SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
| Date of Report (date of earliest event reported) | May 13, 2004 |
(Exact name of registrant as specified in its charter)
| Delaware (State or other jurisdiction of incorporation) |
0-23071 (Commission File Number) |
31-1241495 (IRS Employer ID Number) |
| 915 Secaucus Road, Secaucus, New Jersey | 07094 |
| (Address of principal executive offices) | (Zip Code) |
| Registrant's Telephone Number, including area code: | (201) 558-2400 |
(Former name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits
| Exhibit Number | Description |
| 99 | Press release dated May 13, 2004. |
Item 12. Results of Operations and Financial Condition.
On May 13, 2004, The Children’s Place Retail Stores, Inc. issued a press release announcing financial information for the fiscal quarter ended May 13, 2004. A copy of this press release is included as Exhibit 99 hereto.
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signature on following page.]
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| THE CHILDREN'S PLACE RETAIL STORES, INC. By: /s/ Seth L. Udasin Name: Seth L. Udasin Title: Vice President and Chief Financial Officer |
Dated: May 13, 2004
INDEX TO EXHIBITS
Current Report on Form 8-K
Dated May 13, 2004
The Children's Place Retail Stores, Inc.
| Exhibit No. | Description |
| 99 | Press Release issued by the Company on May 13, 2004 |
EXHIBIT 99
FOR IMMEDIATE RELEASE
THE CHILDREN'S PLACE REPORTS 2004 FIRST QUARTER FINANCIAL RESULTS
Net Sales Increased 25%; Comparable Store Sales Increased 16%
Earnings Per Share Increased 100% to $0.42, Compared to $0.21 Last Year
Secaucus, New Jersey - May 13, 2004 - The Children's Place Retail Stores, Inc. (Nasdaq: PLCE) today reported financial results for the first quarter ended May 1, 2004.
| • | Net sales for the first quarter increased 25% to $225.8 million, compared with $181. million a year earlier. |
| • | Comparable store sales increased 16% in the quarter, versus a 13% decrease for the same period last year. |
| • | Net income was $11.5 million, compared to net income of $5.5 million for the same period in 2003. |
| • | Diluted earnings per share were $0.42 compared with $0.21 in the fiscal 2003 period. |
| • | The Company opened 10 new stores and closed one store during the first quarter. |
“We are very pleased with our first quarter financial results, with earnings per share increasing 100% over last year,” said Ezra Dabah, Chairman and Chief Executive Officer of The Children’s Place. “Our strong performance was consistent across all key areas, including increases in full price selling, customer traffic, conversion, and inventory turn. We are encouraged by our continued momentum and excited about our future growth, which we will drive through increased store productivity and store expansion.”
The Children’s Place will host a webcast of its first quarter conference call today at 10:00 a.m., Eastern Time. Interested parties are invited to listen to the call at the Company’s web site, www.childrensplace.com. An archive of the webcast will be available on the site through Thursday, May 20, 2004.
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 ten. The Company designs, contracts to manufacture and sells its products under the “The Children’s Place” brand name. As of May 1, 2004, the Company operated 700 stores, including 657 stores in the United States and 43 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 Heather Anthony, Director, Investor Relations, 201/558-2865 |
(Tables Follow)
THE CHILDREN’S PLACE RETAIL STORES, INC.
CONDENSED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended:
----------------
May 1, 2004 May 3, 2003
----------- -----------
Net sales $ 225,779 $ 181,010
Cost of sales 133,921 111,120
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Gross profit 91,858 69,890
Selling, general and administrative 62,673 51,391
Depreciation and amortization 10,304 9,528
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Operating income 18,881 8,971
Interest (income) expense, net (25) (93)
-------------- -------------
Income before income taxes 18,906 9,064
Provision for income taxes 7,373 3,535
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Net income $ 11,533 $ 5,529
============== ===============
Basic income per share $ 0.43 $ 0.21
Basic weighted average number
of shares outstanding 26,813 26,599
Diluted income per share $ 0.42 $ 0.21
Diluted weighted average number
of shares outstanding 27,657 26,739
THE CHILDREN’S PLACE RETAIL STORES, INC.
CONDENSED BALANCE SHEETS
(In thousands)
May 1, 2004 January 31, 2004 May 3, 2003
----------- ---------------- -----------
(Unaudited) (Unaudited)
Current assets:
Cash and cash equivalents $ 84,295 $ 74,772 $ 47,359
Accounts receivable 9,879 8,462 14,973
Inventories 100,731 96,128 70,374
Other current assets 22,014 20,070 18,462
Total current assets 216,919 199,432 151,168
Property and equipment, net 146,408 146,707 156,846
Other assets, net 13,814 13,527 9,308
------------- ------------- -----------
Total assets $ 377,141 $ 359,666 $ 317,322
============= ============= ===========
Current liabilities:
Revolving credit facility $ 0 $ 0 $ 442
Accounts payable 43,622 35,173 29,020
Accrued expenses and
other current liabilities 46,401 49,984 37,784
------------- ------------- -----------
Total current liabilities 90,023 85,157 67,246
Other liabilities 17,727 17,504 15,047
------------- ------------- -----------
Total liabilities 107,750 102,661 82,293
Stockholders' equity 269,391 257,005 235,029
Total liabilities and stockholders' equity $ 377,141 $ 359,666 $ 317,322
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