The Children’s Place Q3 2017 results: comparable retail sales increased 5.1%

  • Delivers Q3 Comparable Retail Sales Increase of 5.1%
  • Reports Q3 GAAP Earnings per Diluted Share of $2.44 vs $2.36 in Q3 2016, a 3% Increase and
  • Q3 Adjusted Earnings per Diluted Share of $2.58 vs $2.29 in Q3 2016, a 13% Increase
  • Repurchases $28 Million in Stock and Pays $7 Million in Dividends in Q3
  • Increases Adjusted EPS Guidance to a Range of $7.46 to $7.51 for FY 2017 Compared to Previous Guidance of $7.23 to $7.33 and FY 2016 Adjusted EPS of $5.43

ECAUCUS, N.J., 2017-Nov-16 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (Nov. 15, 2017) announced financial results for the thirteen weeks ended October 28, 2017.

Jane Elfers, President and Chief Executive Officer, said, “We delivered exceptional operating results in the third quarter with comparable retail sales, gross margin, operating margin and earnings per diluted share all exceeding last year. Our third quarter comparable retail sales increased 5.1%, our eighth consecutive quarter of positive comps, on top of a positive 4.6% comp in the third quarter of 2016. Merchandise margin expanded for the 11th consecutive quarter. Our store traffic has experienced sequential improvement for each of the past six quarters and all of our key retail metrics increased – AUR, ADS, UPT, transactions and conversion. And, we repurchased $28 million in stock and paid $7 million in dividends in the quarter.”

Ms. Elfers continued, “Our results are impressive on their own, but given the impact of three major hurricanes, Gymboree’s bankruptcy and inventory liquidation sales, the record October heat across most of the country, and the anniversary of our very successful private label credit card and loyalty program launches in the third quarter of last year, our results are outstanding.”

Ms. Elfers concluded, “Looking ahead, while we are only a couple of weeks into the fourth quarter, our business is strong. We continue to make significant progress against each of our strategic growth initiatives – superior product, business transformation through technology, global growth through alternate channels of distribution and fleet optimization – all of which are supported by a best-in-class management team.”

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Third Quarter 2017 Results
Net sales increased 3.4% to $490.0 million in the third quarter of 2017. Comparable retail sales increased 5.1% in the third quarter of 2017.

Net income was $44.1 million, or $2.44 per diluted share, in the third quarter of 2017, compared to net income of $44.2 million, or $2.36 per diluted share, the previous year.  Adjusted net income was $46.7 million, or $2.58 per diluted share, compared to adjusted net income of $42.8 million, or $2.29 per diluted share, in the third quarter last year. This $0.29 increase in adjusted net income per diluted share includes a $0.03 benefit resulting from the new accounting rules for the income tax impact on share-based compensation.

Gross profit was $202.4 million in the third quarter, compared to $194.5 million in the third quarter of 2016. Adjusted gross profit was $202.4 million in the third quarter, compared to $194.4 million last year, and leveraged 30 basis points to 41.3% of sales, driven by increases in AUR and merchandise margin resulting from strong product acceptance and inventory management, inclusive of the impact of the increased penetration of our ecommerce business which runs at a lower gross margin rate.

Selling, general and administrative expenses were $118.3 million compared to $115.4 million in the third quarter of 2016. Adjusted SG&A was $117.3 million compared to $115.4 million in the third quarter last year and leveraged 50 basis points as a percentage of net sales primarily as a result of the positive comparable retail sales, in addition to decreased store expenses which were driven by lower credit card fees, and lower incentive compensation expenses, partially offset by the investment in our transformation initiatives.

Operating income was $64.1 million, compared to operating income of $62.1 million in the third quarter of 2016. Adjusted operating income in the third quarter of 2017 was $68.4 million, or 14.0% of net sales, compared to adjusted operating income of $62.4 million in the third quarter last year, leveraging 80 basis points compared to last year.

