0001628280-21-017888 | 10-Q | XBRL Viewer

Cover Page - shares	6 Months Ended
Cover Page - shares	Jul. 31, 2021	Aug. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 31, 2021
Document Transition Report	false
Entity File Number	0-23071
Entity Registrant Name	CHILDRENS PLACE, INC.
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
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	PLCE
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,721,208
Entity Central Index Key	0001041859
Current Fiscal Year End Date	--01-29
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Current assets:
Cash and cash equivalents	$ 63,982	$ 63,548	$ 36,119
Accounts receivable	38,864	39,534	29,634
Inventories	461,391	388,141	381,022
Prepaid expenses and other current assets	45,011	55,860	23,085
Total current assets	609,248	547,083	469,860
Long-term assets:
Property and equipment, net	165,558	181,801	200,963
Right-of-use assets	235,208	283,624	319,796
Tradenames, net	72,092	72,492	72,892
Deferred income taxes	36,362	45,579	91,926
Other assets	9,980	9,548	12,502
Total assets	1,128,448	1,140,127	1,167,939
Current liabilities:
Revolving loan	199,837	169,778	250,818
Accounts payable	227,579	252,124	279,014
Current lease liabilities	109,991	174,585	160,932
Income taxes payable	4,536	5,508	5,666
Accrued expenses and other current liabilities	130,452	116,504	113,112
Total current liabilities	672,395	718,499	809,542
Long-term liabilities:
Long-term debt	74,209	75,346	0
Long-term lease liabilities	174,718	214,173	254,187
Other tax liabilities	6,350	6,304	6,811
Income taxes payable	14,939	14,939	17,589
Other long-term liabilities	17,652	17,489	18,295
Total liabilities	960,263	1,046,750	1,106,424
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS’ EQUITY:
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; 14,831, 14,641, and 14,637 issued; 14,772, 14,584, and 14,585 outstanding	1,483	1,464	1,464
Additional paid-in capital	164,290	148,519	138,350
Treasury stock, at cost (59, 57, and 52)	(3,304)	(3,164)	(3,025)
Deferred compensation	3,304	3,164	3,025
Accumulated other comprehensive loss	(13,285)	(13,816)	(14,437)
Retained earnings (deficit)	15,697	(42,790)	(63,862)
Total stockholders’ equity	168,185	93,377	61,515
Total liabilities and stockholders’ equity	$ 1,128,448	$ 1,140,127	$ 1,167,939

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Statement of Financial Position [Abstract]
Preferred stock, par value (in usd per share)	$ 1.00	$ 1.00	$ 1.00
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0	0
Preferred stock, shares outstanding (in shares)	0	0	0
Common stock, par value (in usd per share)	$ 0.10	$ 0.10	$ 0.10
Common stock, shares authorized (in shares)	100,000,000	100,000,000	100,000,000
Common stock, shares issued (in shares)	14,831,000	14,641,000	14,637,000
Common stock, shares outstanding (in shares)	14,772,000	14,584,000	14,585,000
Treasury stock (in shares)	59,000	57,000	52,000

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Income Statement [Abstract]
Net sales	$ 413,855	$ 368,923	$ 849,336	$ 624,130
Cost of sales (exclusive of depreciation and amortization)	245,994	301,843	493,269	576,723
Gross profit	167,861	67,080	356,067	47,407
Selling, general, and administrative expenses	115,620	114,312	222,358	212,803
Depreciation and amortization	14,392	16,708	29,953	34,596
Asset impairment charges	0	544	0	37,635
Operating income (loss)	37,849	(64,484)	103,756	(237,627)
Interest expense	(4,700)	(2,647)	(9,114)	(4,536)
Interest income	4	8	7	57
Income (loss) before benefit for income taxes	33,153	(67,123)	94,649	(242,106)
Provision (benefit) for income taxes	9,058	(20,484)	25,349	(80,657)
Net income (loss)	$ 24,095	$ (46,639)	$ 69,300	$ (161,449)
Earnings (loss) per common share
Basic earnings per share (in usd per share)	$ 1.63	$ (3.19)	$ 4.71	$ (11.04)
Diluted earnings per share (in usd per share)	$ 1.60	$ (3.19)	$ 4.61	$ (11.04)
Weighted average common shares outstanding
Basic weighted-average common shares outstanding (in shares)	14,780	14,634	14,725	14,623
Diluted weighted-average common shares outstanding (in shares)	15,062	14,634	15,032	14,623

