The Children's Place Retail Stores, Inc. Reports June Sales
SECAUCUS, N.J., Jul 07, 2005 (BUSINESS WIRE) -- The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced total consolidated sales of $125.3 million for the five-week period ended July 2, 2005, a 75% increase compared to sales of $71.5 million reported for June 2004. June sales were comprised of $80.0 million in sales from The Children's Place, a 12% increase over last year, and $45.3 million in sales from Disney Store. Comparable store sales for The Children's Place stores increased 2%, on top of a 9% increase for the same period last year. During June, the Company opened one Children's Place store.
Total consolidated sales for the twenty-two weeks ended July 2, 2005, were $584.9 million, a 65% increase compared to sales of $354.5 million reported for the same period last year. Sales for the twenty-two weeks were comprised of $424.2 million from The Children's Place, a 20% increase over last year, and $160.7 million in sales from the Company's Disney Store business. Comparable store sales for The Children's Place stores increased 9%, on top of a 13% increase in the same period last year. Year-to-date, the Company has opened 12 Children's Place stores and closed two. In addition, the Company opened two Disney Stores and closed one.
"Strong double-digit comparable store sales the first two weeks of June and our summer inventory levels prompted our decision to move our semi-annual sale out one week. This positively impacted merchandise margin although we believe it negatively impacted comparable stores sales by at least four percentage points," said Ezra Dabah, Chairman and Chief Executive Officer of The Children's Place Retail Stores, Inc. "We anticipate ending the second quarter with a higher percentage of current season merchandise compared to last year and believe we have the right merchandise assortment, unit inventory and marketing strategies to drive a successful Back-to-School season. At Disney Store, given the positive results of our value pricing and visual merchandising initiatives, we will roll out both strategies chain-wide for Back-to-School."
The Company also stated that it continues to anticipate earnings per share of $2.15 to $2.25 for fiscal 2005.
In conjunction with today's 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, July 14, 2005. To access the call, please visit the Investor Relations section of the Company's website, www.childrensplace.com, or dial (402) 220-1182.
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 July 2, 2005, the Company owned and operated 761 The Children's Place stores and 307 Disney Stores in North America and its online store, 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.
SOURCE: The Children's Place Retail Stores, Inc.
The Children's Place
Heather Anthony, 201-558-2865