News Flash

The Children's Place makes significant progress in 2010

09 Mar '11

5 min read

As previously noted, adjusted income from continuing operations after tax is a non-GAAP measure which the Company is providing as a supplemental disclosure. A reconciliation of net income from continuing operations as reported is included in this press release in Table 3.

Store Openings and Closures

The Company opened five stores and closed 15 during the fourth quarter of 2010. During fiscal 2010, the Company opened 67 stores and closed 19. In fiscal 2011, the Company plans to open approximately 85 new stores and close 20.

Share Repurchase Program

The Company announced today that the Board of Directors has authorized a new share repurchase program in the amount of $100 million. Under the program, the Company may repurchase shares in the open market at current market prices at the time of purchase or in privately negotiated transactions.

The timing and actual number of shares repurchased under the program will depend on a variety of factors including price, corporate and regulatory requirements, and other market and business conditions, and the Company may suspend or discontinue the program at any time, and may thereafter reinstitute purchases, all without prior announcement.

Previously, on August 19, 2010, the Company announced that the Board of Directors had authorized a share repurchase program in the amount of $100 million. A total of 1.9 million shares from that authorization have been repurchased to-date for approximately $90 million. The Company anticipates completing the remainder of the 2010 share repurchase authorization during the first quarter of fiscal 2011.

Outlook

The Company is projecting that earnings per diluted share from continuing operations for fiscal 2011 will be between $3.05 and $3.25, assuming flat comparable retail sales. For the first quarter of fiscal 2011, the Company is forecasting that earnings per diluted share from continuing operations will be between $1.00 and $1.05, assuming negative low-single digit comparable retail sales. This earnings guidance assumes that currency exchange rates will remain where they are today and does not include the impact of potential share repurchases in fiscal 2011.

The Children's Place Retail Stores Inc

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