease) in Operating Capital [Abstract]
Increase (Decrease) in Inventories	(29,689,000)	(8,629,000)
Increase (Decrease) in Accounts Receivable and Other Operating Assets	(2,080,000)	(3,508,000)
Increase (Decrease) in Prepaid Expense and Other Assets	623,000	3,511,000
Increase (Decrease) in Income Taxes Payable	8,347,000	(8,858,000)
Increase (Decrease) in Accounts Payable	(30,085,000)	69,307,000
Operating Lease, Payments	(68,303,000)	(11,819,000)
Increase (Decrease) in Deferred and Other Liabilities	506,000	5,024,000
Net cash used in operating activities	(16,562,000)	(40,451,000)
Net Cash Provided by (Used in) Investing Activities [Abstract]
Payments to Acquire Productive Assets	(6,726,000)	(5,733,000)
Payments for (Proceeds from) Life Insurance Policies	18,000	121,000
Net cash used in investing activities	(6,708,000)	(5,612,000)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Payments for Repurchase of Common Stocks	(2,374,000)	(14,559,000)
Proceeds from Lines of Credit	192,415,000	134,130,000
Repayments of Lines of Credit	(165,300,000)	(70,384,000)
Payments of Debt Issuance Costs	(291,000)	0
Net cash provided by financing activities	24,450,000	49,187,000
Effect of exchange rate changes on cash and cash equivalents	648,000	140,000
Net increase in cash and cash equivalents	1,828,000	3,264,000
Cash and Cash Equivalents, at Carrying Value	63,548,000	68,487,000
Cash and Cash Equivalents, at Carrying Value	65,376,000	71,751,000
Supplemental Cash Flow Information [Abstract]
Net cash paid during the period for income taxes	210,000	4,676,000
Net cash paid during the period for income taxes	4,123,000	1,702,000
Increase (decrease) in accrued capital expenditures	$ (1,547,000)	$ (1,093,000)

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	May 01, 2021
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies [Text Block]	BASIS OF PRESENTATION Description of Business The Children’s Place, Inc. and subsidiaries (collectively, the “Company”) is the largest pure-play children’s specialty apparel retailer in North America. The Company provides apparel, footwear, accessories, and other items for children. The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell trend right, high-quality merchandise predominately at value prices, primarily under our proprietary “The Children’s Place”, “Place”, “Baby Place”, and “Gymboree” brand names. The Company classifies its business into two segments: The Children’s Place U.S. and The Children’s Place International. Included in The Children’s Place U.S. segment are the Company’s U.S. and Puerto Rico-based stores and revenue from its U.S.-based wholesale business. Included in The Children’s Place International segment are its Canadian-based stores, revenue from the Company’s Canadian-based wholesale business, as well as revenue from international franchisees. Each segment includes an e-commerce business located at www.childrensplace.com and www.gymboree.com. Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the consolidated financial position of the Company as of May 1, 2021 and May 2, 2020, the results of its consolidated operations for the thirteen weeks ended May 1, 2021 and May 2, 2020, consolidated comprehensive income (loss) for the thirteen weeks ended May 1, 2021 and May 2, 2020, consolidated cash flows for the thirteen weeks ended May 1, 2021 and May 2, 2020, and consolidated stockholders’ equity for the thirteen weeks ended May 1, 2021 and May 2, 2020. The consolidated financial position as of January 30, 2021 was derived from audited financial statements. Due to the seasonal nature of the Company’s business, the results of operations for the thirteen weeks ended May 1, 2021 and May 2, 2020 are not necessarily indicative of operating results for a full fiscal year. These consolidated financial statements should be read in conjunction with the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended January 30, 2021. In December 2019, there was an outbreak of a new strain of coronavirus (“COVID-19”) that began in Wuhan, China and has since spread to the other regions of the world. In March 2020, the World Health Organization declared COVID-19 a global pandemic, and the President of the United States declared a national emergency. Federal, state, and local governments and health officials mandated and continue to mandate various restrictions, including closures of businesses and other activities, travel restrictions, restrictions on public gatherings, stay at home orders and advisories, quarantining of people who may have been exposed to the virus, and the adoption of remote or hybrid learning models for schools. The COVID-19 pandemic has significantly negatively affected the global economy, significantly disrupted global supply chains, and created significant disruption of the financial and retail markets, including a significant disruption in consumer demand for children’s clothing and accessories. As such, the comparability of the Company’s operating results has been affected by significant adverse impacts related to the COVID-19 pandemic. Terms that are commonly used in the Company’s notes to consolidated financial statements are defined as follows: •First Quarter 2021 — The thirteen weeks ended May 1, 2021 •First Quarter 2020 — The thirteen weeks ended May 2, 2020 •FASB — Financial Accounting Standards Board •SEC — U.S. Securities and Exchange Commission •U.S. GAAP — Generally Accepted Accounting Principles in the United States •FASB ASC — FASB Accounting Standards Codification, which serves as the source for authoritative U.S. GAAP, except that rules and interpretive releases by the SEC are also sources of authoritative U.S. GAAP for SEC registrants Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. As of May 1, 2021 and May 2, 2020, the Company did not have any investments in unconsolidated affiliates. FASB ASC 810—Consolidation is considered when determining whether an entity is subject to consolidation. Fiscal Year The Company’s fiscal year is a 52-week or 53-week period ending on the Saturday on or nearest to January 31. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenues and expenses reported during the period. Actual results could differ from the assumptions used and estimates made by management, which could have a material impact on the Company’s financial position or results of operations. Significant estimates inherent in the preparation of the consolidated financial statements include: reserves for the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived assets; fair value measurements; accounting for income taxes and related uncertain tax positions; insurance reserves; intangible assets; valuation of stock-based compensation awards and related estimated forfeiture rates, among others. Reclassifications Certain reclassifications have been made to prior periods' financial statements to conform to the current period's presentation. Inventories Inventories, which consist primarily of finished goods, are stated at the lower of cost or net realizable value, with cost determined on an average cost basis. The Company capitalizes certain buying, design, and supply chain costs in inventory, and these costs are reflected within cost of sales as the inventories are sold. Inventory shrinkage is estimated in interim periods based upon the historical results of physical inventory counts in the context of current year facts and circumstances. Impairment of Long-Lived Assets The Company periodically reviews its long-lived assets when events indicate that their carrying value may not be recoverable. Such events include historical trends or projected trends of cash flow losses or a future expectation that the Company will sell or dispose of an asset significantly before the end of its previously estimated useful life. In reviewing for impairment, the Company groups its long-lived assets at the lowest possible level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The Company reviews all stores that have reached comparable sales status, or sooner if circumstances should dictate, on at least an annual basis. The Company believes waiting this period of time allows a store to reach a maturity level where a more comprehensive analysis of financial performance can be performed. For each store that shows indications of impairment, the Company performs a recoverability test comparing estimated undiscounted future cash flows to the carrying value of the related long-lived assets. If the undiscounted cash flows are less than the related net book value of the long-lived assets, they are written down to their fair market value. The Company primarily uses discounted future cash flows directly associated with those assets to determine fair market value of long-lived assets and right-of-use (“ROU”) assets. In evaluating future cash flows, the Company considers external and internal factors. External factors comprise the local environment in which the store resides, including mall traffic, competition, and their effect on sales trends, as well as macroeconomic factors, such as global pandemics. Internal factors include the Company’s ability to gauge the fashion taste of its customers, control variable costs such as cost of sales and payroll, and in certain cases, its ability to renegotiate lease costs. Stock-based Compensation The Company generally grants time-vesting stock awards (“Deferred Awards”) and performance-based stock awards (“Performance Awards”) to employees at management levels. The Company also grants Deferred Awards to its non-employee directors. Deferred Awards are granted in the form of restricted stock units that require each recipient to complete a service period. Deferred Awards generally vest ratably over three years, except for those granted to non-employee directors, which generally vest after one year. Performance Awards are granted in the form of restricted stock units which have performance criteria that must be achieved for the awards to vest (the “Target Shares”) in addition to a service period requirement. For Performance Awards, an employee may earn from 0% to 300% of their Target Shares based on the Company’s achievement of certain performance goals established at the beginning of the applicable performance period. The Performance Awards cliff vest, if earned, after completion of the applicable performance period, which is generally three years. The fair value of these Performance Awards granted is based on the closing price of our common stock on the grant date. Stock-based compensation expense is recognized ratably over the related service period, reduced for estimated forfeitures of those awards not expected to vest due to employee turnover. Stock-based compensation expense, as it relates to Performance Awards, is also adjusted based on the probability that the performance criteria will be achieved. Deferred Compensation Plan The Company has a deferred compensation plan (the “Deferred Compensation Plan”), which is a nonqualified plan, for eligible senior level employees. Under the Deferred Compensation Plan, a participant may elect to defer up to 80% of his or her base salary and/or up to 100% of his or her bonus to be earned for the year following the year in which the deferral election is made. The Deferred Compensation Plan also permits members of the Board of Directors to elect to defer payment of all or a portion of their retainer and other fees to be earned for the year following the year in which a deferral election is made. In addition, eligible employees and directors of the Company may also elect to defer payment of any shares of Company stock that are earned with respect to stock-based awards. Directors may elect to have all or a certain portion of their fees earned for their service on the Board invested in shares of the Company’s common stock. Such elections are irrevocable. The Company is not required to contribute to the Deferred Compensation Plan, but at its sole discretion, can make additional contributions on behalf of the participants. Deferred amounts are not subject to forfeiture and are deemed invested among investment funds offered under the Deferred Compensation Plan, as directed by each participant. Payments of deferred amounts (as adjusted for earnings and losses) are payable following separation from service or at a date or dates elected by the participant at the time the deferral is elected. Payments of deferred amounts are generally made in either a lump sum or in annual installments over a period not exceeding 15 years. All deferred amounts are payable in the form in which they were made, except for Board of Directors fees invested in shares of the Company’s common stock, which will be settled in shares of Company common stock. Earlier distributions are not permitted except in the case of an unforeseen hardship. The Company has established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The assets of the rabbi trust are general assets of the Company and, as such, would be subject to the claims of creditors in the event of bankruptcy or insolvency. Investments of the rabbi trust consist of mutual funds and Company common stock. The Deferred Compensation Plan liability, excluding Company common stock, is included within other long-term liabilities, and changes in the balance, except those relating to payments, are recognized as compensation expense within selling, general, and administrative expenses. The value of the mutual funds is included in other assets and related earnings and losses are recognized as investment income or loss, which is included within selling, general, and administrative expenses. Company stock deferrals are included within the equity section of the Company’s consolidated balance sheet as treasury stock and as a deferred compensation liability. Deferred stock is recorded at fair market value at the time of deferral, and any subsequent changes in fair market value are not recognized. Fair Value Measurement and Financial Instruments FASB ASC 820—Fair Value Measurement provides a single definition of fair value, together with a framework for measuring it, and requires additional disclosure about the use of fair value to measure assets and liabilities. This topic defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date and establishes a three-level hierarchy, which encourages an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of the hierarchy are defined as follows: •Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities •Level 2 - inputs to the valuation techniques that are other than quoted prices, but are observable for the assets or liabilities, either directly or indirectly •Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities The Company’s cash and cash equivalents, accounts receivable, assets of the Company’s Deferred Compensation Plan, accounts payable, and revolving loan are all short-term in nature. As such, their carrying amounts approximate fair value and fall within Level 1 of the fair value hierarchy. The Company stock included in the Deferred Compensation Plan is not subject to fair value measurement. The Company’s derivative assets and liabilities include foreign exchange forward contracts that are measured at fair value using observable market inputs such as forward rates, our credit risk, and our counterparties’ credit risks. Based on these inputs, our derivative assets and liabilities are classified within Level 2 of the fair value hierarchy. The Company’s assets measured at fair value on a nonrecurring basis include long-lived assets, such as intangible assets, fixed assets, and ROU assets. The Company reviews the carrying amounts of such assets when events indicate that their carrying amounts may not be recoverable. Any resulting asset impairment would require that the asset be recorded at its fair value. The resulting fair value measurements of the assets are considered to fall within Level 3 of the fair value hierarchy. Recently Issued Accounting Standards Adopted in Fiscal 2021 In December 2019, the FASB issued guidance related to the accounting for income taxes. The guidance aims to simplify the accounting for income taxes by removing certain exceptions to the general principles within the current guidance and by clarifying and amending the current guidance. The guidance is effective for annual reporting periods, and interim periods within those years, beginning after December 15, 2020. We adopted this guidance in the First Quarter 2021. This adoption did not have a material impact on our consolidated financial statements.

