The Children's Place Retail Stores, Inc. Reports September Sales
SECAUCUS, N.J.--(BUSINESS WIRE)--Oct. 6, 2005--The Children's Place Retail Stores, Inc. (Nasdaq: PLCE): The Children's Place Retail Stores, Inc. (Nasdaq: PLCE), today announced total consolidated sales of $160.7 million for the five-week period ended October 1, 2005, a 52% increase compared to sales of $105.9 million reported for September 2004. September sales were comprised of $115.8 million in sales from The Children's Place, a 9% increase over last year, and $44.9 million in sales from Disney Store. Comparable store sales for The Children's Place stores increased 2%, on top of a 12% increase for the same period last year. During September, the Company opened three Children's Place stores and nine Disney Stores.
The Company commented that during the month of September, 44 stores were temporarily closed due to Hurricanes Katrina and Rita, seven of which remain closed. The Company estimates total lost sales from the hurricanes of approximately $1.5 million in the month of September.
Total consolidated sales for the thirty-five weeks ended October 1, 2005, were $974.8 million, a 60% increase compared to sales of $607.4 million reported for the same period last year. Sales for the thirty-five weeks were comprised of $709.7 million from The Children's Place, a 17% increase over last year, and $265.1 million from the Company's Disney Store business. Comparable store sales for The Children's Place stores increased 7%, on top of a 14% increase in the same period last year. Through October 1, 2005, the Company has opened 27 Children's Place stores and closed three. In addition, the Company has opened 13 Disney Stores and closed one.
"We are pleased with the performance of our brands, particularly given the unseasonably warm weather in key markets," said Ezra Dabah, Chairman and Chief Executive Officer of The Children's Place Retail Stores, Inc. "The consistent performance at Children's Place continues to be driven by our unique and powerful value equation of fashion, quality and price and is being further elevated by new initiatives such as tiered assortment planning and markdown optimization. At Disney Store, we continue to be encouraged by the pace of our progress, the guest response to our strategic initiatives and we are very confident in the success of this brand. Across both businesses, we are in a strong inventory position as we head into the Holiday season."
Separately, the Company announced today that Amy Hauk, who serves as SVP, General Merchandise Manager of The Children's Place, is moving to Disney Store to serve in the same capacity, and will report directly to Mario Ciampi, President of Disney Store. To ensure a smooth transition, Ms. Hauk will continue to support The Children's Place merchandising team until her successor is named.
"Given the successful value equation we have implemented at Children's Place and our strategy of introducing that same formula at Disney Store, Amy is best suited to lead the merchandising efforts at Disney Store," said Ezra Dabah. "Children's Place has a proven merchandising strategy in place and we are proud of our team, who consistently raise the bar season after season."
"Amy is the right merchant to lead our team at Disney Store, and will ensure that our core purpose of making the very best accessible to all children is well executed," said Mario Ciampi. "We have made significant strides toward that objective over the past year, this move will bring us even closer to ensuring our success and we look forward to working closely together to achieve our goals."
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 13, 2005. 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 October 1, 2005, the Company owned and operated 774 The Children's Place stores and 318 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.
CONTACT: The Children's Place
Heather Anthony, 201-558-2865
SOURCE: The Children's Place Retail Stores, Inc.