SECAUCUS, N.J.--(BUSINESS WIRE)--June 5, 2003--The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced sales of $48.4 million for the four-week period ended May 31, 2003, a 22% increase compared to sales of $39.7 million reported for May 2002.

The Company reported flat comparable store sales for the four-week period, as compared to a 9% decrease in the prior year period. During the month, the Company opened eight stores.

Total sales for the seventeen weeks ended May 31, 2003, increased 8% to $229.4 million compared to sales of $212.7 million for the same period last year. Comparable store sales decreased 10%, versus an 11% decrease in the same period last year. Year-to-date, the Company has opened 27 stores.

In conjunction with The Children's Place May 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, June 12, 2003. To access the call, please dial (402) 220-1182, or you may listen through the Investor Relations section of the Company's website, www.childrensplace.com.

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 ten. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of May 31, 2003, the Company operated 670 stores, including 637 stores in the United States and 33 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
             Seth Udasin, 201/558-2409
             Heather Anthony, 201/558-2865

    SOURCE: The Children's Place Retail Stores, Inc.