REVENUES (Notes)

3 Months Ended

May 01, 2021

Revenues [Abstract]

Revenue from Contract with Customer [Text Block]

2. REVENUES

Revenues are recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services.

The following table presents our revenues disaggregated by geography:


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
Net sales:	(in thousands)
South	$	165,738	$	97,936
Northeast	95,022		51,830
West	62,223		37,262
Midwest	60,804		37,233
International and other	51,694		30,946
Total net sales	$	435,481	$	255,207

The Company recognizes revenue, including shipping and handling fees billed to customers, upon purchase at the Company’s retail stores or when received by the customer if the product was purchased via e-commerce, net of coupon redemptions and anticipated sales returns. The Company deferred approximately $6.7 million and $15.1 million as of May 1, 2021 and May 2, 2020, respectively, based upon estimated time of delivery, at which point control passes to the customer, and is recorded in accrued expenses and other current liabilities. Sales tax collected from customers is excluded from revenue.

For the sale of goods with a right of return, the Company recognizes revenue for the consideration it expects to be entitled to and calculates an allowance for estimated sales returns based upon the Company’s sales return experience. Adjustments to the allowance for estimated sales returns in subsequent periods are generally not material based on historical data, thereby reducing the uncertainty inherent in such estimates. The allowance for estimated sales returns, which is recorded in accrued expenses and other current liabilities, was approximately $1.7 million and $1.1 million as of May 1, 2021 and May 2, 2020, respectively.

The Company’s private label credit card is issued to our customers for use exclusively at The Children’s Place stores and online at www.childrensplace.com and www.gymboree.com, and credit is extended to such customers by a third-party financial institution on a non-recourse basis to the Company. The private label credit card includes multiple performance obligations for the Company, including marketing and promoting the program on behalf of the bank and the operation of the loyalty rewards program. Included in the agreement with the third-party financial institution was an upfront bonus paid to the Company. The upfront bonus is recognized as revenue and allocated between brand and reward obligations. As the license of the Company’s brand is the predominant item in the performance obligation, the amount allocated to the brand obligation is recognized on a straight-line basis over the initial term. The amount allocated to the reward obligation is recognized on a point-in-time basis as redemptions under the loyalty program occur.

In measuring revenue and determining the consideration the Company is entitled to as part of a contract with a customer, the Company takes into account the related elements of variable consideration, such as additional bonuses, including profit-sharing, over the life of the program. Similar to the upfront bonus, the usage-based royalties and bonuses are recognized as revenue and allocated between the brand and reward obligations. The amount allocated to the brand obligation is recognized on a straight-line basis over the initial term. The amount allocated to the reward obligation is recognized on a point-in-time basis as

redemptions under the loyalty program occur. In addition, the annual profit-sharing amount is estimated and recognized quarterly within an annual period when earned. The additional bonuses are amortized over the contract term based on anticipated progress against future targets and level of risk associated with achieving the targets.

The Company has a points-based customer loyalty program in which customers earn points based on purchases and other promotional activities. These points can be redeemed for coupons to discount future purchases. A contract liability is estimated based on the standalone selling price of benefits earned by customers through the program and the related redemption experience under the program. The value of each point earned is recorded as deferred revenue and is included within accrued expenses and other current liabilities. The total contract liabilities related to this program were $4.3 million and $2.1 million as of May 1, 2021 and May 2, 2020, respectively.

The Company’s policy with respect to gift cards is to record revenue as and when the gift cards are redeemed for merchandise. The Company recognizes gift card breakage income in proportion to the pattern of rights exercised by the customer when the Company expects to be entitled to breakage and the Company determines that it does not have a legal obligation to remit the value of the unredeemed gift card to the relevant jurisdiction as unclaimed or abandoned property and is recorded within net sales. Prior to their redemption, gift cards are recorded as a liability, included within accrued expenses and other current liabilities. The total contract liability related to gift cards issued was $12.7 million and $14.9 million as of May 1, 2021 and May 2, 2020, respectively. The liability is estimated based on expected breakage that considers historical patterns of redemption. The following table provides the reconciliation of the contract liability related to gift cards:


	Contract Liability
	(in thousands)
Balance at January 30, 2021	$	13,634
Gift cards sold	4,727
Gift cards redeemed	(5,048)
Gift card breakage	(596)
Balance at May 1, 2021	$	12,717

The Company has an international expansion program through territorial agreements with franchisees. The Company generates revenues from the franchisees from the sale of product and, in certain cases, sales royalties. The Company records net sales and cost of goods sold on the sale of product to franchisees when the franchisee takes ownership of the product. The Company records net sales for royalties when the applicable franchisee sells the product to their customers. Under certain agreements, the Company receives a fee from each franchisee for exclusive territorial rights and based on the opening of new stores. The Company records these territorial fees as deferred revenue and amortizes the fee into net sales over the life of the territorial agreement.

LEASES (Notes)

3 Months Ended

May 01, 2021

Lessee, Operating Leases [Text Block]

LEASES

The Company has operating leases for retail stores, corporate offices, distribution facilities, and certain equipment. Our leases have remaining lease terms ranging from less than 1 year up to 9 years, some of which may include options to extend the leases for up to five years, and some of which may include options to terminate the lease early.

The lease liability is initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. For operating leases, the ROU asset is initially and subsequently measured throughout the lease term at the carrying amount of the lease liability, plus initial direct costs, less any accrued lease payments and unamortized lease incentives. For finance leases, the ROU asset is initially measured at cost and subsequently amortized using the straight-line method generally from the lease commencement date to the earlier of the end of its useful life or the end of the lease term.

The discount rate is the rate implicit in the lease unless that rate cannot be readily determined. In that case, the Company is required to use its incremental borrowing rate. The discount rate for a lease is determined based on the information available at lease commencement. In general, the Company accounts for the underlying leased asset and applies a discount rate at the lease level. However, there are certain non-real estate leases for which the Company utilizes the portfolio method by aggregating similar leased assets based on the underlying lease term.

The Company has made an accounting policy election by class of underlying asset to not apply the recognition requirements of FASB ASC 842—Leases (“Topic 842”) to leases with an initial term of 12 months or less. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.

The Company has lease agreements with lease and non-lease components. The Company has elected a policy to account for lease and non-lease components as a single component for all asset classes.

In certain leases, the Company has the right to exercise lease renewal options. Renewal option periods are included in the measurement of lease ROU assets and lease liabilities where the exercise is reasonably certain to occur.

As of the periods presented, the Company’s finance leases were not material to the consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows.

The Company has certain lease agreements structured with both a fixed base rent and a contingent rent based on a percentage of sales over contractual levels, others with only contingent rent based on a percentage of sales, and some with a fixed base rent adjusted periodically for inflation or changes in fair market value of the underlying real estate. Contingent rent is recognized as sales occur. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company records all occupancy costs in cost of sales, except administrative office buildings, which are recorded in selling, general, and administrative expenses.

In April 2020, the FASB staff released guidance regarding rent concessions related to the effects of the COVID-19 pandemic to allow for a temporary practical expedient (the “COVID-19 expedient”) to account for rent concessions as though enforceable rights and obligations for those concessions existed in the lease agreements. The election is available for concessions related to the effects of the COVID-19 pandemic that result in the total payments required by the modified contract being substantially the same as or less than total payments required by the original contract.

