The Children's Place Reports June 2002 Sales Results; Company Opens Seven New Stores in June
Comparable store sales for the five-week period decreased 6% versus a 16% decrease in June 2001. The Company opened seven new stores during the month.
Total sales for the twenty-two weeks ended July 6, 2002, increased 9% to $262.3 million from $240.1 million reported in the year-ago period. Comparable store sales decreased 10%, versus a 7% decrease in the prior year period. Year-to-date, the Company has opened 55 new stores bringing the total store count to 575.
In conjunction with The Children's Place June 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 Thursday, July 18, 2002. To access the call, please visit the following web address: http://www.childrensplace.com or dial (402) 220-1550.
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 July 6, 2002, the Company operated 575 stores in 47 states. 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
Seth Udasin, 201/558-2409
Heather Anthony, Investor Relations, 201/558-2865
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