UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 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): November 8,
2007
THE
CHILDREN’S PLACE RETAIL STORES, INC.
(Exact
name of registrant as specified in charter)
|
Delaware
|
0-23071
|
31-1241495
|
|
(State
or Other Jurisdiction
|
(Commission
File
|
(IRS
Employer
|
|
of
Incorporation)
|
Number)
|
Identification
No.)
|
915
Secaucus Road, Secaucus, New Jersey, 07094
(Address
of Principal Executive Offices) (Zip Code)
(201)
558-2400
(Registrant’s
telephone number, including area code)
Not
applicable
(Former
Name or Former Address, if Changed Since Last Report)
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 Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Item
2.02 Results of Operations and Financial Condition
On
November 8, 2007 we issued a press release announcing
certain financial information for
the
fiscal month and quarter ended November
3, 2007. In addition, the Company provided an update regarding when it
anticipates becoming current with its quarterly and annual filings with the
Securities and Exchange Commission and its compliance with the Nasdaq listing
requirements and possible de-listing.
A
copy of
our press release relating to the foregoing is attached hereto as Exhibit
99.1
and is
incorporated in this Item 2.02 by reference.
The
information contained under this Item 2.02 shall not be deemed “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the
“Exchange Act”), or incorporated by reference in any filing under the Securities
Act of 1933, as amended, or the Exchange Act, except as shall be expressly
set
forth by specific reference in such a filing.
Item
9.01 Financial Statements and Exhibits
| (a) |
Financial
Statements of Business Acquired: Not
applicable
|
| (b) |
Pro
Forma Financial Information: Not
applicable
|
| (c) |
Exhibits:
|
| 99.1 |
Press
Release dated November 8, 2007.
|
[SIGNATURE
BLOCK FOLLOWS]
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, 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 |
||
|
Title:
Executive
Vice President,
Finance and
Administration
|
||
Dated:
November 8, 2007
FOR
IMMEDIATE RELEASE
THE
CHILDREN’S PLACE RETAIL STORES, INC. REPORTS OCTOBER SALES
RESULTS
-
Company Comments on SEC Filing Status -
Secaucus,
New Jersey - November 8, 2007 - The Children’s Place Retail Stores, Inc.
(Nasdaq: PLCE)
today
announced sales results for the four-week period ended November 3, 2007.
Total
sales for the four-week period ended November 3, 2007 were $183.8 million,
a 1%
decrease compared to sales of $184.8 million for the four-week period ended
October 28, 2006. Consolidated comparable store sales increased 2% on top
of
last year’s 9% comparable store sales increase. During fiscal October, the
Company opened nine Children’s Place stores and closed one.
Total
Sales (millions):
|
October
2007
|
October
2006
|
%
Change
|
Third
Quarter
2007
|
Third
Quarter
2006
|
%
Change
|
Year-to-Date
2007
|
Year-to-Date
2006
|
%
Change
|
|
|
The
Children’s Place brand
|
$132.0
|
$128.4
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3%
|
$429.4
|
$397.2
|
8%
|
$1,076.0
|
$988.6
|
9%
|
|
Disney
Store
|
$
51.8
|
$56.4
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(8)%
|
$158.0
|
$153.2
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3%
|
$414.6
|
$383.9
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8%
|
|
Total
Company
|
$183.8
|
$184.8
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(1)%
|
$587.4
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$550.4
|
7%
|
$1,490.6
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$1,372.5
|
9%
|
Comparable
Store Sales1:
|
October
2007
|
October
2006
|
Third
Quarter
2007
|
Third
Quarter
2006
|
Year-to-Date
2007
|
Year-to-Date
2006
|
|
|
The
Children’s Place brand
|
2%
|
10%
|
1%
|
15%
|
1%
|
13%
|
|
Disney
Store
|
4%
|
9%
|
0%
|
11%
|
2%
|
14%
|
|
Total
Company
|
2%
|
9%
|
1%
|
14%
|
1%
|
13%
|
Separately,
the Company commented that it is making progress toward filing its delinquent
SEC financial reports. As previously
announced, the Board of Directors of the Nasdaq Stock Market extended to
November 14th the deadline for the Company to become current in its SEC
reporting obligations in order for its shares to remain listed on the Nasdaq
Stock Market. If
the
Company is unable to meet the November 14th
date, at
this time it expects that it should be in position to file its delinquent
reports soon thereafter. Accordingly, the Company will request an extension
from
Nasdaq.
While
previously disclosed events subsequent to the Company’s fiscal 2006
investigation of stock option granting practices have slowed the process
of
becoming current in its financial reporting obligations, the Company noted
that
none of those events have resulted in, nor has the Company uncovered, any
other
material financial misstatements.
-
more
-
PLCE:
October 2007 Sales Release
Page
2
In
conjunction with today’s October 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, November 15, 2007. To access
the
call, please dial (402) 220-2650 or you may listen through the Investor
Relations section of the Company’s website, www.childrensplace.com.
The
Company plans to report third quarter results on Wednesday, November 21,
2007.
The Company will host a conference call on that date to be broadcast live
via
webcast at 10:00 a.m. Eastern Time. Interested parties are invited to listen
to
the call by dialing (785) 424-1055 and providing the Conference ID, PLCE.
The
call will also be webcast live and can be accessed via the Company’s web site,
www.childrensplace.com.
A
replay of the call will be available approximately one hour after the conclusion
of the call, until midnight on November 28, 2007. To access the replay, please
dial (402) 220-0119, or you may listen to the audio archive on 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 November 3, 2007, the
Company owned and operated 907 The Children’s Place stores and 328 Disney Stores
in North America and its online stores at www.childrensplace.com
and
www.disneystore.com.
1
As
previously announced, due to the extra week in fiscal 2006, the Company’s fiscal
2007 comparable store sales have shifted by one week as compared to the
corresponding period of fiscal 2006. References made today and going forward
regarding last year’s comparable store sales results, in view of the shift, will
be on the “adjusted” basis. For a breakdown of the Company’s fiscal 2006
comparable store sales on an “as reported” and “as adjusted” basis, please refer
to the Company’s March 8, 2007, press release.
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, as well as the risks and
uncertainties relating to the Company's stock option granting practices and
the
completed investigation by the special committee of the Company's Board of
Directors, the previously announced pending restatement of the Company's
historical financial statements, the delays in filing the Company's periodic
reports with the Securities and Exchange Commission, the pending NASDAQ
proceedings regarding the Company's continued listing, the outcome of the
informal investigation of the Company being conducted by the Securities and
Exchange Commission, potential other governmental proceedings, the shareholder
litigation commenced against the Company and certain of its officers and
directors, and the potential impact of each of these matters on the Company.
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. The Company undertakes
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 Company or any other
person that the events or circumstances described in such statement are
material.
CONTACT:
The Children’s Place Retail Stores, Inc.
Investors: Heather
Anthony, Senior Director, Investor Relations, (201) 558-2865
Media: Cara
O’Brien/Leigh Parrish, FD, (212) 850-5600
###