Upon the temporary closure of the Company’s store fleet in March 2020, the Company began negotiating for concessions of certain rent payments for the time the stores were impacted. While the large majority of our stores have reopened, these discussions and negotiations have remained ongoing and are expected to be substantially completed by the end of Second Quarter 2021 as the Company’s operations continue to be impacted by the COVID-19 pandemic. For the lease concessions that have been agreed upon and executed, the Company did not reassess each existing contract to determine whether enforceable rights and obligations for concessions existed and elected not to apply the lease modification guidance in ASC 842 to those contracts that shared similar characteristics. Rather, the Company accounts for COVID-19 lease concessions as reductions to variable lease cost.

The following components of lease expense are included in the Company’s consolidated statements of operations.


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
	(in thousands)



Operating lease cost	$	25,758	$	40,152
Variable lease cost (1)	3,374		11,133
Total lease cost	$	29,132	$	51,285

____________________________________________

(1) Includes short term leases with lease periods of less than 12 months as well as lease abatements accounted for as reductions to variable lease costs under the COVID-19 expedient of approximately $8.0 million during the First Quarter 2021.

As of May 1, 2021, the weighted-average remaining operating lease term was 4.3 years, and the weighted-average discount rate for operating leases was 5.25%.

Cash paid for amounts included in the measurement of operating lease liabilities during the First Quarter 2021 was approximately $68.3 million.

ROU assets obtained in exchange for new operating lease liabilities were approximately $5.0 million during the First Quarter 2021.

As of May 1, 2021, the maturities of lease liabilities were as follows:


	May 1, 2021
	(in thousands)
Remainder of 2021	$	115,443
2022	75,101
2023	49,940
2024	28,330
2025	18,877
Thereafter	53,001
Total lease payments (1)	$	340,692
Less: imputed interest	$	(16,185)
Present value of lease liabilities	$	324,507

____________________________________________

(1)For leases in which the Company applied the COVID-19 expedient, it did not remeasure its ROU assets and lease liabilities for rent concessions specific to Fiscal 2021 and beyond. These amounts will be recognized as variable rent costs in future periods in the amount of $26.9 million.

INTANGIBLE ASSETS (Notes)

3 Months Ended

May 01, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets Disclosure [Text Block]

4. INTANGIBLE ASSETS

The Company acquired certain intellectual property and related assets (the “Gymboree Assets”) of Gymboree Group, Inc. and related entities, which included the worldwide rights to the names “Gymboree” and “Crazy 8” and other intellectual property, including trademarks, domain names, copyrights, and customer databases. These intangible assets, inclusive of acquisition costs, are recorded in the long-term assets section of the consolidated balance sheets.

The Company’s intangible assets include both indefinite and finite assets. Intangible assets with indefinite lives consist primarily of trademarks and acquired trade names, which are tested for impairment annually or whenever circumstances indicate that a decline in value may have occurred. The Company estimates the fair value of these intangible assets based on an income approach using the relief-from-royalty method. The Company’s finite-lived intangible assets consist primarily of customer lists and other acquisition-related assets. Finite-lived intangible assets are amortized over their estimated useful economic lives and are reviewed for impairment when factors indicate that an impairment may have occurred. The Company recognizes an impairment charge when the estimated fair value of the intangible asset is less than its carrying value.

The Company’s intangible assets were as follows:


		May 1, 2021						January 30, 2021
	Useful life	Gross amount		Accumulated amortization		Net amount		Gross amount		Accumulated amortization		Net amount
		(in thousands)
Gymboree tradename(1)	Indefinite	$	69,953	$	—	$	69,953	$	69,953	$	—	$	69,953
Crazy 8 tradename(1)	5 years	4,000		(1,661)		2,339		4,000		(1,461)		2,539
Customer databases(2)	3 years	3,000		(2,077)		923		3,000		(1,827)		1,173
Total intangibles, net		$	76,953	$	(3,738)	$	73,215	$	76,953	$	(3,288)	$	73,665


		May 2, 2020
	Useful life	Gross amount		Accumulated amortization		Net amount
		(in thousands)
Gymboree tradename(1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename(1)	5 years	4,000		(863)		3,137
Customer databases(2)	3 years	3,000		(1,077)		1,923
Total intangibles, net		$	76,953	$	(1,940)	$	75,013

____________________________________________

(1)Included within Tradenames, net in the consolidated balance sheets.

(2)Included within Other assets in the consolidated balance sheets.

STOCKHOLDERS' EQUITY

3 Months Ended

May 01, 2021

Stockholders' Equity Note [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

STOCKHOLDERS’ EQUITY

Share Repurchase Program

In March 2018, the Board of Directors authorized a $250 million share repurchase program (the “2018 Share Repurchase Program”). As of May 1, 2021, there was approximately $90.6 million remaining on the 2018 Share Repurchase Program. Under this program, the Company may repurchase shares on the open market at current market prices at the time of purchase or in privately negotiated transactions. The timing and actual number of shares repurchased under a program will depend on a variety of factors, including price, corporate and regulatory requirements, and other market and business conditions. The Company may suspend or discontinue the program at any time and may thereafter reinstitute purchases, all without prior announcement. In March 2020, the Company suspended share repurchases, other than to satisfy withholding tax requirements of equity award recipients, due to the COVID-19 pandemic.

Pursuant to the Company’s practice, including due to restrictions imposed by the Company’s insider trading policy during black-out periods, the Company withholds and repurchases shares of vesting stock awards and makes payments to taxing authorities as required by law to satisfy the withholding tax requirements of all equity award recipients. The Company’s payment of the withholding taxes in exchange for the surrendered shares constitutes a repurchase of its common stock. The Company also acquires shares of its common stock in conjunction with liabilities owed under the Company’s Deferred Compensation Plan, which are held in treasury.

The following table summarizes the Company’s share repurchases:


	Thirteen Weeks Ended
	May 1, 2021			May 2, 2020
	Shares	Value		Shares	Value
	(in thousands)
Share repurchases related to:
2018 Share Repurchase Program	29	$	2,374	262	$	14,559
Shares acquired and held in treasury under Deferred Compensation Plan	0.9	$	69	1.1	$	69

In accordance with the FASB ASC 505—Equity, the par value of the shares retired is charged against common stock and the remaining purchase price is allocated between additional paid-in capital and retained earnings. The portion charged against additional paid-in capital is determined using a pro-rata allocation based on total shares outstanding. Related to all shares retired during the First Quarter 2021 and the First Quarter 2020, approximately $1.9 million and $10.2 million, respectively, was charged to retained earnings.

Dividends

In March 2020, the Company announced it had temporarily suspended its dividend payments due to the COVID-19 pandemic.

Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s financial performance, and other investment priorities.

STOCK-BASED COMPENSATION

3 Months Ended

May 01, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement [Text Block]

STOCK-BASED COMPENSATION

The following table summarizes the Company’s stock-based compensation expense:


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
	(in thousands)
Deferred Awards	$	3,579	$	4,314
Performance Awards	4,337		(3,729)
Total stock-based compensation expense (1)	$	7,916	$	585

____________________________________________

(1)A portion of stock-based compensation is included in cost of sales. Approximately $1.0 million and $0.1 million during the First Quarter 2021 and the First Quarter 2020, respectively, were included in cost of sales. All other stock-based compensation is included in selling, general, and administrative expenses.

Changes in the Company’s Unvested Stock Awards During First Quarter 2021

Deferred Awards


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Deferred Awards, beginning of period	550	$	55.43
Granted	100	69.75
Vested	(60)	74.99
Forfeited	(1)	111.24
Unvested Deferred Awards, end of period	589	$	55.73

Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $19.8 million as of May 1, 2021, which will be recognized over a weighted average period of approximately 2.1 years.

Performance Awards


	Number of Shares (1)	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Performance Awards, beginning of period	350	$	74.37
Granted	144	73.73
Shares earned in excess of (below) target	(13)	45.48
Vested shares, including shares earned	(20)	77.86

Unvested Performance Awards, at end of period	461	$	74.81

____________________________________________

(1)For those awards in which the performance period is complete, the number of unvested shares is based on actual shares that will vest upon completion of the service period.

For those awards in which the performance period is not yet complete, the number of unvested shares in the table above is based on the participants earning their Target Shares at 100%. However, the cumulative expense recognized reflects changes in the probability that the performance criteria will be achieved as they occur. Based on the current number of Performance Awards expected to be earned, total unrecognized stock-based compensation expense related to unvested Performance Awards approximated $17.0 million as of May 1, 2021, which will be recognized over a weighted average period of approximately 2.3 years.

EARNINGS PER COMMON SHARE

3 Months Ended

May 01, 2021

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

EARNINGS PER COMMON SHAREThe following table reconciles net income (loss) and share amounts utilized to calculate basic and diluted earnings (loss) per common share:


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020


	(in thousands)
Net income (loss)	$	45,205	$	(114,810)

Basic weighted average common shares	14,670		14,611
Dilutive effect of stock awards	332		—
Diluted weighted average common shares	15,002		14,611

PROPERTY AND EQUIPMENT, NET

3 Months Ended

May 01, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in thousands)
Property and equipment:
Land and land improvements	$	3,403	$	3,403	$	3,403
Building and improvements	36,045		36,133		35,927
Material handling equipment	58,209		58,034		56,475
Leasehold improvements	213,672		216,989		270,988
Store fixtures and equipment	223,546		226,404		269,237
Capitalized software	299,966		296,967		287,918
Construction in progress	16,862		15,211		14,845
	851,703		853,141		938,793
Less accumulated depreciation and amortization	(679,613)		(671,340)		(726,782)
Property and equipment, net	$	172,090	$	181,801	$	212,011

At May 1, 2021, the Company reviewed its store related long-lived assets for indicators of impairment, and performed a recoverability test if indicators were identified. Based on the results of the analysis performed, the Company was not required to record an asset impairment charge for the First Quarter 2021.

