SECAUCUS, N.J., Feb 6, 2003 (BUSINESS WIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced sales of $34.4 million for the four-week period ended February 1, 2003, a 2% decrease compared to sales of $35.1 million reported for January 2002.

Comparable store sales for the four-week period decreased 20% as compared to a 7% decrease in the prior year period.

Sales for the thirteen-weeks ended February 1, 2003, were $196.7 million, a 1% decrease from sales of $198.7 million for the same period last year. Comparable store sales decreased 19% for the period versus a 6% decrease in the same period last year. During the fourth quarter, the Company opened 16 stores and closed two stores.

Total sales for the fifty-two weeks ended February 1, 2003, increased 2% to $671.4 million from $657.0 million reported in the prior year. Comparable store sales for fiscal 2002 decreased 16% versus an 8% decrease in the prior year. The Company opened 126 stores in fiscal 2002, and closed three stores.

The Company continues to anticipate that earnings per share for the fourth quarter should be in line with its previously stated expectations.

In conjunction with The Children's Place January 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, February 13, 2003. To access the call, please dial (402) 220-1182, or visit the Company's website, www.childrensplace.com.

The Children's Place plans to report fourth quarter and fiscal 2002 results, along with the Company's financial outlook, on Thursday, February 27, 2003. 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 can access the webcast via the Company's website, www.childrensplace.com. An archive of the webcast can be accessed one hour after the live call has taken place and will be available through Wednesday, March 5, 2003.

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 February 1, 2003, the Company operated 643 stores, including 615 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.

CONTACT:          The Children's Place
                  Seth Udasin, Chief Financial Officer
                  201/558-2409
                  or
                  Heather Anthony, Director, Investor Relations
                  201/558-2865

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