Company Anticipates Third Quarter Earnings of Approximately
                            $0.40 Per Share

SECAUCUS, N.J.--(BUSINESS WIRE)--Oct. 9, 2003--The Children's Place Retail Stores, Inc. (Nasdaq:PLCE)The Children's Place Retail Stores, Inc. (Nasdaq:PLCE), today announced sales of $88.4 million for the five-week period ended October 4, 2003, a 47% increase over sales of $60.1 million for the same period last year. Comparable store sales increased 30% for the five-week period, versus a 30% decrease in September 2002. During the month, the Company opened three stores and closed one.

Total sales for the thirty-five weeks ended October 4, 2003, increased 18% to $495.2 million from $418.6 million last year. Comparable store sales were flat for the thirty-five week period, versus a 14% decrease in the same period last year. Year-to-date, the Company has opened 44 stores, and closed three.

"We are very pleased with our sales results for the month, as the positive momentum we have been experiencing significantly accelerated in September," said Ezra Dabah, Chairman and Chief Executive Officer of The Children's Place. "Our results for the month are even more encouraging given that we did not repeat the Friends & Family and Place Dough promotions we held in September of last year. We believe that consumers are discovering our brand and responding positively to our merchandising, marketing and customer experience strategies. We enter the month of October very clean of fall merchandise and while still early, initial customer response to our Holiday assortment has been very favorable."

The Company stated that at this time, it anticipates net earnings of approximately $0.40 per share for the third quarter, compared to net earnings of $0.06 per share for last year's third quarter.

In conjunction with The Children's Place September 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, October 16, 2003. To access the call, please visit the Company's Web site, www.childrensplace.com, or dial 402-220-1182.

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 10. The Company designs, contracts to manufacture and sells its products under the "The Children's Place" brand name. As of October 4, 2003, the Company operated 684 stores, including 646 stores in the United States and 38 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, Secaucus
             Seth Udasin, 201-558-2409
                 or
             Heather Anthony, 201-558-2865

    SOURCE: The Children's Place