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income (loss)	$ 24,095	$ (46,639)	$ 69,300	$ (161,449)
Other comprehensive income (loss):
Change in cumulative translation adjustment	(355)	431	531	(1,092)
Change in fair value of cash flow hedges, net of income taxes	0	45	0	200
Other comprehensive income (loss)	(355)	476	531	(892)
Total comprehensive income (loss)	$ 23,740	$ (46,163)	$ 69,831	$ (162,341)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Deferred Compensation	Retained Earnings (Deficit)	Accumulated Other Comprehensive Income (Loss)	Treasury Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	14,762						(51)
Beginning balance at Feb. 01, 2020	$ 235,187	$ 1,476	$ 139,041	$ 2,956	$ 108,215	$ (2,956)	$ (13,545)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)	167
Vesting of stock awards	$ 0	17	(17)
Stock-based compensation	$ 4,113		4,113
Purchase and retirement of shares (in shares)	(292)
Purchase and retirement of shares	$ (15,444)	(29)	(4,787)		(10,628)
Change in cumulative translation adjustment	(1,092)					(1,092)
Change in fair value of cash flow hedges, net of income taxes	200
Deferral of common stock into deferred compensation plan	0			69			$ (69)
Deferral of common stock into deferred compensation plan (in shares)							(1)
Net income (loss)	$ (161,449)				(161,449)
Ending balance (in shares) at Aug. 01, 2020	14,637						(52)
Ending balance at Aug. 01, 2020	$ 61,515	1,464	138,350	3,025	(63,862)	(14,437)	$ (3,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	14,581						(52)
Beginning balance at May. 02, 2020	$ 105,035	1,458	135,328	3,025	(16,838)	(3,025)	$ (14,913)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)	86
Vesting of stock awards	$ 0	9	(9)
Stock-based compensation	$ 3,528		3,528
Purchase and retirement of shares (in shares)	(30)
Purchase and retirement of shares	$ (885)	(3)	(497)		(385)
Change in cumulative translation adjustment	431					431
Change in fair value of cash flow hedges, net of income taxes	45
Deferral of common stock into deferred compensation plan	0
Net income (loss)	$ (46,639)				(46,639)
Ending balance (in shares) at Aug. 01, 2020	14,637						(52)
Ending balance at Aug. 01, 2020	$ 61,515	$ 1,464	138,350	3,025	(63,862)	(14,437)	$ (3,025)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)	14,637						(52)
Beginning balance (in shares)		14,641					(57)
Beginning balance at Jan. 30, 2021	$ 93,377	$ 1,464	148,519	3,165	(42,790)	(13,816)	$ (3,165)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		336
Vesting of stock awards	0	$ 34	(34)
Stock-based compensation	18,442		18,442
Purchase and retirement of shares (in shares)		(146)
Purchase and retirement of shares	(13,465)	$ (15)	(2,637)		(10,813)
Change in cumulative translation adjustment	531					531
Deferral of common stock into deferred compensation plan	0			139			$ (139)
Deferral of common stock into deferred compensation plan (in shares)							(2)
Net income (loss)	69,300				69,300
Ending balance (in shares) at Jul. 31, 2021		14,831					(59)
Ending balance at Jul. 31, 2021	168,185	$ 1,483	164,290	3,304	15,697	(13,285)	$ (3,304)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		14,693					(58)
Beginning balance at May. 01, 2021	145,010	$ 1,469	155,908	3,234	563	(12,930)	$ (3,234)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of stock awards (in shares)		255
Vesting of stock awards	0	$ 26	(26)
Stock-based compensation	10,526		10,526
Purchase and retirement of shares (in shares)		(117)
Purchase and retirement of shares	(11,091)	$ (12)	(2,118)		(8,961)
Change in cumulative translation adjustment	(355)					(355)
Deferral of common stock into deferred compensation plan	0			70			$ (70)
Deferral of common stock into deferred compensation plan (in shares)							(1)
Net income (loss)	24,095				24,095
Ending balance (in shares) at Jul. 31, 2021		14,831					(59)
Ending balance at Jul. 31, 2021	$ 168,185	$ 1,483	$ 164,290	$ 3,304	$ 15,697	$ (13,285)	$ (3,304)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Beginning balance (in shares)		14,831					(59)

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ 69,300	$ (161,449)
Reconciliation of net income (loss) to net cash used in operating activities:
Non-cash portion of operating lease expense	52,075	57,345
Depreciation and amortization	29,953	34,596
Non-cash stock-based compensation	18,442	4,113
Deferred income tax (benefit)	9,390	(79,031)
Asset impairment charges	0	37,635
Other non-cash changes, net	743	199
Changes in operating assets and liabilities:
Inventories	(74,406)	(53,644)
Accounts receivable and other assets	520	4,635
Prepaid expenses and other current assets	(847)	4,367
Income taxes payable, net of prepayments	12,056	(6,136)
Accounts payable and other current liabilities	(13,090)	93,634
Other long-term liabilities	139	(395)
Lease liabilities	(107,572)	(19,073)
Net cash used in operating activities	(3,297)	(83,204)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures	(13,496)	(14,268)
Change in deferred compensation plan	31	159
Net cash used in investing activities	(13,465)	(14,109)
CASH FLOWS FROM FINANCING ACTIVITIES:
Purchase and retirement of common stock, including shares surrendered for tax withholdings and transaction costs	(13,465)	(15,444)
Borrowings under revolving credit facility	386,343	218,278
Repayments under revolving credit facility	(356,284)	(138,269)
Payment of debt issuance costs	(358)	0
Net cash provided by financing activities	16,236	64,565
Effect of exchange rate changes on cash and cash equivalents	960	380
Net increase in cash and cash equivalents	434	(32,368)
Cash and cash equivalents, beginning of period	63,548	68,487
Cash and cash equivalents, end of period	63,982	36,119
OTHER CASH FLOW INFORMATION:
Net cash paid during the period for income taxes	3,793	4,406
Net cash paid during the period for income taxes	4,645	4,023
Decrease in accrued capital expenditures	$ (1,145)	$ (2,060)

BASIS OF PRESENTATION	6 Months Ended
BASIS OF PRESENTATION	Jul. 31, 2021
Accounting Policies [Abstract]
BASIS OF PRESENTATION	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 July 31, 2021 and August 1, 2020, the results of its consolidated operations for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020, consolidated comprehensive income (loss) for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 2020, consolidated cash flows for the twenty-six weeks ended July 31, 2021 and August 1, 2020, and consolidated stockholders’ equity for the thirteen and twenty-six weeks ended July 31, 2021 and August 1, 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 and twenty-six weeks ended July 31, 2021 and August 1, 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: •Second Quarter 2021 — The thirteen weeks ended July 31, 2021 •Second Quarter 2020 — The thirteen weeks ended August 1, 2020 •Year-To-Date 2021 — The twenty-six weeks ended July 31, 2021 •Year-To-Date 2020 — The twenty-six weeks ended August 1, 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 July 31, 2021 and August 1, 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 terms of the award and 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 Deferred Awards and 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

6 Months Ended

Jul. 31, 2021

Revenue from Contract with Customer [Abstract]

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				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
Net sales:	(in thousands)
South	$	164,630	$	146,345	$	330,368	$	244,281
Northeast	84,954		82,937		179,976		134,767
West	59,854		55,314		122,077		92,576
Midwest	48,088		40,270		108,892		77,503
International and other	56,329		44,057		108,023		75,003
Total net sales	$	413,855	$	368,923	$	849,336	$	624,130

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 $9.5 million and $5.7 million as of July 31, 2021 and August 1, 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 $3.1 million and $1.3 million as of July 31, 2021 and August 1, 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 $7.1 million and $3.3 million as of July 31, 2021 and August 1, 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 $12.8 million and $13.6 million as of July 31, 2021 and August 1, 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	10,344
Gift cards redeemed	(9,803)
Gift card breakage	(1,350)
Balance at July 31, 2021	12,825

The Company has an international program of 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.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=123351226&loc=SL49130554-203045

+ Details

LEASES

6 Months Ended

Jul. 31, 2021

Leases [Abstract]

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 more than 99% of our stores have reopened, these discussions and negotiations have remained ongoing and were substantially completed at the end of Second Quarter 2021. 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				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
	(in thousands)



Operating lease cost	$	24,272	$	39,042	$	50,030	$	79,194
Variable lease cost (1)	10,847		8,692		14,221		19,825
Total lease cost	$	35,119	$	47,734	$	64,251	$	99,019

____________________________________________

(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 $2.3 million and $10.3 million during the Second Quarter 2021 and Year-To-Date 2021, respectively.

