SECAUCUS, N.J.--(BUSINESS WIRE)--Dec. 5, 2002--The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced sales of $64.3 million for the four-week period ended November 30, 2002, a 1% decrease compared to sales of $64.9 million reported for November 2001. Comparable store sales for the four-week period decreased 18% as compared to a 16% decrease for the prior year period. The Company opened 16 new stores during the period.

Sales for the forty-three weeks ended November 30, 2002, increased 3% to $539.0 million from $523.1 million reported in the year-ago period. Year-to-date, comparable store sales decreased 15% versus a 10% decrease in the prior year period. Year-to-date, the Company has opened 126 stores and closed one.

In conjunction with The Children's Place November 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, December 12, 2002. To access the call, please dial (402) 220-1182, or visit 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 twelve. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of November 30, 2002, the Company operated 645 stores, including 617 stores in the United States and 28 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.