At May 2, 2020, the Company performed impairment testing on 920 stores with a total net book value of approximately $65.0 million, as the Company experienced varying degrees of business disruptions and periods of store closures or reduced operating hours as a result of the pandemic. During the First Quarter 2020, the Company recorded asset impairment charges of $37.1 million, including approximately $19.2 million related to fixed assets and approximately $17.9 million related to ROU assets recorded in connection with Topic 842, primarily for 412 stores.

DEBT

3 Months Ended

May 01, 2021

Debt Disclosure [Abstract]

DEBT

Revolving Credit Facility

The Company and certain of its subsidiaries maintain an asset-based revolving credit facility (the “ABL Credit Facility”) with Wells Fargo Bank, National Association (“Wells Fargo”), Bank of America, N.A., HSBC Business Credit (USA) Inc., and JPMorgan Chase Bank, N.A., as lenders (collectively, the “Lenders”) and Wells Fargo, as Administrative Agent, Collateral Agent, and Swing Line Lender.

The ABL Credit Facility, which expires in May 2024, consists of a $360 million asset-based revolving credit facility that was increased from $325 million as a result of finalizing an amendment with the Lenders on April 24, 2020 to secure the Company an additional $35 million available under the accordion feature for a period of one year. The ABL Credit Facility includes a $25 million Canadian sublimit and a $50 million sublimit for standby and documentary letters of credit. On October

5, 2020, the Company further amended the ABL Credit Facility to provide for certain changes that permitted the issuance of an $80 million term loan (the “Term Loan”) on that date and align certain terms of the ABL Credit Facility to those of the Term Loan. The Term Loan is discussed in more detail below. On April 23, 2021, the Company and its Lenders extended the $35 million of additional availability for an additional year until April 23, 2022.

Borrowings outstanding under the ABL Credit Facility bear interest, at the Company’s option, at:

(i)the prime rate, plus a margin of 1.75% to 1.88% based on the amount of the Company’s average excess availability under the facility; or

(ii)the London InterBank Offered Rate, or “LIBOR”, for an interest period of one, two, three, or six months, as selected by the Company, plus a margin of: a) 2.50% to 2.75% and b) 1.00%, based on the amount of the Company’s average excess availability under the facility.

The Company is charged an unused line fee of 0.25% on the unused portion of the commitments. Letter of credit fees range from 1.25% to 1.38% for commercial letters of credit and from 2.00% to 2.25% for standby letters of credit. Letter of credit fees are determined based on the amount of the Company’s average excess availability under the facility. The amount available for loans and letters of credit under the ABL Credit Facility is determined by a borrowing base consisting of certain credit card receivables and certain trade receivables, certain inventory, and the fair market value of certain real estate, subject to certain reserves.

The outstanding obligations under the ABL Credit Facility may be accelerated upon the occurrence of certain events, including, among others, non-payment, breach of covenants, the institution of insolvency proceedings, defaults under other material indebtedness, and a change of control, subject, in the case of certain defaults, to the expiration of applicable grace periods. The Company is not subject to any early termination fees.

The ABL Credit Facility contains covenants, which include conditions on stock buybacks and the payment of cash dividends or similar payments. These covenants also limit the ability of the Company and its subsidiaries to incur certain liens, to incur certain indebtedness, to make certain investments, acquisitions, or dispositions or to change the nature of its business.

Credit extended under the ABL Credit Facility is secured by a first priority security interest in substantially all of the Company’s U.S. and Canadian assets, excluding intellectual property, software, equipment, and fixtures. In connection with the Term Loan, the Lenders under the ABL Credit Facility entered into an intercreditor agreement with the Term Loan lender and were granted a second priority security interest in the Term Loan collateral, which includes the Company’s intellectual property, certain furniture, fixtures and equipment, and pledges of subsidiary capital stock.

As of May 1, 2021 the Company has capitalized an aggregate of approximately $6.2 million in deferred financing costs related to the ABL Credit Facility. The unamortized balance of deferred financing costs as of May 1, 2021 was approximately $1.3 million. Unamortized deferred financing costs are amortized over the remaining term of the ABL Credit Facility.

The table below presents the components of the Company’s ABL Credit Facility:


	May 1, 2021			January 30, 2021			May 2, 2020
	(in millions)
Credit facility maximum	$	360.0		$	360.0		$	360.0
Borrowing base (1)	330.4			282.2			329.1

Outstanding borrowings	196.9			169.8			234.6

Letters of credit outstanding—standby	7.4			8.2			6.2
Utilization of credit facility at end of period	204.3			178.0			240.7

Availability (2)	$	126.1		$	104.2		$	88.4

Interest rate at end of period	4.0		%	4.2		%	3.4		%


	First Quarter 2021			Fiscal 2019			First Quarter 2020
Average end of day loan balance during the period	$	210.3		$	216.2		$	237.2
Highest end of day loan balance during the period	260.6			275.6			272.2
Average interest rate	4.0		%	3.8		%	3.1		%

____________________________________________

(1)Lower of the credit facility maximum or the total borrowing base collateral.

(2)The sub-limit availability for letters of credit was $42.6 million at May 1, 2021, $41.8 million at January 30, 2021, and $43.8 million at May 2, 2020.

Long-Term Debt

Long-term debt is solely comprised of the Term Loan transaction completed during Third Quarter 2020, as discussed below.

On October 5, 2020, the Company and certain of its subsidiaries entered into a loan agreement (the “Loan Agreement”) dated October 5, 2020 with SLR Credit Solutions (formerly known as Crystal Financial LLC), as Lender, Administrative Agent, and Collateral Agent, providing for an $80 million Term Loan. The net proceeds from the Term Loan, after deducting related fees and expenses, were used to repay borrowings under the Company’s ABL Credit Facility.

The Term Loan: (i) matures on the earlier of October 5, 2025 or the maturity date under the ABL Credit Facility, currently in May 2024; (ii) bears interest, payable monthly, at the greater of (a) the three month LIBOR Rate published in the Wall Street Journal, and (b) 1.00%, plus 7.75% or 8.00% depending on the average excess availability of credit under the ABL Credit Facility, adjusted quarterly; and (iii) amortizes by (x) 5.00% per annum payable quarterly beginning with the fiscal quarter ending on or around July 31, 2021 through the fiscal quarter ending on or around April 30, 2022, (y) 7.50% per annum payable quarterly beginning with the fiscal quarter ending on or around July 31, 2022 through the fiscal quarter ending on or around April 30, 2023, and (z) 10.00% per annum payable quarterly thereafter. For the First Quarter 2021, the Company recognized $1.8 million in interest expense related to the Term Loan.

The Term Loan is secured by a first priority security interest in the Company’s intellectual property, certain furniture, fixtures and equipment, and pledges of subsidiary capital stock, and a second priority security interest in the collateral securing the ABL Credit Facility. The Term Loan is guaranteed, subject to certain exceptions, by each of the Company’s subsidiaries that guarantee the ABL Credit Facility.

The Term Loan is, in whole or in part, pre-payable any time and from time to time, subject to certain prepayment premiums specified in the Loan Agreement, plus accrued and unpaid interest.

Among other covenants, the Loan Agreement limits the ability of the Company and its subsidiaries to incur certain liens, to incur certain indebtedness, including under the ABL Credit Facility, to make certain investments, acquisitions, dispositions or restricted payments, or to change the nature of its business. These covenants are substantially the same covenants as provided in the ABL Credit Facility.

The Loan Agreement contains customary events of default, which include (subject in certain cases to customary grace and cure periods), nonpayment of principal or interest, breach of other covenants in the Loan Agreement, failure to pay certain other indebtedness, including under the ABL Credit Facility, and certain events of bankruptcy, insolvency or reorganization.

The following table summarizes the current and long-term portion of the long-term debt:


	May 1, 2021
	(in thousands)










Term Loan principal	$	80,000
Less: Unamortized discount, net	(1,052)
Less: Unamortized debt issuance costs, net	(1,152)
Term Loan, net	77,796
Less: Current portion, net	(3,270)
Long-term debt, net	$	74,526

Future principal payments of long-term debt due in each of the next four years subsequent to May 1, 2021 are as follows:


Period	Future Principal Payments
	(in thousands)
Remainder of 2021	$	3,000
2022	5,500
2023	7,500
2024	64,000
2025	—
Total future principal payments	$	80,000

LEGAL AND REGULATORY MATTERS	3 Months Ended
LEGAL AND REGULATORY MATTERS	May 01, 2021
LEGAL AND REGULATORY MATTERS [Abstract]
Legal Matters and Contingencies [Text Block]	LEGAL AND REGULATORY MATTERS The Company is a defendant in Rael v. The Children’s Place, Inc., a purported class action, pending in the U.S. District Court, Southern District of California. In the initial complaint filed in February 2016, the plaintiff alleged that the Company falsely advertised discount prices in violation of California’s Unfair Competition Law, False Advertising Law, and Consumer Legal Remedies Act. The plaintiff filed an amended complaint in April 2016, adding allegations of violations of other state consumer protection laws. In August 2016, the plaintiff filed a second amended complaint, adding an additional plaintiff and removing the other state law claims. The plaintiffs’ second amended complaint seeks to represent a class of California purchasers and seeks, among other items, injunctive relief, damages, and attorneys’ fees and costs. The Company engaged in mediation proceedings with the plaintiffs in December 2016 and April 2017. The parties reached an agreement in principle in April 2017, and signed a definitive settlement agreement in November 2017, to settle the matter on a class basis with all individuals in the U.S. who made a qualifying purchase at The Children’s Place from February 11, 2012 through January 28, 2020, the date of preliminary approval by the court of the settlement. The Company submitted its memorandum in support of final approval of the class settlement on March 2, 2021. On March 29, 2021, the court granted final approval of the class settlement and denied plaintiff’s motion for attorney’s fees, with the attorney’s fees to be decided after the class recovery amount has been determined. The settlement provides merchandise vouchers for qualified class members who submit valid claims, as well as payment of legal fees and expenses and claims administration expenses. In connection with the proposed settlement, the Company recorded a reserve for $5.0 million in its consolidated financial statements in the first quarter of 2017. The Company is also involved in various legal proceedings arising in the normal course of business. In the opinion of management, any ultimate liability arising out of these proceedings will not have a material adverse effect on the Company’s financial position, results of operations, or cash flows.