As of July 31, 2021, the weighted-average remaining operating lease term was 4.3 years, and the weighted-average discount rate for operating leases was 5.3%.

Cash paid for amounts included in the measurement of operating lease liabilities during Year-To-Date 2021 was approximately $107.6 million.

ROU assets obtained in exchange for new operating lease liabilities were approximately $6.1 million during Year-To-Date 2021.

As of July 31, 2021, the maturities of lease liabilities were as follows:


	July 31, 2021
	(in thousands)
Remainder of 2021	$	82,045
2022	72,304
2023	49,041
2024	27,693
2025	18,549
Thereafter	50,872
Total lease payments (1)	$	300,504
Less: imputed interest	$	(15,795)
Present value of lease liabilities	$	284,709

____________________________________________

(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 $27.0 million.

INTANGIBLE ASSETS

6 Months Ended

Jul. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS

On April 4, 2019, 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:


		July 31, 2021
	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		(1,861)		2,139
Customer databases(2)	3 years	3,000		(2,328)		672
Total intangibles, net		$	76,953	$	(4,189)	$	72,764


		January 30, 2021
	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		(1,461)		2,539
Customer databases(2)	3 years	3,000		(1,827)		1,173
Total intangibles, net		$	76,953	$	(3,288)	$	73,665


		August 1, 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		(1,061)		2,939
Customer databases(2)	3 years	3,000		(1,327)		1,673
Total intangibles, net		$	76,953	$	(2,388)	$	74,565

____________________________________________

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

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

STOCKHOLDERS' EQUITY

6 Months Ended

Jul. 31, 2021

Stockholders' Equity Note [Abstract]

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 July 31, 2021, there was approximately $79.5 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:


	Twenty-six Weeks Ended
	July 31, 2021			August 1, 2020
	Shares	Value		Shares	Value
	(in thousands)
Share repurchases related to:
2018 Share Repurchase Program	147	$	13,465	292	$	15,444
Shares acquired and held in treasury under Deferred Compensation Plan	1.8	$	139	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 Year-To-Date 2021 and Year-To-Date 2020, approximately $10.8 million and $10.6 million respectively, were 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.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Topic 505
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK-BASED COMPENSATION

6 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

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


	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
	(In thousands)
Deferred Awards	$	3,188	$	3,193	$	6,766	$	7,507
Performance Awards	7,338		335		11,676		(3,394)
Total stock-based compensation expense (1)	$	10,526	$	3,528	$	18,442	$	4,113

____________________________________________

(1)A portion of stock-based compensation is included in cost of sales. Approximately $0.8 million and $0.9 million during the Second Quarter 2021 and the Second Quarter 2020, respectively, were included in cost of sales. During Year-To-Date 2021 and Year-To-Date 2020, approximately $1.7 million and $1.6 million, respectively, were included within cost of sales (exclusive of depreciation and amortization). All other stock-based compensation is included in selling, general, and administrative expenses.

The Company recognized a tax benefit related to stock-based compensation expense of approximately $4.8 million and $1.1 million during Year-To-Date 2021 and Year-To-Date 2020, respectively.

Changes in the Company’s Unvested Stock Awards During Year-To-Date 2021

Deferred Awards


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Deferred Awards, beginning of period	550	$	55.43
Granted	143	75.76
Vested	(217)	86.18
Forfeited	(3)	97.00
Unvested Deferred Awards, end of period	473	$	47.12

Total unrecognized stock-based compensation expense related to unvested Deferred Awards approximated $20.4 million as of July 31, 2021, which will be recognized over a weighted average period of approximately 2.0 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	(22)	65.34
Vested shares, including shares earned	(118)	95.61
Forfeited	(1)	108.21
Unvested Performance Awards, at end of period	353	$	67.50

____________________________________________

(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 $14.7 million as of July 31, 2021, which will be recognized over a weighted average period of approximately 2.3 years.

EARNINGS PER COMMON SHARE

6 Months Ended

Jul. 31, 2021

Earnings Per Share [Abstract]

EARNINGS PER COMMON SHARE

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


	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020


	(in thousands)
Net income (loss)	$	24,095	$	(46,639)	$	69,300	$	(161,449)

Basic weighted average common shares	14,780		14,634		14,725		14,623
Dilutive effect of stock awards	282		—		307		—
Diluted weighted average common shares	15,062		14,634		15,032		14,623

PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jul. 31, 2021

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following:


	July 31, 2021		January 30, 2021		August 1, 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	61,649		58,034		56,748
Leasehold improvements	214,229		216,989		228,183
Store fixtures and equipment	224,238		226,404		235,386
Capitalized software	313,371		296,967		288,934
Construction in progress	5,339		15,211		15,620
	858,274		853,141		864,201
Less accumulated depreciation and amortization	(692,716)		(671,340)		(663,238)
Property and equipment, net	$	165,558	$	181,801	$	200,963

At July 31, 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 Second Quarter 2021. During Year-To-Date 2021, the Company was not required to record an asset impairment charge.

At August 1, 2020, the Company performed impairment testing on 824 stores with a total net book value of approximately $46.8 million. During the Second Quarter 2020, the Company recorded asset impairment charges of $0.5 million primarily for six stores. During Year-To-Date 2020, the Company recorded asset impairment charges of $37.6 million, inclusive of ROU assets, primarily for 418 stores. These charges were related to underperforming stores identified in our

ongoing store portfolio evaluation primarily as a result of decreased net revenues and cash flow projections resulting from the COVID-19 disruption.

DEBT

6 Months Ended

Jul. 31, 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 a 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 July 31, 2021 the Company has capitalized an aggregate of approximately $6.3 million in deferred financing costs related to the ABL Credit Facility. The unamortized balance of deferred financing costs as of July 31, 2021 was approximately $1.2 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:


	July 31, 2021			January 30, 2021			August 1, 2020
	(in millions)
Credit facility maximum	$	360.0		$	360.0		$	360.0
Borrowing base (1)	354.0			282.2			326.7

Outstanding borrowings	199.8			169.8			250.8

Letters of credit outstanding—standby	7.4			8.2			6.2
Utilization of credit facility at end of period	207.2			178.0			257.0

Availability (2)	$	146.8		$	104.2		$	69.7

Interest rate at end of period	3.8		%	4.2		%	4.1		%


	Year-To-Date 2021			Fiscal 2020			Year-To-Date 2020
Average end of day loan balance during the period	$	213.5		$	216.2		$	233.1
Highest end of day loan balance during the period	269.7			$	275.6		$	272.2
Average interest rate	3.9		%	3.8		%	3.5		%

____________________________________________

(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 July 31, 2021, $41.8 million at January 30, 2021, and $43.8 million at August 1, 2020.

