Children's Place to reduce fiscal 2008 capital expenditures

20 Mar '08

2 min read

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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