INCOME TAXES	3 Months Ended
INCOME TAXES	May 01, 2021
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	INCOME TAXES The Company computes income taxes using the liability method. This method requires recognition of deferred tax assets and liabilities, measured by enacted rates, attributable to temporary differences between the financial statement and income tax basis of assets and liabilities. The Company’s deferred tax assets and liabilities are comprised largely of differences relating to depreciation and amortization, rent expense, inventory, stock-based compensation, net operating loss carryforwards, tax credits, and various accruals and reserves. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) was enacted in response to the COVID-19 pandemic. Included in the CARES Act is a provision that allows net operating losses (“NOLs”) incurred in taxable years 2018, 2019, and 2020 to be carried back to each of the five preceding taxable years to offset 100% of taxable income and generate a refund of previously paid income taxes. The Company has evaluated the impact of the CARES Act and expects the NOL carryback provision of the CARES Act to result in a material cash benefit to the Company. The Company’s effective tax rate for the First Quarter 2021 was 26.5% as compared to a tax benefit of 34.4% that resulted in the First Quarter 2020. The Company’s income tax expense for the First Quarter 2021 is $16.3 million compared to an income tax benefit of $60.2 million in the First Quarter 2020, as a result of the COVID-19 pandemic. The decrease in the effective tax rate for the First Quarter of 2021 compared to the First Quarter of 2020 was primarily driven by the Company’s forecasted earnings for the current year versus the prior year and the inclusion of the CARES Act provisions in the prior period. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes. The total amount of unrecognized tax benefits as of May 1, 2021, January 30, 2021, and May 2, 2020 were $7.9 million, $7.9 million, and $6.8 million, respectively, and is included within non-current liabilities. The Company recognized additional interest expense related to unrecognized tax benefits of less than $0.1 million in the First Quarter 2021 and the First Quarter 2020. The Company is subject to tax in the United States and foreign jurisdictions, including Canada and Hong Kong. The Company, including its domestic subsidiaries, files a consolidated income tax return for federal income tax purposes. The Company is no longer subject to income tax examinations by U.S. federal, state and local, or foreign tax authorities for fiscal tax years 2014 and prior, with the exception of Hong Kong, which is open through fiscal tax year 2013 due to an ongoing tax examination. Management believes that an adequate provision has been made for any adjustments that may result from tax examinations. However, the outcome of tax audits cannot be predicted with certainty. If any issues arise as a result of a tax audit, and are resolved in a manner not consistent with management’s expectations, the Company could be required to adjust its provision for income tax in the period such resolution occurs.

SEGMENT INFORMATION

3 Months Ended

May 01, 2021

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

SEGMENT INFORMATIONIn accordance with FASB ASC 280—Segment Reporting, the Company reports segment data based on geography: The Children’s Place U.S. and The Children’s Place International. Each segment includes an e-commerce business located at www.childrensplace.com and www.gymboree.com. Included in The Children’s Place U.S. segment are the Company’s U.S. and Puerto Rico-based stores and revenue from the Company’s U.S.-based wholesale business. Included in The Children’s Place International segment are the Company’s Canadian-based stores, revenue from the Company’s Canadian-based wholesale business, and revenue from international franchisees. The Company measures its segment profitability based on operating income, defined as income before interest and taxes. Net sales and direct costs are recorded by each segment. Certain inventory procurement functions, such as production and design, as well as corporate overhead, including executive management, finance, real estate, human resources, legal, and information technology services, are managed by The Children’s Place U.S. segment. Expenses related to these functions, including depreciation and amortization, are allocated to The Children’s Place International segment based primarily on net sales. The assets related to these functions are not allocated. The Company periodically reviews these allocations and adjusts them based upon changes in business circumstances. Net sales to external customers are derived from merchandise sales, and the Company has no major customers that account for more than 10% of its net sales. As of May 1, 2021, The Children’s Place U.S. had 624 stores and The Children’s Place International had 100 stores. As of May 2, 2020, The Children’s Place U.S. had 800 stores and The Children’s Place International had 120 stores.

The following tables provide segment level financial information:


	Thirteen Weeks Ended
	May 1, 2021			May 2, 2020
	(in thousands)
Net sales(1):
The Children’s Place U.S.	$	399,659		$	234,948
The Children’s Place International (2)	35,822			20,259
Total net sales	$	435,481		$	255,207








Operating income (loss)(1):
The Children’s Place U.S.	$	63,912		$	(159,336)
The Children’s Place International	1,995			(13,807)
Total operating income (loss)	$	65,907		$	(173,143)
Operating income (loss) as a percent of net sales(1):
The Children’s Place U.S.	16.0		%	(67.8)		%
The Children’s Place International	5.6		%	(68.2)		%
Total operating income (loss) as a percent of net sales	15.1		%	(67.8)		%
Depreciation and amortization:
The Children’s Place U.S.	$	14,311		$	16,186
The Children’s Place International	1,250			1,702
Total depreciation and amortization	$	15,561		$	17,888
Capital expenditures:
The Children’s Place U.S.	$	6,487		$	5,200
The Children’s Place International	239			533
Total capital expenditures	$	6,726		$	5,733

____________________________________________

(1)Net sales and operating income (loss) were significantly impacted by the COVID-19 pandemic in the First Quarter 2020.

(2)Net sales from The Children’s Place International are primarily derived from revenues from Canadian operations. Our foreign subsidiaries, primarily in Canada, have operating results based in foreign currencies and are thus subject to the fluctuations of the corresponding translation rates into U.S. dollars.


	May 1, 2021		January 30, 2021		May 2, 2020
Total assets:	(in thousands)
The Children’s Place U.S.	$	1,041,441	$	1,054,339	$	1,097,544
The Children’s Place International	86,226		85,788		87,392
Total assets	$	1,127,667	$	1,140,127	$	1,184,936

DERIVATIVE INSTRUMENTS (Notes)	3 Months Ended
DERIVATIVE INSTRUMENTS (Notes)	May 01, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments and Hedging Activities Disclosure [Text Block]	DERIVATIVE INSTRUMENTS The Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates attributable to inventory purchases denominated in a foreign currency. Specifically, our Canadian subsidiary’s functional currency is the Canadian dollar, but it purchases inventory from suppliers in U.S. dollars. In order to mitigate the variability of cash flows associated with certain of these forecasted inventory purchases, we enter, from time-to-time, into foreign exchange forward contracts. These contracts typically mature within 12 months. We do not use forward contracts to engage in currency speculation, and we do not enter into derivative financial instruments for trading purposes. The Company accounts for all of its derivatives and hedging activity under FASB ASC 815—Derivatives and Hedging. Under the Company’s risk management policy and in accordance with guidance under the topic, in order to qualify for hedge accounting treatment, a derivative must be considered highly effective at offsetting changes in either the hedged item’s cash flows or fair value. Additionally, the hedge relationship must be documented to include the risk management objective and strategy, the hedging instrument, the hedged item, the risk exposure, and how hedge effectiveness will be assessed prospectively and retrospectively. The Company formally measures effectiveness of its hedging relationships both at the hedge inception and on an ongoing basis. The Company would discontinue hedge accounting under a foreign exchange forward contract prospectively: (i) if management determines that the derivative is no longer highly effective in offsetting changes in the cash flows of a hedged item, (ii) when the derivative expires or is terminated, (iii) if the forecasted transaction being hedged by the derivative is no longer probable of occurring, or (iv) if management determines that designation of the derivative as a hedge instrument is no longer appropriate. All derivative instruments are presented at gross fair value on the consolidated balance sheets within either prepaid expenses and other current assets or accrued expenses and other current liabilities. As of May 1, 2021, the Company did not have any open foreign exchange forward contracts. As of May 2, 2020, the Company had foreign exchange forward contracts with an aggregate notional amount of $2.7 million, and the fair value of the derivative instruments was an asset of $1.4 million. As these foreign exchange forward contracts were measured at fair value using observable market inputs such as forward rates, the Company’s credit risk, and our counterparties’ credit risks, they were classified within Level 2 of the fair value hierarchy. Cash settlements related to these forward contracts were recorded in cash flows from operating activities within the consolidated statements of cash flows. For derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”) and reclassified into earnings within cost of sales (exclusive of depreciation and amortization) in the same period or periods during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge ineffectiveness are recognized in earnings within selling, general, and administrative expenses, consistent with where the Company records realized and unrealized foreign currency gains and losses on transactions in foreign denominated currencies. There were no losses related to hedge ineffectiveness during the First Quarter 2021 or First Quarter 2020. Changes in fair value associated with derivatives that were not designated and qualified as cash flow hedges were recognized in earnings within selling, general, and administrative expenses. During each of the First Quarter 2021 and First Quarter 2020, there were no derivatives that qualified as cash flow hedges.

