The Children's Place Retail Stores, Inc. Reports Consolidated March Sales Up 18 Percent; Consolidated Comparable Store Sales Up 7 Percent
Company Provides Preliminary First Quarter EPS Guidance; Reiterates Fiscal 2007 EPS Guidance
SECAUCUS, N.J., Apr 12, 2007 (PrimeNewswire via COMTEX News Network) -- The Children's Place Retail Stores, Inc. (Nasdaq:PLCE) today announced sales of $204.7 million for the five-week period ended April 7, 2007, an 18% increase compared to sales of $173.4 million for the five-week period ended April 1, 2006. Consolidated comparable store sales increased 7% on top of last year's 11% increase. During March 2007, the Company opened two Children's Place stores and closed two.
Total Sales (millions):
March March % Increase
2007 2006
-------------------- ------------ ------------ ----------
The Children's Place $ 155.7 $ 133.2 17%
brand
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Disney Store $ 49.0 $ 40.2 22%
-------------------- ------------ ------------ ----------
Total Company $ 204.7 $ 173.4 18%
-------------------- ------------ ------------ ----------
Year-to-Date Year-to-Date % Increase
2007 2006
------------------- ------------ ------------ ----------
The Children's Place $ 251.8 $ 217.9 16%
brand
-------------------- ------------ ------------ ----------
Disney Store $ 86.7 $ 69.4 25%
-------------------- ------------ ------------ ----------
Total Company $ 338.5 $ 287.3 18%
-------------------- ------------ ------------ ----------
Comparable Store Sales Increase:
March Year-to-Date
2007 2006 2007 2006
-------------------- ----- ------ ------------ -------------
The Children's Place 5% 13% 4% 7%
brand
-------------------- ----- ------ ------------ -------------
Disney Store 11% 5% 13% 10%
-------------------- ----- ------ ------------ -------------
Total Company 7% 11% 6% 8%
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As previously stated, 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. Any references made today and going forward regarding last year's comparable store sales results will be on the "adjusted" basis. For a breakdown of the Company's fiscal 2006 comparable store sales results on an "as reported" and "as adjusted" basis, please refer to the Company's March 8, 2007 press release.
At this time, the Company anticipates first quarter 2007 earnings per share to be approximately even with last year's first quarter. The Company continues to expect fiscal 2007 earnings per share of approximately $3.63 to $3.73, before any residual expenses the Company may incur as a result of the conclusion of the stock option investigation.
In conjunction with today's March 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, April 19, 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 April 7, 2007, the Company owned and operated 865 The Children's Place stores and 328 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, as well as the risks and uncertainties relating to the Company's stock option grants and procedures and the recently 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 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, as well as matters relating to the Company's discussions with The Walt Disney 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.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: The Children's Place Retail Stores, Inc.
The Children's Place Retail Stores, Inc.
Investor Relations
Heather Anthony, Senior Director
(201) 558-2865
Susan LaBar, Manager
(201) 453-6955