December 2000 Monthly Sales Release
Secaucus, New Jersey - January 4, 2001 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today announced sales of $87.2 million for the five week period ended December 30,2000, a 20% increase from sales of $72.6 million for the same period last year. Comparable store sales for the five week period decreased 6% versus a 9% increase in December 1999.
Sales for the nine week holiday selling season ended December 30, 2000, reached $146.6 million, an increase of 29% from sales of $113.4 million for the same period last year. Comparable store sales for the period increased 1% on top of a 6% increase during last year's holiday season.
For the forty-eight week period ended December 30, 2000, the Company's Sales were $550.2 million, an increase of 38% over sales of $399.4 million for the same period last year. The Company's year-to-date comparable store sales increased 4% on top of a 16% increase in the prior-year period.
Ezra Dabah, Chairman and Chief Executive Officer, commented, "A challenging retail holiday season reflected weaker consumer spending and lower than anticipated traffic to our stores. While our December sales performance fell below plan, we maintained our disciplined approach towards executing our business strategy and effectively managed our inventory levels. We are well positioned for the arrival of our exciting Spring merchandise line in mid-January.
Mr. Dabah added, "As a result of our lower than expected sales performance in December, coupled with a one-time charge of approximately $0.04 per share, we now anticipate diluted earnings per share to range between $0.55 and $0.60 for the fourth quarter compared to $0.51 in the same period last year. We now expect fiscal year 2000 diluted earnings per share to be in the range of $1.59 to $1.64 versus $1.32 last year."
Separately, the Children's Place announced that it will re-align its overall e-commerce business. The online store, representing less than 1% of the Company's overall business, will be temporarily discontinued while maintaining online informational services such as corporate news, merchandise promotions and store locations. The Company plans to re-launch its site in April.
In conjunction with The Children's Place December Sales Release, you are invited to listen to the Company's pre-recorded December sales call with Seth Udasin, Chief Financial Officer and Treasurer. The call will be available beginning at 8:00am Eastern Time on January 4, 2001 through January 10, 2001.To access the call, please visit the following web address: http://www.childrensplace.com/Info/CompanyInfo.jsp or dial (703) 326-3020, access code #4863182.
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. The Company currently operates 400 stores in 43 states.
This press release and above reference 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.