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	May 02, 2020
Accounting Policies [Abstract]
Consolidation, Policy [Policy Text Block]	Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. As of May 1, 2021 and May 2, 2020, the Company did not have any investments in unconsolidated affiliates. FASB ASC 810—Consolidation is considered when determining whether an entity is subject to consolidation.
Fiscal Period, Policy [Policy Text Block]	Fiscal YearThe Company’s fiscal year is a 52-week or 53-week period ending on the Saturday on or nearest to January 31.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and amounts of revenues and expenses reported during the period. Actual results could differ from the assumptions used and estimates made by management, which could have a material impact on the Company’s financial position or results of operations. Significant estimates inherent in the preparation of the consolidated financial statements include: reserves for the realizability of inventory; reserves for litigation and other contingencies; useful lives and impairments of long-lived assets; fair value measurements; accounting for income taxes and related uncertain tax positions; insurance reserves; intangible assets; valuation of stock-based compensation awards and related estimated forfeiture rates, among others.
Inventory, Policy [Policy Text Block]	Inventories Inventories, which consist primarily of finished goods, are stated at the lower of cost or net realizable value, with cost determined on an average cost basis. The Company capitalizes certain buying, design, and supply chain costs in inventory, and these costs are reflected within cost of sales as the inventories are sold. Inventory shrinkage is estimated in interim periods based upon the historical results of physical inventory counts in the context of current year facts and circumstances.
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of Long-Lived Assets The Company periodically reviews its long-lived assets when events indicate that their carrying value may not be recoverable. Such events include historical trends or projected trends of cash flow losses or a future expectation that the Company will sell or dispose of an asset significantly before the end of its previously estimated useful life. In reviewing for impairment, the Company groups its long-lived assets at the lowest possible level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. The Company reviews all stores that have reached comparable sales status, or sooner if circumstances should dictate, on at least an annual basis. The Company believes waiting this period of time allows a store to reach a maturity level where a more comprehensive analysis of financial performance can be performed. For each store that shows indications of impairment, the Company performs a recoverability test comparing estimated undiscounted future cash flows to the carrying value of the related long-lived assets. If the undiscounted cash flows are less than the related net book value of the long-lived assets, they are written down to their fair market value. The Company primarily uses discounted future cash flows directly associated with those assets to determine fair market value of long-lived assets and right-of-use (“ROU”) assets. In evaluating future cash flows, the Company considers external and internal factors. External factors comprise the local environment in which the store resides, including mall traffic, competition, and their effect on sales trends, as well as macroeconomic factors, such as global pandemics. Internal factors include the Company’s ability to gauge the fashion taste of its customers, control variable costs such as cost of sales and payroll, and in certain cases, its ability to renegotiate lease costs.
Share-based Payment Arrangement [Policy Text Block]	Stock-based Compensation The Company generally grants time-vesting stock awards (“Deferred Awards”) and performance-based stock awards (“Performance Awards”) to employees at management levels. The Company also grants Deferred Awards to its non-employee directors. Deferred Awards are granted in the form of restricted stock units that require each recipient to complete a service period. Deferred Awards generally vest ratably over three years, except for those granted to non-employee directors, which generally vest after one year. Performance Awards are granted in the form of restricted stock units which have performance criteria that must be achieved for the awards to vest (the “Target Shares”) in addition to a service period requirement. For Performance Awards, an employee may earn from 0% to 300% of their Target Shares based on the Company’s achievement of certain performance goals established at the beginning of the applicable performance period. The Performance Awards cliff vest, if earned, after completion of the applicable performance period, which is generally three years. The fair value of these Performance Awards granted is based on the closing price of our common stock on the grant date. Stock-based compensation expense is recognized ratably over the related service period, reduced for estimated forfeitures of those awards not expected to vest due to employee turnover. Stock-based compensation expense, as it relates to Performance Awards, is also adjusted based on the probability that the performance criteria will be achieved.
Deferred Compensation Arrangements Policy Text Block	Deferred Compensation Plan The Company has a deferred compensation plan (the “Deferred Compensation Plan”), which is a nonqualified plan, for eligible senior level employees. Under the Deferred Compensation Plan, a participant may elect to defer up to 80% of his or her base salary and/or up to 100% of his or her bonus to be earned for the year following the year in which the deferral election is made. The Deferred Compensation Plan also permits members of the Board of Directors to elect to defer payment of all or a portion of their retainer and other fees to be earned for the year following the year in which a deferral election is made. In addition, eligible employees and directors of the Company may also elect to defer payment of any shares of Company stock that are earned with respect to stock-based awards. Directors may elect to have all or a certain portion of their fees earned for their service on the Board invested in shares of the Company’s common stock. Such elections are irrevocable. The Company is not required to contribute to the Deferred Compensation Plan, but at its sole discretion, can make additional contributions on behalf of the participants. Deferred amounts are not subject to forfeiture and are deemed invested among investment funds offered under the Deferred Compensation Plan, as directed by each participant. Payments of deferred amounts (as adjusted for earnings and losses) are payable following separation from service or at a date or dates elected by the participant at the time the deferral is elected. Payments of deferred amounts are generally made in either a lump sum or in annual installments over a period not exceeding 15 years. All deferred amounts are payable in the form in which they were made, except for Board of Directors fees invested in shares of the Company’s common stock, which will be settled in shares of Company common stock. Earlier distributions are not permitted except in the case of an unforeseen hardship. The Company has established a rabbi trust that serves as an investment to shadow the Deferred Compensation Plan liability. The assets of the rabbi trust are general assets of the Company and, as such, would be subject to the claims of creditors in the event of bankruptcy or insolvency. Investments of the rabbi trust consist of mutual funds and Company common stock. The Deferred Compensation Plan liability, excluding Company common stock, is included within other long-term liabilities, and changes in the balance, except those relating to payments, are recognized as compensation expense within selling, general, and administrative expenses. The value of the mutual funds is included in other assets and related earnings and losses are recognized as investment income or loss, which is included within selling, general, and administrative expenses. Company stock deferrals are included within the equity section of the Company’s consolidated balance sheet as treasury stock and as a deferred compensation liability. Deferred stock is recorded at fair market value at the time of deferral, and any subsequent changes in fair market value are not recognized.

REVENUES (Tables)

3 Months Ended

May 01, 2021

Disaggregation of Revenue [Table Text Block]

The following table presents our revenues disaggregated by geography:


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
Net sales:	(in thousands)
South	$	165,738	$	97,936
Northeast	95,022		51,830
West	62,223		37,262
Midwest	60,804		37,233
International and other	51,694		30,946
Total net sales	$	435,481	$	255,207

Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block]

The following table provides the reconciliation of the contract liability related to gift cards:


	Contract Liability
	(in thousands)
Balance at January 30, 2021	$	13,634
Gift cards sold	4,727
Gift cards redeemed	(5,048)
Gift card breakage	(596)
Balance at May 1, 2021	$	12,717

LEASES (Tables)

3 Months Ended

May 01, 2021

Leases [Abstract]

Lease, Cost

The following components of lease expense are included in the Company’s consolidated statements of operations.


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
	(in thousands)



Operating lease cost	$	25,758	$	40,152
Variable lease cost (1)	3,374		11,133
Total lease cost	$	29,132	$	51,285

____________________________________________

Lessee, Operating Lease, Liability, Maturity

As of May 1, 2021, the maturities of lease liabilities were as follows:


	May 1, 2021
	(in thousands)
Remainder of 2021	$	115,443
2022	75,101
2023	49,940
2024	28,330
2025	18,877
Thereafter	53,001
Total lease payments (1)	$	340,692
Less: imputed interest	$	(16,185)
Present value of lease liabilities	$	324,507

____________________________________________

INTANGIBLE ASSETS (Tables)

3 Months Ended

May 01, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The Company’s intangible assets were as follows:


		May 1, 2021						January 30, 2021
	Useful life	Gross amount		Accumulated amortization		Net amount		Gross amount		Accumulated amortization		Net amount
		(in thousands)
Gymboree tradename(1)	Indefinite	$	69,953	$	—	$	69,953	$	69,953	$	—	$	69,953
Crazy 8 tradename(1)	5 years	4,000		(1,661)		2,339		4,000		(1,461)		2,539
Customer databases(2)	3 years	3,000		(2,077)		923		3,000		(1,827)		1,173
Total intangibles, net		$	76,953	$	(3,738)	$	73,215	$	76,953	$	(3,288)	$	73,665


		May 2, 2020
	Useful life	Gross amount		Accumulated amortization		Net amount
		(in thousands)
Gymboree tradename(1)	Indefinite	$	69,953	$	—	$	69,953
Crazy 8 tradename(1)	5 years	4,000		(863)		3,137
Customer databases(2)	3 years	3,000		(1,077)		1,923
Total intangibles, net		$	76,953	$	(1,940)	$	75,013

____________________________________________

(1)Included within Tradenames, net in the consolidated balance sheets.

(2)Included within Other assets in the consolidated balance sheets.

STOCKHOLDERS' EQUITY Share Repurchase (Tables)

3 Months Ended

May 01, 2021

Stockholders' Equity Attributable to Parent [Abstract]

Schedule of Repurchase Agreements [Table Text Block]

The following table summarizes the Company’s share repurchases:


	Thirteen Weeks Ended
	May 1, 2021			May 2, 2020
	Shares	Value		Shares	Value
	(in thousands)
Share repurchases related to:
2018 Share Repurchase Program	29	$	2,374	262	$	14,559
Shares acquired and held in treasury under Deferred Compensation Plan	0.9	$	69	1.1	$	69

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

May 01, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Cost by Plan [Table Text Block]

The following table summarizes the Company’s stock-based compensation expense:


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
	(in thousands)
Deferred Awards	$	3,579	$	4,314
Performance Awards	4,337		(3,729)
Total stock-based compensation expense (1)	$	7,916	$	585

____________________________________________

Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Deferred Awards, beginning of period	550	$	55.43
Granted	100	69.75
Vested	(60)	74.99
Forfeited	(1)	111.24
Unvested Deferred Awards, end of period	589	$	55.73

Schedule of Nonvested Performance-based Units Activity [Table Text Block]


	Number of Shares (1)	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Performance Awards, beginning of period	350	$	74.37
Granted	144	73.73
Shares earned in excess of (below) target	(13)	45.48
Vested shares, including shares earned	(20)	77.86

Unvested Performance Awards, at end of period	461	$	74.81

____________________________________________(1)For those awards in which the performance period is complete, the number of unvested shares is based on actual shares that will vest upon completion of the service period.

