Press Release

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1st Quarter 1998 Sales Release

West Caldwell, New Jersey - May 7, 1998 -- The Children's Place Retail Stores, Inc. (NASDAQ: PLCE) today announced strong sales results for the first quarter ended May 2, 1998. Net sales increased 43% to $56.0 million from $39.2 million in the prior year period. Comparable store sales for the thirteen week period increased 7% compared with a 5% increase for the same period last year.

"Sales of spring and summer merchandise were strong across all divisions of the Company," said Ezra Dabah, Chairman and Chief Executive Officer. "We are pleased to note that the quarter's strong sales reflect increases in both our new and existing stores."

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 May 2, 1998, the Company operated 178 stores located primarily in regional shopping malls in the eastern half of the United States.