For the third quarter, the Company’s adjusted net income excludes net expenses of approximately $2.6 million, compared to excluded net income of approximately $1.4 million in the third quarter of 2016, in each case comprising certain items which the Company believes are not reflective of the performance of its core business. For the third quarter of 2017, these excluded items are primarily related to expenses associated with asset impairment charges and restructuring costs. For the third quarter of 2016, these excluded items related primarily to income due to the release of reserves for prior year uncertain tax positions, partially offset by asset impairment charges.

Fiscal Year to Date
Net sales increased 2.8% to $1,300.3 million in the first nine months of fiscal 2017. Comparable retail sales increased 4.8% in the first nine months of fiscal 2017.

Net income was $94.6 million, or $5.19 per diluted share, in the first nine months of fiscal 2017, compared to net income of $68.1 million, or $3.56 per diluted share, the previous year. Adjusted net income was $98.3 million, or $5.39 per diluted share, compared to $68.4 million, or $3.57 per diluted share. This $1.82, or 51%, increase in adjusted net income per diluted share includes a $0.90 benefit resulting from the new accounting rules for the income tax impact on share-based compensation. Excluding this $0.90 benefit from the new accounting rules, adjusted net income per diluted share increased 26%.

Gross profit was $501.4 million in the first nine months of fiscal 2017, compared to $483.7 million last year.  Adjusted gross profit was $502.1 million, or 38.6% of net sales, leveraging 40 basis points compared to last year.

Selling, general and administrative expenses in the first nine months of fiscal 2017 were $338.6 million, compared to $332.6 million last year. Adjusted SG&A was $331.7 million, compared to $332.9 million last year, leveraging 80 basis points compared to last year.

Operating income was $109.7 million, compared to operating income of $98.8 million in fiscal 2016. Adjusted operating income was $121.9 million, or 9.4% of net sales, compared to $101.7 million, or 8.0% of net sales last year, leveraging 140 basis points.

During the first nine months of fiscal 2017, the Company’s adjusted net income excludes net expenses of approximately $3.7 million, compared to excluded net expenses of approximately $0.2 million during the first nine months of fiscal 2016, in each case comprising certain items which the Company believes are not reflective of the performance of its core business. For the first nine months of fiscal 2017, these excluded items are primarily related to charges due to a provision for a legal settlement resulting from a pricing litigation, asset impairment charges, restructuring costs, a state sales and use tax audit settlement, a provision for foreign exchange control penalties, and an insurance claim deductible, partially offset by income associated with the release of reserves for prior year uncertain tax positions. For the first nine months of fiscal 2016, these excluded items primarily related to asset impairment charges, partially offset by income related to the release of reserves for prior year uncertain tax positions.

Store Openings and Closures
The Company opened one store and did not close any stores during the third quarter of 2017. The Company ended the quarter with 1,027 stores and square footage of 4.81 million, a decrease of 3.2% compared to the prior year. Since our fleet optimization initiative was announced in 2013, we have closed 156 stores.

The Company’s international franchise partners opened 10 points of distribution and closed 3 in the third quarter, and the Company ended the quarter with 168 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Capital Return Program
During the third quarter of 2017, the Company repurchased 258,669 shares for approximately $28 million, inclusive of shares repurchased and surrendered to cover tax withholdings associated with the vesting of equity awards held by management. The Company also paid a quarterly dividend of approximately $7 million, or $0.40 per share, in the quarter.

For the first nine months of 2017, the Company repurchased 766,037 shares for approximately $85 million, inclusive of shares repurchased and surrendered to cover tax withholdings associated with the vesting of equity awards held by management. The Company also paid quarterly dividends totaling approximately $21 million in the first nine months of 2017.

Since 2009, the Company has returned over $863 million to its investors through share repurchases and dividends. At the end of the third quarter of 2017, approximately $278 million remained available for future share repurchases under the Company’s existing share repurchase programs.

Additionally, the Company’s Board of Directors authorized a quarterly dividend of $0.40 per share. The dividend for the fourth quarter is payable on January 3, 2018 to shareholders of record at the close of business on December 13, 2017.