EARNINGS PER COMMON SHARE (Tables)

3 Months Ended

May 01, 2021

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table reconciles net income (loss) and share amounts utilized to calculate basic and diluted earnings (loss) per common share:


	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020


	(in thousands)
Net income (loss)	$	45,205	$	(114,810)

Basic weighted average common shares	14,670		14,611
Dilutive effect of stock awards	332		—
Diluted weighted average common shares	15,002		14,611

PROPERTY AND EQUIPMENT, NET (Tables)

3 Months Ended

May 01, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property and equipment, net consist of the following:


	May 1, 2021		January 30, 2021		May 2, 2020
	(in thousands)
Property and equipment:
Land and land improvements	$	3,403	$	3,403	$	3,403
Building and improvements	36,045		36,133		35,927
Material handling equipment	58,209		58,034		56,475
Leasehold improvements	213,672		216,989		270,988
Store fixtures and equipment	223,546		226,404		269,237
Capitalized software	299,966		296,967		287,918
Construction in progress	16,862		15,211		14,845
	851,703		853,141		938,793
Less accumulated depreciation and amortization	(679,613)		(671,340)		(726,782)
Property and equipment, net	$	172,090	$	181,801	$	212,011

DEBT (Tables)

3 Months Ended

May 01, 2021

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities [Table Text Block]

The table below presents the components of the Company’s ABL Credit Facility:


	May 1, 2021			January 30, 2021			May 2, 2020
	(in millions)
Credit facility maximum	$	360.0		$	360.0		$	360.0
Borrowing base (1)	330.4			282.2			329.1

Outstanding borrowings	196.9			169.8			234.6

Letters of credit outstanding—standby	7.4			8.2			6.2
Utilization of credit facility at end of period	204.3			178.0			240.7

Availability (2)	$	126.1		$	104.2		$	88.4

Interest rate at end of period	4.0		%	4.2		%	3.4		%


	First Quarter 2021			Fiscal 2019			First Quarter 2020
Average end of day loan balance during the period	$	210.3		$	216.2		$	237.2
Highest end of day loan balance during the period	260.6			275.6			272.2
Average interest rate	4.0		%	3.8		%	3.1		%

____________________________________________

(1)Lower of the credit facility maximum or the total borrowing base collateral.

(2)The sub-limit availability for letters of credit was $42.6 million at May 1, 2021, $41.8 million at January 30, 2021, and $43.8 million at May 2, 2020.

Schedule of Long-term Debt Instruments [Table]

The following table summarizes the current and long-term portion of the long-term debt:


	May 1, 2021
	(in thousands)










Term Loan principal	$	80,000
Less: Unamortized discount, net	(1,052)
Less: Unamortized debt issuance costs, net	(1,152)
Term Loan, net	77,796
Less: Current portion, net	(3,270)
Long-term debt, net	$	74,526

Schedule of Maturities of Long-term Debt

Future principal payments of long-term debt due in each of the next four years subsequent to May 1, 2021 are as follows:


Period	Future Principal Payments
	(in thousands)
Remainder of 2021	$	3,000
2022	5,500
2023	7,500
2024	64,000
2025	—
Total future principal payments	$	80,000

SEGMENT INFORMATION (Tables)

3 Months Ended

May 01, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment [Table Text Block]

The following tables provide segment level financial information:


	Thirteen Weeks Ended
	May 1, 2021			May 2, 2020
	(in thousands)
Net sales(1):
The Children’s Place U.S.	$	399,659		$	234,948
The Children’s Place International (2)	35,822			20,259
Total net sales	$	435,481		$	255,207








Operating income (loss)(1):
The Children’s Place U.S.	$	63,912		$	(159,336)
The Children’s Place International	1,995			(13,807)
Total operating income (loss)	$	65,907		$	(173,143)
Operating income (loss) as a percent of net sales(1):
The Children’s Place U.S.	16.0		%	(67.8)		%
The Children’s Place International	5.6		%	(68.2)		%
Total operating income (loss) as a percent of net sales	15.1		%	(67.8)		%
Depreciation and amortization:
The Children’s Place U.S.	$	14,311		$	16,186
The Children’s Place International	1,250			1,702
Total depreciation and amortization	$	15,561		$	17,888
Capital expenditures:
The Children’s Place U.S.	$	6,487		$	5,200
The Children’s Place International	239			533
Total capital expenditures	$	6,726		$	5,733

____________________________________________

(1)Net sales and operating income (loss) were significantly impacted by the COVID-19 pandemic in the First Quarter 2020.


	May 1, 2021		January 30, 2021		May 2, 2020
Total assets:	(in thousands)
The Children’s Place U.S.	$	1,041,441	$	1,054,339	$	1,097,544
The Children’s Place International	86,226		85,788		87,392
Total assets	$	1,127,667	$	1,140,127	$	1,184,936

BASIS OF PRESENTATION (Details) - segment	3 Months Ended
BASIS OF PRESENTATION (Details) - segment	May 01, 2021	May 02, 2020	May 04, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of Reportable Segments	2
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year	3 years
Deferred Compensation Arrangements Maximum Percentage of Bonus		100.00%
Deferred Compensation Arrangements Maximum Percentage of Base Salary		80.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	300.00%

REVENUES - Disaggregation by Geography (Details) - USD ($) $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 435,481	$ 255,207
South
Disaggregation of Revenue [Line Items]
Net sales	165,738	97,936
Northeast
Disaggregation of Revenue [Line Items]
Net sales	95,022	51,830
West
Disaggregation of Revenue [Line Items]
Net sales	62,223	37,262
Midwest
Disaggregation of Revenue [Line Items]
Net sales	60,804	37,233
International and Other
Disaggregation of Revenue [Line Items]
Net sales	$ 51,694	$ 30,946

REVENUES (Details) - USD ($) $ in Thousands	May 01, 2021	Jan. 30, 2021	May 02, 2020
Deferred Revenue, Current	$ 6,700		$ 15,100
Deferred Revenue	1,700		1,100
Contract with Customer, Liability	4,300	$ 2,100
Gift Cards
Contract with Customer, Liability	$ 12,717	$ 13,634	$ 14,900

REVENUES - Gift Card Liability Balance (Details) $ in Thousands	3 Months Ended
	May 01, 2021 USD ($)
Gift card liability, beginning balance	$ 2,100
Gift card liability, ending balance	4,300
Gift Cards
Gift card liability, beginning balance	13,634
Gift cards sold	4,727
Gift cards redeemed	(5,048)
Gift card breakage	(596)
Gift card liability, ending balance	$ 12,717

LEASES - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	May 01, 2021	May 02, 2020
Lessee, Lease, Description [Line Items]
Option to extend lease	5 years
Operating Lease, Weighted Average Remaining Lease Term	4 years 3 months 18 days
Operating Lease, Weighted Average Discount Rate, Percent	5.25%
Operating Lease, Payments	$ 68,303	$ 11,819
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability	$ 5,000
Minimum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lessee, Operating Lease, Remaining Lease Term	9 years

LEASES - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	May 01, 2021	May 02, 2020
Leases [Abstract]
Operating Lease, Cost	$ 25,758	$ 40,152
Variable Lease, Cost	3,374	11,133
Lease, Cost	$ 29,132	51,285
Reduction of Lease Cost, Lease Abatement		$ 8,000

LEASES - Lease Liability Maturity (Details) $ in Thousands	3 Months Ended
LEASES - Lease Liability Maturity (Details) $ in Thousands	May 01, 2021 USD ($)
Leases [Abstract]
Remainder of 2021	$ 115,443
2022	75,101
2023	49,940
2024	28,330
2025	18,877
Thereafter	53,001
Total lease payments (1)	340,692
Less: imputed interest	(16,185)
Present value of lease liabilities	324,507
Operating Lease Liability, Decrease For Rent Concessions	$ 26,900

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	May 01, 2021	May 02, 2020	Jan. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Indefinite-lived Intangible Assets (Excluding Goodwill)	$ 69,953	$ 69,953	$ 69,953
Finite-Lived Intangible Assets, Accumulated Amortization	(3,738)	(1,940)	(3,288)
Intangible Assets, Net (Excluding Goodwill)	73,215	75,013	73,665
Intangible Assets, Gross (Excluding Goodwill)	$ 76,953	$ 76,953	$ 76,953
Tradenames
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years	5 years
Finite-Lived Intangible Assets, Gross	$ 4,000	$ 4,000	$ 4,000
Finite-Lived Intangible Assets, Accumulated Amortization	(1,661)	(863)	(1,461)
Finite-Lived Intangible Assets, Net	$ 2,339	$ 3,137	$ 2,539
Customer databases
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years	3 years	3 years
Finite-Lived Intangible Assets, Gross	$ 3,000	$ 3,000	$ 3,000
Finite-Lived Intangible Assets, Accumulated Amortization	(2,077)	(1,077)	(1,827)
Finite-Lived Intangible Assets, Net	$ 923	$ 1,923	$ 1,173

STOCKHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended
STOCKHOLDERS' EQUITY (Details) - USD ($)	May 01, 2021	May 02, 2020	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount			$ 250,000,000
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation	29,000	262,000
Payment, Tax Withholding, Share-based Payment Arrangement	$ 2,374,000	$ 14,559,000
Treasury Stock, Shares, Acquired	900	1,100
Treasury Stock, Value, Acquired, Cost Method	$ 69,000	$ 69,000
Stock Repurchased and Retired During Period, Value	(2,374,000)	(14,559,000)
2015 $250M Share Repurchase Program [Member] [Domain] [Domain] [Domain]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Remaining Authorized Repurchase Amount	90,600,000
Retained Earnings [Member]
Equity, Class of Treasury Stock [Line Items]
Stock Repurchased and Retired During Period, Value	$ (1,852,000)	$ (10,243,000)

STOCK-BASED COMPENSATION (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020	Jan. 30, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 7,916	$ 585
Cost of Sales [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	1,000	100
Restricted Stock Units (RSUs) [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	3,579	4,314
Performance Awards Member
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 4,337	$ (3,729)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	461		350
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	144
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	20
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	13
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 74.81		$ 74.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	73.73
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	$ 77.86
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days
Deferred and Restricted Stock (Deferred Awards) Member
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	589		550
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	100
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	60
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	1
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 55.73		$ 55.43
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	69.75
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	74.99
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value	$ 111.24
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 19,800
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 1 month 6 days

