The Children's Place Retail Stores Inc announced sales results for the five-week period ended September 30, 2006.
Total sales for the five-week period ended September 30, 2006 increased 31 percent to $210.3 million compared to $160.7 million last year.
Consolidated comparable store sales increased 20 percent. During September, the Company opened seven Children's Place stores and three Disney Stores.
Separately, in connection with the Company's previously announced investigation into its stock option practices which concluded that there were errors in the dating of various stock option grants, at the request of the Company's audit committee, the Company's outside counsel is continuing its investigation and conducting additional follow-up work regarding these stock option grants.
While the Company is still conducting its accounting analysis and has not yet determined definitively the impact of these errors in the dating of stock options on the Company's historical financial statements, the Company expects that it will be necessary for it to restate its previously filed financial statements for certain fiscal years and for periods in fiscal 2006.
Accordingly, the Company's previously issued financial statements and other historical financial information and related disclosures relating to periods through the second quarter of fiscal 2006 contained in the Company's SEC filings, including applicable auditor reports, and press releases should not be relied upon.