Long-Term Debt

Long-term debt is solely comprised of the Term Loan transaction completed during the third quarter of 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 Second Quarter 2021 and Year-To-Date 2021, the Company recognized $1.8 million and $3.6 million, respectively, within 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 guarantees 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:


	July 31, 2021
	(in thousands)










Term Loan principal	$	80,000
Less: Unamortized discount, net	(964)
Less: Unamortized debt issuance costs, net	(1,057)
Term Loan, net	77,979
Less: Current portion, net	(3,770)
Long-term debt, net	$	74,209

Future principal payments of long-term debt due in each of the next four years subsequent to July 31, 2021 are as follows:


Period	Future Principal Payments
	(in thousands)
Remainder of 2021	$	2,000
2022	5,500
2023	7,500
2024	65,000
2025	—
Total future principal payments	$	80,000

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

LEGAL AND REGULATORY MATTERS	6 Months Ended
LEGAL AND REGULATORY MATTERS	Jul. 31, 2021
Legal And Regulatory Matters [Abstract]
LEGAL AND REGULATORY MATTERS	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	6 Months Ended
INCOME TAXES	Jul. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	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 Second Quarter 2021 was a tax provision of 27.3% as compared to a tax benefit of 30.5% during the Second Quarter 2020. The Company’s income tax expense for the Second Quarter 2021 was $9.1 million compared to an income tax benefit of $20.5 million in the Second Quarter 2020. The decrease in the effective tax rate for the Second Quarter 2021 compared to the Second Quarter 2020 was primarily driven by the tax benefits from the enactment of the CARES Act in the prior year. The Company’s effective tax rate for Year-To-Date 2021 was a tax provision of 26.8% as compared to a tax benefit of 33.3% for Year-To-Date 2020. The Company’s income tax expense for the Year-To-Date 2021 was $25.3 million compared to an income tax benefit of $80.7 million in Year-To-Date 2020. The decrease in the effective tax rate for Year-To-Date 2021 compared to Year-To-Date 2020 was primarily driven by the tax benefits from the enactment of the CARES Act in the prior year. 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 July 31, 2021, January 30, 2021, and August 1, 2020 were $8.0 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 Second Quarter 2021 and the Second Quarter 2020. During each of Year-To-Date 2021 and Year-To-Date 2020, the Company recognized less than $0.1 million of additional interest expense. 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

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+ Details

SEGMENT INFORMATION

6 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

SEGMENT INFORMATION

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 individually account for more than 10% of its net sales. As of July 31, 2021, The Children’s Place U.S. had 615 stores and The Children’s Place International

had 93 stores. As of August 1, 2020, The Children’s Place U.S. had 711 stores and The Children’s Place International had 113 stores.

The following tables provide segment level financial information:


	Thirteen Weeks Ended						Twenty-six Weeks Ended
	July 31, 2021			August 1, 2020			July 31, 2021			August 1, 2020
	(in thousands)
Net sales(1):							]
The Children’s Place U.S.	$	372,319		$	333,034		$	771,978		$	567,982
The Children’s Place International (2)	41,536			35,889			77,358			56,148
Total net sales	$	413,855		$	368,923		$	849,336		$	624,130








Operating income (loss)(1):
The Children’s Place U.S.	$	34,355		$	(62,623)		$	98,267		$	(221,959)
The Children’s Place International	3,494			(1,861)			5,489			(15,668)
Total operating income (loss)	$	37,849		$	(64,484)		$	103,756		$	(237,627)
Operating income (loss) as a percent of net sales(1):
The Children’s Place U.S.	9.2		%	(18.8)		%	12.7		%	(39.1)		%
The Children’s Place International	8.4		%	(5.2)		%	7.1		%	(27.9)		%
Total operating income (loss) as a percent of net sales	9.1		%	(17.5)		%	12.2		%	(38.1)		%
Depreciation and amortization:
The Children’s Place U.S.	$	13,303		$	15,594		$	27,614		$	31,780
The Children’s Place International	1,089			1,114			2,339			2,816
Total depreciation and amortization	$	14,392		$	16,708		$	29,953		$	34,596
Capital expenditures:
The Children’s Place U.S.	$	6,385		$	8,433		$	12,872		$	13,633
The Children’s Place International	385			102			624			635
Total capital expenditures	$	6,770		$	8,535		$	13,496		$	14,268

____________________________________________

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


	July 31, 2021		January 30, 2021		August 1, 2020
Total assets:	(in thousands)
The Children’s Place U.S.	$	1,036,830	$	1,054,339	$	1,088,348
The Children’s Place International	91,618		85,788		79,591
Total assets	$	1,128,448	$	1,140,127	$	1,167,939

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

DERIVATIVE INSTRUMENTS	6 Months Ended
DERIVATIVE INSTRUMENTS	Jul. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS	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, the Company’s 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, the Company enters, from time to time, into foreign exchange forward contracts. These contracts typically mature within 12 months. The Company does not use forward contracts to engage in currency speculation, and it does 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 July 31, 2021, the Company did not have any open foreign exchange forward contracts. As of August 1, 2020, the Company had foreign exchange forward contracts with an aggregate notional amount of $9.5 million, and the fair value of the derivative instruments was an asset of $1.3 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 Year-To-Date 2021 or Year-To-Date 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 Year-To-Date 2021, there were no derivatives that qualified as cash flow hedges.

