4th Quarter 2000 Earnings Release
Secaucus, New Jersey - March 1, 2001 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE)
today reported record sales and earnings for the fourth quarter and fiscal 2000, ended February 3, 2001. "Our impressive growth formula and business model remain strong as we continue to
gain momentum," commented Ezra Dabah, Chairman and Chief Executive Officer. "In fiscal 2000 we grew our top-line by
approximately 39% and we expanded our store base by 107 stores. These new stores
yielded an average sales volume of $1.2 million on an annualized basis. It is important to note
that for the first time a majority of the stores opened in fiscal 2000 were in new
markets, which demonstrates the strong customer acceptance of our successful
concept. In addition, our class of 1999 stores, for which 2000 was
their first fiscal year of operation, yielded an impressive 83% return on
investment." Mr. Dabah continued, "Despite the uncertain economic environment
which may affect our sales, we are cautiously optimistic and remain comfortable
with our profitability expectations. Our inventory remains very clean and well positioned for the Spring season.
In 2001, we plan to open 120 new stores, all of which will
be funded by internally generated cash flow, due to the outstanding returns on
investment we have achieved. In addition, our second fully automated distribution
center located in Ontario, California remains on track to be operational in the
second quarter of 2001 to support our continued westward expansion. With our infrastructure in place and
with our demonstrated strong performance across all demographics and in all retail venues, we are confident in our
aggressive growth plans to operate more than 1,000 stores nationwide." The Children's Place will host a webcast of its fourth quarter
earnings conference call today at 10:00 a.m., Eastern Time. Investors and
the media are invited to listen to the call at the Company's Web site at
www.childrensplace.com/Info/CompanyInfo.jsp.
An archive of the webcast will be available on the same site. 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
February 3, 2001, the Company operated 400 stores in 43 states. This press release and above reference 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.
Fiscal Year 2000