- Company Opens its 600th Store During the Month - - First Canadian Stores Open for Business -

SECAUCUS, N.J., Aug 8, 2002 (BUSINESS WIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced sales of $39.0 million for the four-week period ended August 3, 2002, a 7% increase over sales of $36.6 million for the same period last year.

Comparable store sales for the four-week period decreased 12% versus a 17% decrease in July 2001. The Children's Place opened 25 new stores during the month. Included in this store total was the Company's first entry into the international marketplace, with the opening of 13 stores in Canada.

Sales for the second quarter increased 10% to $128.3 million from $116.3 million reported in the year-ago period. Comparable store sales for the period decreased 9%, versus a 16% decrease in the prior year period.

For the twenty-six weeks ended August 3, 2002, total sales increased 9% to $301.3 million from $276.8 million last year. Year-to-date comparable store sales decreased 10% versus an 8% decrease last year.

In conjunction with The Children's Place July 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, August 14, 2002. To access the call, please visit the Company's website, www.childrensplace.com, or dial (402) 220-1182.

The Children's Place plans to report second quarter results, along with the Company's financial outlook, on Thursday, August 15, 2002. The Company will host a conference call on that date to be broadcast live via webcast at 10:00 a.m. Eastern Time. Participants 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, August 22, 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 August 3, 2002, the Company operated 600 stores, including 587 stores in the United States and 13 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.

CONTACT:          The Children's Place Retail Stores, Inc., Secaucus
                  Seth Udasin, 201/558-2409
                  Heather Anthony, 201/558-2865


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