Outlook
The Company is updating its outlook for fiscal 2017 and now expects adjusted net income per diluted share to be in the range of $7.46 to $7.51, inclusive of a $0.91 benefit resulting from new accounting rules for the income tax impact on share-based compensation. This compares to the Company’s previous guidance for adjusted net income per diluted share of $7.23 to $7.33, inclusive of an $0.89 benefit resulting from new accounting rules for the income tax impact on share-based compensation. Excluding the benefit from the new accounting rules, full year adjusted net income per diluted share guidance is projected to increase 20% to 21% compared to adjusted net income per diluted share of $5.43 last year.

This guidance for adjusted net income per diluted share excludes charges of approximately $3.7 million related to a provision for a legal settlement resulting from a pricing litigation, asset impairment charges, restructuring costs, a state sales and use tax audit settlement, a provision for foreign exchange control penalties, and an insurance claim deductible, partially offset by income associated with the release of reserves for prior year uncertain tax positions, as the Company believes these items are not reflective of the performance of its core business.

The Company expects adjusted net income per diluted share in the fourth quarter of 2017 will be between $2.07 and $2.12. This compares to adjusted net income per diluted share of $1.88 in the fourth quarter of 2016. This guidance assumes a low single digit increase in comparable retail sales.

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income, adjusted net income per diluted share, adjusted gross profit, adjusted SG&A, and adjusted operating income are non-GAAP measures, and are not intended to replace GAAP financial information and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.  The Company uses non-GAAP measures to evaluate and measure operating performance, including, to measure performance for purposes of the Company’s annual bonus and long-term incentive compensation plans. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Conference Call Information
The Children’s Place will host a conference call to discuss its third quarter 2017 results today at 8:00 a.m. Eastern Time. The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available on the Company’s website approximately one hour after the conclusion of the call.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of October 28, 2017, the Company operated 1,027 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 168 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Forward Looking Statement

This press release contains, and the above referenced conference call may contain, forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Source: Children’s Place, Inc./globenewswire

The Children’s Place declares quarterly cash dividend of $0.40 per share

Company Has Returned Over $863 Million to Shareholders Since 2009

SECAUCUS, N.J., 2017-Nov-16 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today ( Nov. 15, 2017) announced that its Board of Directors has declared a quarterly dividend.

Jane Elfers, President and Chief Executive Officer, commented, “We continued to deliver outstanding operating results in the third quarter and the continuation of our quarterly dividend is a further reflection of our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders. The Children’s Place has a profitable business model which generates strong cash flow. Since 2009, we have returned over $863 million to shareholders through share repurchases and dividends.”

The Board declared a quarterly cash dividend of $0.40 per share to be paid January 3, 2018 to shareholders of record at the close of business on December 13, 2017.  Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of October 28, 2017, the Company operated 1,027 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 168 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Forward Looking Statement

This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact:  

Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place to ring the Nasdaq Opening Bell to celebrate the 20th anniversary of its market listing

SECAUCUS, N.J., 2017-Sep-19 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, will celebrate the 20th anniversary of its Nasdaq stock market listing on September 19th. In honor of this event, Jane Elfers, President and Chief Executive Officer, will ring the Opening Bell at 9:30 AM Eastern Time.

Ms. Elfers stated, “We are honored to celebrate our 20th anniversary with Nasdaq. We are proud of our relationship with Nasdaq and proud of the significant value that we have created for our shareholders.”

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of July 29, 2017, the Company operated 1,026 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 161 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Forward Looking Statement

This press release contains, and the above referenced conference call may contain, forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made.  The Company undertakes 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.

Contact:  
Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place Q2 2017 Results: Comparable Retail Sales Increase of 3.1%

  • Delivers Q2 Comparable Retail Sales Increase of 3.1%
  • Reports Q2 GAAP Earnings per Diluted Share of $0.79 vs ($0.11) in Q2 2016 and Q2 Adjusted Earnings per Diluted Share of $0.86 vs ($0.01) in Q2 2016
  • Repurchases $25 Million in Stock and Pays $7 Million in Dividends in Q2
  • Increases Adjusted EPS Guidance to a Range of $7.23 to $7.33 for FY 2017 Compared to Previous Guidance of $7.10 to $7.20

SECAUCUS, N.J., 2017-Aug-10 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (Aug. 09, 2017) announced financial results for the thirteen weeks ended July 29, 2017.

