UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15 (d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
|
Date
of Report (date of earliest event reported)
|
January
4, 2007
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THE
CHILDREN'S PLACE RETAIL STORES, INC.
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(Exact
name of registrant as specified in its charter)
|
|
DELAWARE
(State
or other jurisdiction
of
incorporation)
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0-23071
(Commission
File
Number)
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31-1241495
(IRS
Employer ID
Number)
|
|
915
Secaucus Road, Secaucus, New Jersey
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07094
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
Telephone Number, including area code:
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(201)
558-2400
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|
Not
Applicable
|
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(Former
name or former address, if changed since last report)
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Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
|
o
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
|
o
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Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
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o
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Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
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|
o
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Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
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Item
8.01 Other Events
On
January 4, 2007, The Children's Place Retail Stores, Inc. (the “Company”) issued
a press release containing the Company’s sales results for the five-week period
ended December 30, 2006.
In
addition, in its press release, the Company stated that, as previously
announced, an investigation into the Company's stock option granting practices
is being conducted by a Special Committee of the Board of Directors with the
assistance of outside counsel. The Board is committed to completing the
investigation and resolving any issues regarding the Company’s stock option
practices as quickly and diligently as possible and currently anticipates making
an announcement about the results of the investigation before the end of
January.
A
copy of
the Company’s press release is included as Exhibit 99.1 hereto.
(a) Financial
Statements of Business Acquired: Not applicable
(b) Pro
Forma
Financial Information: Not applicable
(c) Exhibits:
99.1 Press
Release dated January 4, 2007.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
| THE CHILDREN'S PLACE RETAIL STORES, INC. | ||
| |
|
|
| By: | /s/ Susan Riley | |
| Name: |
Susan Riley, Senior Vice President, |
|
| Chief Financial Officer | ||
FOR
IMMEDIATE RELEASE
THE
CHILDREN’S PLACE RETAIL STORES, INC. REPORTS DECEMBER SALES
Secaucus,
New Jersey - January 4, 2007 - The Children’s Place Retail Stores, Inc. (Nasdaq:
PLCE)
today
announced sales results for the five-week period ended December 30, 2006.
Total
sales for the five-week period ended December 30, 2006, increased 11% to
$318.5
million compared to $286.6 million last year. Consolidated comparable store
sales increased 5%. During December, the Company opened one Children’s Place
store and one Disney Store.
For
the
nine-week holiday selling period, The Children’s Place brand achieved a 5%
increase in comparable store sales on top of an 11% increase for the same
period
last year. Disney Store reported a 12% increase.
Total
Sales (millions):
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December
2006
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December
2005
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%
Increase
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Year-to-Date
2006
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Year-to-Date
2005
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%
Increase
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||||||||||||||
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The
Children’s Place brand
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$
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197.9
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$
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178.2
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11
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%
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$
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1,319.3
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$
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1,108.6
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19
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%
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|||||||
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Disney
Store
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$
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120.6
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$
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108.4
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11
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%
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$
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571.2
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$
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473.1
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21
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%
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|||||||
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Total
Company
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$
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318.5
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$
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286.6
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11
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%
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$
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1,890.5
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$
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1,581.7
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20
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%
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|||||||
Comparable
Store Sales Increase:
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December
2006
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December
2005
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Year-to-Date
2006
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Year-to-Date
2005
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||||||||||
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The
Children’s Place brand
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3
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%
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11
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%
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11
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%
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9
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%
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|||||
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Disney
Store
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7
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%
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N/A
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13
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%
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N/A
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|||||||
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Total
Company
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5
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%
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N/A
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12
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%
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N/A
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|||||||
The
Company believes that December results at The Children’s Place brand were
negatively impacted by unseasonable weather, which resulted in higher than
planned promotional activity. In addition, the Company believes it would
have
benefited from increased ownership of key volume drivers and fresh spring
goods,
given early reads on Spring merchandise.
At
Disney
Store, December results reflect the Company’s strategies to build a full-price
business. The month was driven by strong customer response to the Company’s toy
and apparel assortments.
Separately,
as previously announced, an investigation into the Company's stock option
granting practices is being conducted by a Special Committee of the Board
of
Directors with the assistance of outside counsel. The Board is committed
to
completing the investigation and resolving any issues regarding the Company’s
stock option practices as quickly and diligently as possible and currently
anticipates making an announcement about the results of the investigation
before
the end of January.
-
more
-
PLCE:
December 2006 Sales Release
Page
2
In
conjunction with today’s December 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, January 11, 2007. 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
children’s merchandise. The Company designs, contracts to manufacture and sells
high-quality, value-priced merchandise under the proprietary “The Children’s
Place” and licensed “Disney Store” brand names. As of December 30, 2006, the
Company owned and operated 866 The Children’s Place stores and 334 Disney Stores
in North America and The Children’s Place online store 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.
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CONTACT:
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The
Children’s Place Retail Stores, Inc.
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Heather
Anthony, Senior Director, Investor Relations, (201)
558-2400
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Susan
LaBar, Manager, Investor Relations, (201)
453-6955
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###