BASIS OF PRESENTATION (Policies)	6 Months Ended
BASIS OF PRESENTATION (Policies)	Jul. 31, 2021
Accounting Policies [Abstract]
Consolidation	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 July 31, 2021 and August 1, 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	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	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	Reclassifications Certain reclassifications have been made to prior periods' financial statements to conform to the current period's presentation.
Inventories	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	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	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 terms of the award and 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 Deferred Awards and 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	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	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	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 (Tables)

6 Months Ended

Jul. 31, 2021

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue

The following table presents our revenues disaggregated by geography:


	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
Net sales:	(in thousands)
South	$	164,630	$	146,345	$	330,368	$	244,281
Northeast	84,954		82,937		179,976		134,767
West	59,854		55,314		122,077		92,576
Midwest	48,088		40,270		108,892		77,503
International and other	56,329		44,057		108,023		75,003
Total net sales	$	413,855	$	368,923	$	849,336	$	624,130

Reconciliation of Contract Liability Related to Gift Cards

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	10,344
Gift cards redeemed	(9,803)
Gift card breakage	(1,350)
Balance at July 31, 2021	12,825

LEASES (Tables)

6 Months Ended

Jul. 31, 2021

Leases [Abstract]

Lease, Cost

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


	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
	(in thousands)



Operating lease cost	$	24,272	$	39,042	$	50,030	$	79,194
Variable lease cost (1)	10,847		8,692		14,221		19,825
Total lease cost	$	35,119	$	47,734	$	64,251	$	99,019

____________________________________________

Lessee, Operating Lease, Liability, Maturity

As of July 31, 2021, the maturities of lease liabilities were as follows:


	July 31, 2021
	(in thousands)
Remainder of 2021	$	82,045
2022	72,304
2023	49,041
2024	27,693
2025	18,549
Thereafter	50,872
Total lease payments (1)	$	300,504
Less: imputed interest	$	(15,795)
Present value of lease liabilities	$	284,709

____________________________________________

INTANGIBLE ASSETS (Tables)

6 Months Ended

Jul. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets and Goodwill

The Company’s intangible assets were as follows:


		July 31, 2021
	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		(1,861)		2,139
Customer databases(2)	3 years	3,000		(2,328)		672
Total intangibles, net		$	76,953	$	(4,189)	$	72,764


		January 30, 2021
	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		(1,461)		2,539
Customer databases(2)	3 years	3,000		(1,827)		1,173
Total intangibles, net		$	76,953	$	(3,288)	$	73,665


		August 1, 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		(1,061)		2,939
Customer databases(2)	3 years	3,000		(1,327)		1,673
Total intangibles, net		$	76,953	$	(2,388)	$	74,565

____________________________________________

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

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

STOCKHOLDERS' EQUITY (Tables)

6 Months Ended

Jul. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Shares Repurchases

The following table summarizes the Company’s share repurchases:


	Twenty-six Weeks Ended
	July 31, 2021			August 1, 2020
	Shares	Value		Shares	Value
	(in thousands)
Share repurchases related to:
2018 Share Repurchase Program	147	$	13,465	292	$	15,444
Shares acquired and held in treasury under Deferred Compensation Plan	1.8	$	139	1.1	$	69

STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jul. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Company’s Stock-Based Compensation Expense

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


	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020
	(In thousands)
Deferred Awards	$	3,188	$	3,193	$	6,766	$	7,507
Performance Awards	7,338		335		11,676		(3,394)
Total stock-based compensation expense (1)	$	10,526	$	3,528	$	18,442	$	4,113

____________________________________________

Schedule of Unvested Deferred Award Roll Forward

Deferred Awards


	Number of Shares	Weighted Average Grant Date Fair Value
	(in thousands)
Unvested Deferred Awards, beginning of period	550	$	55.43
Granted	143	75.76
Vested	(217)	86.18
Forfeited	(3)	97.00
Unvested Deferred Awards, end of period	473	$	47.12

Schedule of Unvested Performance Award Roll Forward

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	(22)	65.34
Vested shares, including shares earned	(118)	95.61
Forfeited	(1)	108.21
Unvested Performance Awards, at end of period	353	$	67.50

____________________________________________

(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)

6 Months Ended

Jul. 31, 2021

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Earnings (Loss) Per Common Share

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


	Thirteen Weeks Ended				Twenty-six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020


	(in thousands)
Net income (loss)	$	24,095	$	(46,639)	$	69,300	$	(161,449)

Basic weighted average common shares	14,780		14,634		14,725		14,623
Dilutive effect of stock awards	282		—		307		—
Diluted weighted average common shares	15,062		14,634		15,032		14,623

PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jul. 31, 2021

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

Property and equipment, net consist of the following:


	July 31, 2021		January 30, 2021		August 1, 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	61,649		58,034		56,748
Leasehold improvements	214,229		216,989		228,183
Store fixtures and equipment	224,238		226,404		235,386
Capitalized software	313,371		296,967		288,934
Construction in progress	5,339		15,211		15,620
	858,274		853,141		864,201
Less accumulated depreciation and amortization	(692,716)		(671,340)		(663,238)
Property and equipment, net	$	165,558	$	181,801	$	200,963

DEBT (Tables)

6 Months Ended

Jul. 31, 2021

Debt Disclosure [Abstract]

Schedule of Line of Credit Facilities

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


	July 31, 2021			January 30, 2021			August 1, 2020
	(in millions)
Credit facility maximum	$	360.0		$	360.0		$	360.0
Borrowing base (1)	354.0			282.2			326.7

Outstanding borrowings	199.8			169.8			250.8

Letters of credit outstanding—standby	7.4			8.2			6.2
Utilization of credit facility at end of period	207.2			178.0			257.0

Availability (2)	$	146.8		$	104.2		$	69.7

Interest rate at end of period	3.8		%	4.2		%	4.1		%


	Year-To-Date 2021			Fiscal 2020			Year-To-Date 2020
Average end of day loan balance during the period	$	213.5		$	216.2		$	233.1
Highest end of day loan balance during the period	269.7			$	275.6		$	272.2
Average interest rate	3.9		%	3.8		%	3.5		%

____________________________________________

(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 July 31, 2021, $41.8 million at January 30, 2021, and $43.8 million at August 1, 2020.