Jane Elfers, President and Chief Executive Officer, said, “We continued to deliver outstanding operating results in the second quarter. Comparable retail sales, gross margin, operating margin and earnings per diluted share were above last year and exceeded the high end of our guidance range. Our second quarter comparable retail sales increased 3.1%, on top of a positive 2.4% comp in the second quarter of 2016 and store traffic showed sequential improvement compared to the first quarter. We saw increases in ADS driven by higher AUR and UPT, as well as merchandise margin expansion in the quarter. And, we repurchased $25 million in stock and paid $7 million in dividends in the quarter.”

Ms. Elfers said, “Our results are indicative of the significant progress we have made against each of our strategic growth initiatives – superior product, business transformation through technology, global growth through alternate channels of distribution and fleet optimization – all of which are supported by a best-in-class management team. Within our digital transformation initiative, we are intensely focused on developing and implementing a robust Personalized Customer Contact Strategy.”

Elfers continued, “Gymboree’s recent bankruptcy, and the liquidation of 330 of their stores, presents a market share opportunity for The Children’s Place.  We are directly co-located in 216 of those locations and we have experienced sales and traffic lifts in those stores since the Gymboree liquidation began on July 18th.”

Ms. Elfers concluded, “Although we are only a couple weeks into the key Back-to-School selling season, we are encouraged by our early results. Our product clearly continues to resonate with our customer.”

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Second Quarter 2017 Results
Net sales increased 0.6% to $373.6 million in the second quarter of 2017. Comparable retail sales increased 3.1% in the second quarter of 2017.

Net income was $14.3 million, or $0.79 per diluted share, in the second quarter of 2017, compared to a net loss of ($2.0) million, or ($0.11) per diluted share, the previous year.  Adjusted net income was $15.6 million, or $0.86 per diluted share, compared to an adjusted net loss of ($0.2) million, or ($0.01) per diluted share, in the second quarter last year. This $0.87 increase in adjusted net income per diluted share includes a $0.68 benefit resulting from the new accounting rules for the income tax impact on share-based compensation.

Gross profit was $128.4 million in the second quarter, compared to $123.9 million in the second quarter of 2016. Adjusted gross profit was $128.7 million in the second quarter, compared to $123.9 million last year, and leveraged 100 basis points to 34.4% of sales, driven by increases in AUR and merchandise margin resulting from strong product acceptance and inventory management, inclusive of the impact of the increased penetration of our ecommerce business which runs at a lower gross margin rate.

Selling, general and administrative expenses were $108.2 million compared to $107.9 million in the second quarter of 2016. Adjusted SG&A was $107.6 million compared to $107.9 million in the second quarter last year and leveraged 30 basis points as a percentage of sales primarily as a result of decreased store expenses, including lower store compensation expenses and credit card fees, partially offset by increased expenses related to the investment in our transformation initiatives and increased administrative compensation expenses.

Operating income was $3.2 million, compared to a net operating loss of ($2.9) million in the second quarter of 2016. Adjusted operating income in the second quarter of 2017 was $5.1 million, or 1.4% of net sales, compared to adjusted operating income of $0.1 million in the second quarter last year, leveraging 140 basis points compared to last year.

For the second quarter, the Company’s adjusted results exclude net expenses of approximately $1.3 million, compared to excluded net expenses of approximately $1.8 million in the second quarter of 2016, comprising certain items which the Company believes are not reflective of the performance of its core business. For the second quarter of 2017, these excluded items are primarily related to expenses associated with asset impairment charges, a state sales and use tax audit settlement, a provision for foreign exchange control penalties and an insurance claim deductible, partially offset by income related to restructuring costs. For the second quarter of 2016, these excluded items related primarily related to asset impairment charges.

Fiscal Year to Date
Net sales increased 2.5% to $810.3 million in the first half of fiscal 2017. Comparable retail sales increased 4.7% in the first half of fiscal 2017.

Net income was $50.5 million, or $2.76 per diluted share, in the first half of fiscal 2017, compared to net income of $24.0 million, or $1.24 per diluted share, the previous year. Adjusted net income was $51.6 million, or $2.82 per diluted share, compared to $25.6 million, or $1.32 per diluted share. This $1.50 increase in adjusted net income per diluted share includes an $0.87 benefit resulting from the new accounting rules for the income tax impact on share-based compensation.

