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Children's Place to reduce fiscal 2008 capital expenditures

20
Mar '08
The Children's Place Retail Stores Inc announced its fiscal 2007 fourth quarter and full year financial results and also announced several important actions the Company is taking as a result of its strategic review process.

Summary Overview of Fiscal 2007 Fourth Quarter and Full Year Results:

• Consolidated net sales for the fourth quarter increased 4% to $670.9 million.
• Consolidated comparable store sales for the fourth quarter increased 3%.
• The Company's fourth quarter net loss was $58.5 million, or $2.01 per share for the thirteen-week period compared to net income of $44.7 million, or $1.48 per share in the fourteen-week period last year.
• Consolidated sales for the fiscal year increased 7% to $2,162.6 million.
• Consolidated comparable store sales for the fiscal year increased 2%
• Net loss for the full year was $59.6 million, or $2.05 per share, compared to net income of $87.4 million, or $2.92 per share last year.

A full overview of our fiscal 2007 fourth quarter and full year financial results is included below.

Update on Strategic Review -- Key Actions & Priorities:

As part of the Company's strategic review process first announced in October 2007, the Company is taking the following actions:
1. Exiting the Disney Store North America business
2. Enhancing Profitability through Workforce Reduction
3. Reducing Planned 2008 Capital Expenditure Budget
4. Inventory Strategy Update


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