Schedule of Long-term Debt Instruments

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


	July 31, 2021
	(in thousands)










Term Loan principal	$	80,000
Less: Unamortized discount, net	(964)
Less: Unamortized debt issuance costs, net	(1,057)
Term Loan, net	77,979
Less: Current portion, net	(3,770)
Long-term debt, net	$	74,209

Schedule of Maturities of Long-term Debt

Future principal payments of long-term debt due in each of the next four years subsequent to July 31, 2021 are as follows:


Period	Future Principal Payments
	(in thousands)
Remainder of 2021	$	2,000
2022	5,500
2023	7,500
2024	65,000
2025	—
Total future principal payments	$	80,000

SEGMENT INFORMATION (Tables)

6 Months Ended

Jul. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting

The following tables provide segment level financial information:


	Thirteen Weeks Ended						Twenty-six Weeks Ended
	July 31, 2021			August 1, 2020			July 31, 2021			August 1, 2020
	(in thousands)
Net sales(1):							]
The Children’s Place U.S.	$	372,319		$	333,034		$	771,978		$	567,982
The Children’s Place International (2)	41,536			35,889			77,358			56,148
Total net sales	$	413,855		$	368,923		$	849,336		$	624,130








Operating income (loss)(1):
The Children’s Place U.S.	$	34,355		$	(62,623)		$	98,267		$	(221,959)
The Children’s Place International	3,494			(1,861)			5,489			(15,668)
Total operating income (loss)	$	37,849		$	(64,484)		$	103,756		$	(237,627)
Operating income (loss) as a percent of net sales(1):
The Children’s Place U.S.	9.2		%	(18.8)		%	12.7		%	(39.1)		%
The Children’s Place International	8.4		%	(5.2)		%	7.1		%	(27.9)		%
Total operating income (loss) as a percent of net sales	9.1		%	(17.5)		%	12.2		%	(38.1)		%
Depreciation and amortization:
The Children’s Place U.S.	$	13,303		$	15,594		$	27,614		$	31,780
The Children’s Place International	1,089			1,114			2,339			2,816
Total depreciation and amortization	$	14,392		$	16,708		$	29,953		$	34,596
Capital expenditures:
The Children’s Place U.S.	$	6,385		$	8,433		$	12,872		$	13,633
The Children’s Place International	385			102			624			635
Total capital expenditures	$	6,770		$	8,535		$	13,496		$	14,268

____________________________________________

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


	July 31, 2021		January 30, 2021		August 1, 2020
Total assets:	(in thousands)
The Children’s Place U.S.	$	1,036,830	$	1,054,339	$	1,088,348
The Children’s Place International	91,618		85,788		79,591
Total assets	$	1,128,448	$	1,140,127	$	1,167,939

BASIS OF PRESENTATION (Details)	6 Months Ended
BASIS OF PRESENTATION (Details)	Jul. 31, 2021 segment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of reportable segments	2
Deferred compensation arrangements maximum percentage of base salary	80.00%
Deferred compensation arrangements maximum percentage of bonus	100.00%
Deferred Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Deferred Awards \| Non-employee Directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	1 year
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period	3 years
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance award vesting rights, percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Performance award vesting rights, percentage	300.00%

REVENUES - Disaggregation by Geography (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Disaggregation of Revenue [Line Items]
Net sales	$ 413,855	$ 368,923	$ 849,336	$ 624,130
South
Disaggregation of Revenue [Line Items]
Net sales	164,630	146,345	330,368	244,281
Northeast
Disaggregation of Revenue [Line Items]
Net sales	84,954	82,937	179,976	134,767
West
Disaggregation of Revenue [Line Items]
Net sales	59,854	55,314	122,077	92,576
Midwest
Disaggregation of Revenue [Line Items]
Net sales	48,088	40,270	108,892	77,503
International and other
Disaggregation of Revenue [Line Items]
Net sales	$ 56,329	$ 44,057	$ 108,023	$ 75,003

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442552-122756

Reference 22: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-URI http://asc.fasb.org/extlink&oid=124359900&loc=SL124442526-122756

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=123367319&loc=SL114868664-224227

+ Details

REVENUES - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue, current	$ 9,500		$ 5,700
Deferred revenue	3,100		1,300
Contract liability	7,100		3,300
Gift Cards
Disaggregation of Revenue [Line Items]
Contract liability	$ 12,825	$ 13,634	$ 13,600

REVENUES - Gift Card Liability Balance (Details) $ in Thousands	6 Months Ended
	Jul. 31, 2021 USD ($)
Contract Liability
Gift card liability, ending balance	$ 7,100
Gift Cards
Contract Liability
Gift card liability, beginning balance	13,634
Gift cards sold	10,344
Gift cards redeemed	(9,803)
Gift card breakage	(1,350)
Gift card liability, ending balance	$ 12,825

LEASES - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
LEASES - Narrative (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020
Lessee, Lease, Description [Line Items]
Option to extend lease	5 years
Stores reopened percentage	99.00%
Operating lease, weighted average remaining lease term	4 years 3 months 18 days
Operating lease, weighted average discount rate	5.30%
Operating lease, payments	$ 107,572	$ 19,073
Right-of-use asset obtained in exchange for operating lease liability	$ 6,100
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		6 Months Ended
LEASES - Lease Cost (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Leases [Abstract]
Operating lease cost	$ 24,272	$ 39,042	$ 50,030	$ 79,194
Variable lease cost	10,847	8,692	14,221	19,825
Total lease cost	35,119	$ 47,734	64,251	$ 99,019
Reduction of lease cost, lease abatement	$ 2,300		$ 10,300

LEASES - Lease Liability Maturity (Details) $ in Thousands	6 Months Ended
LEASES - Lease Liability Maturity (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Leases [Abstract]
Remainder of 2021	$ 82,045
2022	72,304
2023	49,041
2024	27,693
2025	18,549
Thereafter	50,872
Total lease payments	300,504
Less: imputed interest	(15,795)
Present value of lease liabilities	284,709
Operating lease liability, decrease for rent concessions	$ 27,000

INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Accumulated amortization	$ (4,189)	$ (2,388)	$ (3,288)
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Gross amount	76,953	76,953	76,953
Total intangibles, net, Accumulated amortization	(4,189)	(2,388)	(3,288)
Total intangibles, net, Net amount	72,764	74,565	73,665
Crazy 8 tradename
Indefinite-lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	$ 69,953	$ 69,953	$ 69,953
Crazy 8 tradename
Finite-Lived Intangible Assets [Line Items]
Useful life	5 years	5 years	5 years
Gross amount	$ 4,000	$ 4,000	$ 4,000
Accumulated amortization	(1,861)	(1,061)	(1,461)
Net amount	2,139	2,939	2,539
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Accumulated amortization	$ (1,861)	$ (1,061)	$ (1,461)
Customer databases
Finite-Lived Intangible Assets [Line Items]
Useful life	3 years	3 years	3 years
Gross amount	$ 3,000	$ 3,000	$ 3,000
Accumulated amortization	(2,328)	(1,327)	(1,827)
Net amount	672	1,673	1,173
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Total intangibles, net, Accumulated amortization	$ (2,328)	$ (1,327)	$ (1,827)

STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Mar. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period, value	$ 11,091,000	$ 885,000	$ 13,465,000	$ 15,444,000
Retained Earnings (Deficit)
Equity, Class of Treasury Stock [Line Items]
Stock repurchased and retired during period, value	8,961,000	$ 385,000	10,813,000	$ 10,628,000
2018 Share Repurchase Program
Equity, Class of Treasury Stock [Line Items]
Stock repurchase program, authorized amount					$ 250,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 79,500,000		$ 79,500,000

STOCKHOLDERS' EQUITY - (Share Repurchases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Stockholders' Equity Note [Abstract]
2018 Share Repurchase Program (in shares)	147,000	292,000
2018 Share Repurchase Program	$ 13,465	$ 15,444
Shares acquired and held in treasury under Deferred Compensation Plan (in shares)	1,800,000	1,100
Shares acquired and held in treasury under Deferred Compensation Plan	$ 139	$ 69

STOCK-BASED COMPENSATION - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 10,526	$ 3,528	$ 18,442	$ 4,113
Cost of Sales
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	800	900	1,700	1,600
Deferred Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	3,188	3,193	6,766	7,507
Performance Awards
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 7,338	$ 335	$ 11,676	$ (3,394)

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense, tax benefit	$ 4.8	$ 1.1
Deferred Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested deferred awards	$ 20.4
weighted average recognized period	2 years
Performance Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested deferred awards	$ 14.7
weighted average recognized period	2 years 3 months 18 days
Target shares earned percentage	100.00%

STOCK-BASED COMPENSATION - Unvested Awards Roll Forward (Details) shares in Thousands	6 Months Ended
	Jul. 31, 2021 $ / shares shares
Deferred Awards
Number of Shares
Unvested awards, beginning of period (in shares) \| shares	550
Granted (in shares) \| shares	143
Vested (in shares) \| shares	(217)
Forfeited (in shares) \| shares	(3)
Unvested awards, end of period (in shares) \| shares	473
Weighted Average Grant Date Fair Value
Unvested awards, beginning of period (in usd per share) \| $ / shares	$ 55.43
Granted (in usd per share) \| $ / shares	75.76
Vested (in usd per share) \| $ / shares	86.18
Forfeited (in usd per share) \| $ / shares	97.00
Unvested awards, end of period (in usd per share) \| $ / shares	$ 47.12
Performance Awards
Number of Shares
Unvested awards, beginning of period (in shares) \| shares	350
Granted (in shares) \| shares	144
Shares earned in excess of (below) target (in shares) \| shares	(22)
Vested (in shares) \| shares	(118)
Forfeited (in shares) \| shares	(1)
Unvested awards, end of period (in shares) \| shares	353
Weighted Average Grant Date Fair Value
Unvested awards, beginning of period (in usd per share) \| $ / shares	$ 74.37
Granted (in usd per share) \| $ / shares	73.73
Shares earned in excess of (below) target (in usd per share) \| $ / shares	65.34
Vested (in usd per share) \| $ / shares	95.61
Forfeited (in usd per share) \| $ / shares	108.21
Unvested awards, end of period (in usd per share) \| $ / shares	$ 67.50

EARNINGS PER COMMON SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020
Earnings Per Share [Abstract]
Net income (loss)	$ 24,095	$ (46,639)	$ 69,300	$ (161,449)
Basic weighted average common shares (in shares)	14,780	14,634	14,725	14,623
Dilutive effect of stock awards (in shares)	282	0	307	0
Diluted weighted average common shares (in shares)	15,062	14,634	15,032	14,623

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

PROPERTY AND EQUIPMENT, NET - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 858,274	$ 853,141	$ 864,201
Less accumulated depreciation and amortization	(692,716)	(671,340)	(663,238)
Property and equipment, net	165,558	181,801	200,963
Land and land improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	3,403	3,403	3,403
Building and improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	36,045	36,133	35,927
Material handling equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	61,649	58,034	56,748
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	214,229	216,989	228,183
Store fixtures and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	224,238	226,404	235,386
Capitalized software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	313,371	296,967	288,934
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 5,339	$ 15,211	$ 15,620

PROPERTY AND EQUIPMENT, NET - Narrative (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($) store	Jul. 31, 2021 USD ($)	Aug. 01, 2020 USD ($) store
Property, Plant and Equipment [Abstract]
Number of stores tested for impairment \| store		824		824
Net book value \| $		$ 46,800		$ 46,800
Asset impairment charges \| $	$ 0	$ 544	$ 0	$ 37,635
Number of impaired stores \| store		6		418

DEBT - Narrative (Details) - USD ($)	3 Months Ended	6 Months Ended
DEBT - Narrative (Details) - USD ($)	Jul. 31, 2021	Jul. 31, 2021	Apr. 23, 2021	Jan. 30, 2021	Oct. 05, 2020	Aug. 01, 2020	Apr. 24, 2020
ABL Credit Facility
Line of Credit Facility [Line Items]
Additional availability	$ 199,800,000	$ 199,800,000		$ 169,800,000		$ 250,800,000
Term Loan
Line of Credit Facility [Line Items]
Unamortized balance of deferred financing costs	1,057,000	1,057,000
Long-term debt	77,979,000	77,979,000
Term Loan
Line of Credit Facility [Line Items]
Interest expense	1,800,000	$ 3,600,000
Term Loan \| Debt Instrument, Redemption, Period One
Line of Credit Facility [Line Items]
Redemption price percentage		5.00%
Term Loan \| Debt Instrument, Redemption, Period Two
Line of Credit Facility [Line Items]
Redemption price percentage		7.50%
Term Loan \| Debt Instrument, Redemption, Period Three
Line of Credit Facility [Line Items]
Redemption price percentage		10.00%
Term Loan \| Loan Agreement
Line of Credit Facility [Line Items]
Long-term debt					$ 80,000,000
Revolving credit facility \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum	360,000,000.0	$ 360,000,000.0		$ 360,000,000.0		$ 360,000,000.0
Unused line fee percentage		0.25%
Deferred financing costs	6,300,000	$ 6,300,000
Unamortized balance of deferred financing costs	1,200,000	$ 1,200,000
Revolving credit facility \| ABL Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Revolving credit facility \| ABL Credit Facility \| Minimum \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.75%
Revolving credit facility \| ABL Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.50%
Revolving credit facility \| ABL Credit Facility \| Maximum \| Prime Rate
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.88%
Revolving credit facility \| ABL Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		2.75%
Revolving credit facility \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum	360,000,000	$ 360,000,000					$ 325,000,000
Revolving credit facility \| Line of Credit \| Term Loan
Line of Credit Facility [Line Items]
Credit facility maximum	80,000,000	$ 80,000,000
Additional availability			$ 35,000,000
Revolving credit facility \| Term Loan \| ABL Credit Facility \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		1.00%
Revolving credit facility \| Term Loan \| ABL Credit Facility \| Minimum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		7.75%
Revolving credit facility \| Term Loan \| ABL Credit Facility \| Maximum \| London Interbank Offered Rate (LIBOR)
Line of Credit Facility [Line Items]
Basis spread on variable rate		8.00%
Revolving Credit Facility Accordion \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum	35,000,000	$ 35,000,000
Debt term		1 year
Canadian Credit Facility \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum	25,000,000	$ 25,000,000
Standby and Documentary Letters of Credit \| Line of Credit \| ABL Credit Facility
Line of Credit Facility [Line Items]
Credit facility maximum	$ 50,000,000	$ 50,000,000
Commercial Letter Of Credit \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused line fee percentage		1.25%
Commercial Letter Of Credit \| ABL Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused line fee percentage		1.38%
Standby \| ABL Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Unused line fee percentage		2.00%
Standby \| ABL Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Unused line fee percentage		2.25%

