SECAUCUS, N.J.--(BUSINESS WIRE)--Nov. 7, 2002--The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced sales of $56.2 million for the four-week period ended November 2, 2002, a 2% increase over sales of $55.3 million reported for October 2001. Comparable store sales for the four-week period decreased 16% as compared to a 4% decrease for the prior year period. The Company opened eight new stores during the period.

Sales for the third quarter ended November 2, 2002, decreased 4% to $173.4 million from $181.4 million reported in the year-ago period. Comparable store sales for the thirteen-week period decreased 21% versus a 9% decrease in the prior year period. During the third quarter the Company opened 30 stores and closed one.

Sales for the thirty-nine weeks ended November 2, 2002, increased 4% to $474.7 million from $458.2 million reported in the year-ago period. Year-to-date, comparable store sales decreased 15% versus an 8% decrease in the prior year period. Year-to-date, the Company has opened 110 stores and closed one.

In conjunction with The Children's Place October sales release, you are invited to listen to the Company's pre-recorded monthly sales call, which will be available beginning at 7:30 a.m. Eastern Time today through Wednesday, November 13, 2002. To access the call, please dial (402) 220-1182, or visit the Company's website, www.childrensplace.com.

The Children's Place plans to report third quarter results, along with the Company's financial outlook, on Thursday, November 14, 2002. The Company will host a conference call on that date to be broadcast live via webcast at 10:00 a.m. Eastern Time. Interested parties can access the webcast via the Company's website, www.childrensplace.com. An archive of the webcast can be accessed one hour after the live call has taken place and will be available through Thursday, November 21, 2002.

The Children's Place Retail Stores, Inc. is a leading specialty retailer of high quality, value-priced apparel and accessories for children, newborn to age twelve. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of November 2, 2002, the Company operated 629 stores, including 603 stores in the United States and 26 stores in Canada. The Company also sells its merchandise through its virtual store located at www.childrensplace.com.

This press release and above referenced call may contain certain forward-looking statements regarding future circumstances. These forward-looking statements are based upon the Company's current expectations and assumptions and are subject to various risks and uncertainties that could cause actual results to differ materially from those contemplated in such forward-looking statements including, in particular, the risks and uncertainties described in the Company's filings with the Securities and Exchange Commission. Actual results, events, and performance may differ. Readers or listeners (on the call) are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to release publicly any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. The inclusion of any statement in this release does not constitute an admission by The Children's Place or any other person that the events or circumstances described in such statement are material.