Gross profit was $299.0 million in the first half of fiscal 2017, compared to $289.2 million last year.  Adjusted gross profit was $299.6 million, or 37.0% of net sales, leveraging 40 basis points compared to last year.

Selling, general and administrative expenses in the first half of fiscal 2017 were $220.4 million, compared to $217.1 million last year. Adjusted SG&A was $214.5 million, compared to $217.5 million last year, leveraging 100 basis points compared to last year.

Operating income was $45.5 million, compared to operating income of $36.7 million in fiscal 2016. Adjusted operating income was $53.5 million, or 6.6% of net sales, compared to $39.3 million, or 5.0% of net sales last year, an increase of 36%.

During the first half of fiscal 2017, the Company’s adjusted results exclude net expenses of approximately $1.0 million, compared to excluded net expenses of approximately $1.6 million during the first half of fiscal 2016, comprising certain items which the Company believes are not reflective of the performance of its core business. For the first half of fiscal 2017, these excluded items are primarily related to charges due to a provision for a legal settlement resulting from a pricing litigation, asset impairment charges, restructuring costs, a state sales and use tax audit settlement, a provision for foreign exchange control penalties, and an insurance claim deductible, partially offset by income associated with the release of reserves for prior year uncertain tax positions. For the first half of fiscal 2016, these excluded expenses primarily related to asset impairment charges, partially offset by income associated with restructuring costs.

Store Openings and Closures
In accordance with our fleet optimization initiative, the Company closed 7 stores and did not open any stores during the second quarter of 2017. The Company ended the quarter with 1,026 stores and square footage of 4.801 million, a decrease of 3.4% compared to the prior year. Since our fleet optimization initiative was announced in 2013, we have closed 156 stores.

The Company’s international franchise partners opened 6 points of distribution and closed 1 in the second quarter, and the Company ended the quarter with 161 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Capital Return Program
During the second quarter of 2017, the Company repurchased 209,760 shares for approximately $25 million, consisting of shares repurchased and surrendered to cover tax withholdings associated with the vesting of equity awards held by management. The Company also paid a quarterly dividend of approximately $7 million, or $0.40 per share, in the quarter.

For the first half of 2017, the Company repurchased 507,368 shares for approximately $57 million, inclusive of shares repurchased and surrendered to cover tax withholdings associated with the vesting of equity awards held by management. The Company also paid quarterly dividends totaling approximately $14 million in the first half of 2017.

Since 2009, the Company has returned over $829 million to its investors through share repurchases and dividends. At the end of the second quarter of 2017, approximately $306 million remained available for future share repurchases under the Company’s existing share repurchase programs.

Additionally, the Company’s Board of Directors authorized a quarterly dividend of $0.40 per share. The dividend for the third quarter is payable on October 3, 2017 to shareholders of record at the close of business on September 12, 2017.

Outlook
The Company is updating its outlook for fiscal 2017 and now expects adjusted net income per diluted share to be in the range of $7.23 to $7.33, inclusive of an $0.89 benefit resulting from new accounting rules for the income tax impact on share-based compensation. This compares to the Company’s previous guidance for adjusted net income per diluted share of $7.10 to $7.20, inclusive of an $0.89 benefit resulting from new accounting rules for the income tax impact on share-based compensation. Excluding the tax benefit, full year adjusted net income per diluted share guidance is projected to increase 17% to 19% compared to adjusted net income per diluted share of $5.43 last year. This guidance assumes an approximate 3% increase in comparable retail sales for the year.

This guidance for adjusted net income per diluted share excludes year to date net expenses of approximately $1.0 million related to charges due to a provision for a legal settlement resulting from a pricing litigation, asset impairment charges, restructuring costs, a state sales and use tax audit settlement, a provision for foreign exchange control penalties, and an insurance claim deductible, partially offset by income associated with the release of reserves for prior year uncertain tax positions, as the Company believes these items are not reflective of the performance of its core business.