STOCK-BASED COMPENSATION (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	May 01, 2021	May 02, 2020	May 04, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year	3 years
Performance Awards Member
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	350
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	144
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period	(13)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Intrinsic Value, Amount Per Share	$ 45.48
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period	(20)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	461
Share-based Compensation Arrangement By Share-based Payment Award Percentage Of Target Shares Which Can Be Earned		100.00%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 74.37
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	73.73
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value	77.86
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 74.81
Share-based Payment Arrangement, Additional Disclosure [Abstract]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount	$ 17.0
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition	2 years 3 months 18 days

EARNINGS PER COMMON SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	May 01, 2021	May 02, 2020
Earnings Per Share, Basic and Diluted [Abstract]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 45,205	$ (114,810)
Weighted Average Number of Shares Outstanding, Basic	14,670	14,611
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements	332	0
Weighted Average Number of Shares Outstanding, Diluted	15,002	14,611

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

+ Details

PROPERTY AND EQUIPMENT, NET (Details)	3 Months Ended
PROPERTY AND EQUIPMENT, NET (Details)	May 01, 2021 USD ($)	May 02, 2020 USD ($) store	Jan. 30, 2021 USD ($)
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 851,703,000	$ 938,793,000	$ 853,141,000
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	(679,613,000)	(726,782,000)	(671,340,000)
Property, Plant and Equipment, Net	172,090,000	$ 212,011,000	181,801,000
Number Of Stores Tested For Impairment \| store		920
Net book value		$ 65,000,000.0
Impairment of Long-Lived Assets Held-for-use	0	37,091,000
Tangible Asset Impairment Charges		19,200,000
Operating Lease, Impairment Loss		$ 17,900,000
Number Of Impaired Stores \| store		412
Land and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	3,403,000	$ 3,403,000	3,403,000
Building and Building Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	36,045,000	35,927,000	36,133,000
Material handling equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	58,209,000	56,475,000	58,034,000
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	213,672,000	270,988,000	216,989,000
Store fixtures and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	223,546,000	269,237,000	226,404,000
Computer Software, Intangible Asset [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	299,966,000	287,918,000	296,967,000
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Gross	$ 16,862,000	$ 14,845,000	$ 15,211,000

DEBT - Narrative (Details) - USD ($)	3 Months Ended	9 Months Ended		12 Months Ended
DEBT - Narrative (Details) - USD ($)	May 01, 2021	Apr. 30, 2023	Apr. 30, 2022	May 09, 2024	Apr. 23, 2021	Jan. 30, 2021	May 02, 2020	Apr. 23, 2020
Line of Credit Facility [Line Items]
Credit facility maximum	$ 360,000,000.0					$ 360,000,000.0	$ 360,000,000.0
Line Of Credit Facility Accordion Borrowing Capacity	35,000,000
Interest Expense, Long-term Debt	$ 1,800,000
Forecast [Member]
Line of Credit Facility [Line Items]
Debt Instrument, Redemption Price, Percentage of Principal Amount Redeemed		7.50%	5.00%	10.00%
LIBOR [Member] \| Asset-based revolving credit facility
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	1.00%
Average Excess Availability Of Credit \| Asset-based revolving credit facility \| Minimum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	7.75%
Average Excess Availability Of Credit \| Asset-based revolving credit facility \| Maximum
Line of Credit Facility [Line Items]
Debt Instrument, Basis Spread on Variable Rate	8.00%
Asset-based revolving credit facility
Line of Credit Facility [Line Items]
Credit facility maximum	$ 360,000,000							$ 325,000,000
Letters of Credit Maximum Borrowing Capacitys	$ 50,000,000
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Debt Issuance Costs, Gross	$ 6,200,000
Debt Issuance Costs, Net	1,300,000
Asset-based revolving credit facility \| Canada
Line of Credit Facility [Line Items]
Letters of Credit Maximum Borrowing Capacitys	$ 25,000,000
Asset-based revolving credit facility \| Prime Rate [Member]
Line of Credit Facility [Line Items]
Debt Instrument Basis Spread On Variable Rate Low End Of Range	1.75%
Debt Instrument Basis Spread On Variable Rate High End Of Range	1.88%
Asset-based revolving credit facility \| LIBOR [Member]
Line of Credit Facility [Line Items]
Debt Instrument Basis Spread On Variable Rate Low End Of Range	2.50%
Debt Instrument Basis Spread On Variable Rate High End Of Range	2.75%
Debt Instrument, Description of Variable Rate Basis	one, two, three, or six
Debt Instrument, Basis Spread on Variable Rate	1.00%
Asset-based revolving credit facility \| Letter of Credit [Member]
Line of Credit Facility [Line Items]
Letters of Credit Facility Commitment Fee Percentage Low End of Range	1.25%
Letters of Credit Facility Commitment Fee Percentage High End of Range	1.38%
Asset-based revolving credit facility \| Standby Letters of Credit [Member]
Line of Credit Facility [Line Items]
Letters of Credit Facility Commitment Fee Percentage Low End of Range	2.00%
Letters of Credit Facility Commitment Fee Percentage High End of Range	2.25%
Term Loan
Line of Credit Facility [Line Items]
Credit facility maximum	$ 80,000,000
Line of Credit Facility, Maximum Borrowing Capacity, Additional Availability					$ 35,000,000
Debt Issuance Costs, Net	1,152,000
Long-term Debt, Gross	$ 80,000,000

DEBT - Components (Details) - USD ($)	3 Months Ended		12 Months Ended
DEBT - Components (Details) - USD ($)	May 01, 2021	May 02, 2020	Feb. 01, 2020	Jan. 30, 2021
Line of Credit Facility [Line Items]
Credit facility maximum	$ 360,000,000.0	$ 360,000,000.0		$ 360,000,000.0
Borrowing base	330,400,000	329,100,000		282,200,000
Outstanding borrowings	196,900,000	234,600,000		169,800,000
Utilization of credit facility at end of period	204,300,000	240,700,000		178,000,000.0
Availability	$ 126,100,000	$ 88,400,000		$ 104,200,000
Interest rate at end of period	4.00%	3.40%		4.20%
Average end of day loan balance during the period	$ 210,300	$ 237,200	$ 216,200
Highest end of day loan balance during the period	$ 260,600	$ 272,200	$ 275,600
Average interest rate	4.00%	3.10%	3.80%
Sublimit availability	$ 42,600,000	$ 43,800,000		$ 41,800,000
Standby Letters of Credit [Member]
Line of Credit Facility [Line Items]
Letters of credit outstanding—standby	$ 7,400,000	$ 6,200,000		$ 8,200,000

DEBT - Long-term Debt (Details) - Term Loan	May 01, 2021 USD ($)
Line of Credit Facility [Line Items]
Term Loan principal	$ 80,000,000
Less: Unamortized discount, net	(1,052,000)
Less: Unamortized debt issuance costs, net	(1,152,000)
Term Loan, net	77,796,000
Less: Current portion, net	(3,270,000)
Long-term debt, net	$ 74,526,000

DEBT - Maturity (Details) $ in Thousands	May 01, 2021 USD ($)
Debt Disclosure [Abstract]
Remainder of 2021	$ 3,000
2022	5,500
2023	7,500
2024	64,000
2025	0
Total future principal payments	$ 80,000

LEGAL AND REGULATORY MATTERS (Details) $ in Millions	Apr. 29, 2017 USD ($)
LEGAL AND REGULATORY MATTERS [Abstract]
Loss Contingency, Estimate of Possible Loss	$ 5.0

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	May 01, 2021	May 02, 2020	Jan. 30, 2021
Income Tax Disclosure [Abstract]
Effective Income Tax Rate Reconciliation, Percent	26.50%	(34.40%)
Provision (benefit) for income taxes	$ 16,291	$ (60,173)
Unrecognized Tax Benefits	7,900	$ 6,800	$ 7,900
Unrecognized Tax Benefits, Interest on Income Taxes Expense	$ 100

SEGMENT INFORMATION (Details) $ in Thousands	3 Months Ended
SEGMENT INFORMATION (Details) $ in Thousands	May 01, 2021 USD ($)	May 02, 2020 USD ($)	Jan. 30, 2021 USD ($)
Segment Reporting Information [Line Items]
Percentage of Entity-Wide Sales Qualifying Purchaser as Major Customer		10.00%
Net sales	$ 435,481	$ 255,207
Operating income (loss)	$ 65,907	$ (173,143)
Operating income (loss) as a percent of net sales	15.10%	(67.80%)
Depreciation and amortization:	$ 15,561	$ 17,888
Capital expenditures:	6,726	5,733
Assets [Abstract]
Assets	$ 1,127,667	$ 1,184,936	$ 1,140,127
The Children’s Place U.S.
Segment Reporting Information [Line Items]
Number of Stores	624	800
Net sales	$ 399,659	$ 234,948
Operating income (loss)	$ 63,912	$ (159,336)
Operating income (loss) as a percent of net sales	16.00%	(67.80%)
Depreciation and amortization:	$ 14,311	$ 16,186
Capital expenditures:	6,487	5,200
Assets [Abstract]
Assets	$ 1,041,441	$ 1,097,544	1,054,339
The Children’s Place International
Segment Reporting Information [Line Items]
Number of Stores	100	120
Net sales	$ 35,822	$ 20,259
Operating income (loss)	$ 1,995	$ (13,807)
Operating income (loss) as a percent of net sales	5.60%	(68.20%)
Depreciation and amortization:	$ 1,250	$ 1,702
Capital expenditures:	239	533
Assets [Abstract]
Assets	$ 86,226	$ 87,392	$ 85,788

DERIVATIVE INSTRUMENTS (Details) - Foreign Exchange Forward Contract $ in Millions	May 02, 2020 USD ($)
Derivative [Line Items]
Derivative Asset, Notional Amount	$ 2.7
Derivative Asset, Fair Value, Gross Asset	$ 1.4