DEBT - Components (Details) - ABL Credit Facility - USD ($) $ in Millions	6 Months Ended		12 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Line of Credit Facility [Line Items]
Borrowing base	$ 354.0	$ 326.7	$ 282.2
Outstanding borrowings	199.8	250.8	169.8
Utilization of credit facility at end of period	207.2	257.0	178.0
Availability	$ 146.8	$ 69.7	$ 104.2
Interest rate at end of period	3.80%	4.10%	4.20%
Average end of day loan balance during the period	$ 213.5	$ 233.1	$ 216.2
Highest end of day loan balance during the period	$ 269.7	$ 272.2	$ 275.6
Average interest rate	3.90%	3.50%	3.80%
Revolving credit facility
Line of Credit Facility [Line Items]
Credit facility maximum	$ 360.0	$ 360.0	$ 360.0
Standby
Line of Credit Facility [Line Items]
Letters of credit outstanding—standby	7.4	6.2	8.2
Sublimit Letter Of Credit
Line of Credit Facility [Line Items]
Availability	$ 42.6	$ 43.8	$ 41.8

DEBT - Long-term Debt (Details) $ in Thousands	Jul. 31, 2021 USD ($)
Line of Credit Facility [Line Items]
Less: Current portion, net	$ (3,770)
Long-term debt, net	74,209
Term Loan
Line of Credit Facility [Line Items]
Term Loan principal	80,000
Less: Unamortized discount, net	(964)
Less: Unamortized debt issuance costs, net	(1,057)
Term Loan, net	$ 77,979

DEBT - Maturity (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Jan. 30, 2021	Aug. 01, 2020
Debt Instrument [Line Items]
Total future principal payments	$ 74,209	$ 75,346	$ 0
Term Loan
Debt Instrument [Line Items]
Remainder of 2021	2,000
2022	5,500
2023	7,500
2024	65,000
2025	0
Total future principal payments	$ 80,000

- Definition

Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References + Details

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		6 Months Ended
INCOME TAXES (Details) - USD ($) $ in Thousands	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Income Tax Disclosure [Abstract]
Effective income tax rate reconciliation, percent	27.30%	30.50%	26.80%	33.30%
Income tax expense (benefit)	$ 9,058	$ (20,484)	$ 25,349	$ (80,657)
Unrecognized tax benefits	8,000	6,800	8,000	6,800	$ 7,900
Unrecognized tax benefits, interest on income taxes expense	$ 100	$ 100	$ 100	$ 100

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

SEGMENT INFORMATION - Narrative (Details) - store	Jul. 31, 2021	Aug. 01, 2020
The Children’s Place U.S.
Segment Reporting Information [Line Items]
Number of stores	615	711
The Children’s Place International
Segment Reporting Information [Line Items]
Number of stores	93	113

SEGMENT INFORMATION - Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 31, 2021	Aug. 01, 2020	Jul. 31, 2021	Aug. 01, 2020	Jan. 30, 2021
Segment Reporting Information [Line Items]
Net sales	$ 413,855	$ 368,923	$ 849,336	$ 624,130
Operating income (loss)	$ 37,849	$ (64,484)	$ 103,756	$ (237,627)
Operating income (loss) as a percent of net sales	9.10%	(17.50%)	12.20%	(38.10%)
Depreciation and amortization:	$ 14,392	$ 16,708	$ 29,953	$ 34,596
Capital expenditures:	6,770	8,535	13,496	14,268
Total assets:
Total assets	1,128,448	1,167,939	1,128,448	1,167,939	$ 1,140,127
Operating Segments \| The Children’s Place U.S. \| U.S.
Segment Reporting Information [Line Items]
Net sales	372,319	333,034	771,978	567,982
Operating income (loss)	$ 34,355	$ (62,623)	$ 98,267	$ (221,959)
Operating income (loss) as a percent of net sales	9.20%	(18.80%)	12.70%	(39.10%)
Depreciation and amortization:	$ 13,303	$ 15,594	$ 27,614	$ 31,780
Capital expenditures:	6,385	8,433	12,872	13,633
Total assets:
Total assets	1,036,830	1,088,348	1,036,830	1,088,348	1,054,339
Operating Segments \| The Children’s Place International \| International
Segment Reporting Information [Line Items]
Net sales	41,536	35,889	77,358	56,148
Operating income (loss)	$ 3,494	$ (1,861)	$ 5,489	$ (15,668)
Operating income (loss) as a percent of net sales	8.40%	(5.20%)	7.10%	(27.90%)
Depreciation and amortization:	$ 1,089	$ 1,114	$ 2,339	$ 2,816
Capital expenditures:	385	102	624	635
Total assets:
Total assets	$ 91,618	$ 79,591	$ 91,618	$ 79,591	$ 85,788

DERIVATIVE INSTRUMENTS (Details) - Foreign Exchange Forward Contract $ in Millions	Aug. 01, 2020 USD ($)
Derivative [Line Items]
Aggregate notional amount	$ 9.5
Derivative instrument was an asset	$ 1.3