The Company expects adjusted net income per diluted share in the third quarter of 2017 will be between $2.41 and $2.46. This compares to adjusted net income per diluted share of $2.29 in the third quarter of 2016. This guidance assumes a low single digit increase in comparable retail sales.

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income, adjusted net income per diluted share, adjusted gross profit, adjusted SG&A, and adjusted operating income are non-GAAP measures, and are not intended to replace GAAP financial information and may be different from non-GAAP measures reported by other companies. The Company believes the income and expense items excluded as non-GAAP adjustments are not reflective of the performance of its core business and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.  The Company uses non-GAAP measures to evaluate and measure operating performance, including, to measure performance for purposes of the Company’s annual bonus and long-term incentive compensation plans. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Conference Call Information
The Children’s Place will host a conference call to discuss its second quarter 2017 results today at 8:00 a.m. Eastern Time. The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available on the Company’s website approximately one hour after the conclusion of the call.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of July 29, 2017, the Company operated 1,026 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 161 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Forward Looking Statement

This press release contains, and the above referenced conference call may contain, forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact: 
Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place names Steven G. Rado Chief Digital Officer

SECAUCUS, N.J., 2017-Aug-10 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (Aug. 09, 2017) announced the appointment of Steven G. Rado to the position of Chief Digital Officer, effective  August 14, 2017.  Mr. Rado will report directly to Jane Elfers, President and Chief Executive Officer.

Jane Elfers, President and Chief Executive Officer said, “We believe that a Personalized Customer Contact Strategy is our single biggest opportunity, and we have made the decision to significantly accelerate the development and implementation of this initiative.  Steve’s deep experience in all aspects of marketing, including strategy development, customer relationship management, and digital commerce, combined with his successful track record of delivering digital transformation through personalized customer contact at Victoria’s Secret, Office Depot and Land’s End, make him the ideal candidate to lead this effort at The Children’s Place.”

Mr. Rado said, “I am very excited to join the best in class management team at The Children’s Place and drive the significant benefits associated with implementing a robust Personalized Customer Contact Strategy.”

Mr. Rado received his BS in Business Administration from Bowling Green State University, his MBA from The Ohio State University and his Juris Doctor from Case Western Reserve University School of Law.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of July 29, 2017, the Company operated 1,026 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 161 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy which continue to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact: 
Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place declares a quarterly cash dividend of $0.40 per share

Company Has Returned Over $829 Million to Shareholders Since 2009

SECAUCUS, N.J., 2017-Aug-10 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today ( Aug. 09, 2017) announced that its Board of Directors has declared a quarterly dividend.

Jane Elfers, President and Chief Executive Officer, commented, “We continued to deliver outstanding operating results in the second quarter and the continuation of our quarterly dividend is a further reflection of our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders. The Children’s Place has a profitable business model which generates strong cash flow. Since 2009, we have returned over $829 million to shareholders through dividends and share repurchases.”

The Board declared a quarterly cash dividend of $0.40 per share to be paid October 3, 2017to shareholders of record at the close of business on September 12, 2017.  Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of July 29, 2017, the Company operated 1,026 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 161 international points of distribution open and operated by its 7 franchise partners in 19 countries.

Forward Looking Statement

This press release may contain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact:
Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place to open retail stores in Indonesia, Singapore, Thailand and The Philippines

SECAUCUS, N.J., 2017-Jun-21 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (June 19, 2017) announced that it has entered into a development agreement with Gill Capital covering Indonesia, Singapore, Thailand and The Philippines.  The first retail stores are to open in Indonesia, with the plan to open 25 locations in Indonesia, followed by openings in the other countries in the development area.

Jane Elfers, President and Chief Executive Officer of The Children’s Place, stated, “We are excited to be partnering with Gill Capital.  They have a proven track record of operating successful brands in South East Asia.  We are making significant strides in our International franchise business, and we remain focused on providing great fashion and value for children around the world.”

Commenting on the partnership with The Children’s Place, Mr. J.S. Gill, Chairman of Gill Capital, stated, “We are excited to launch our partnership with The Children’s Place.  We believe in the unique quality, fashion and value of the Brand, and we are confident that it will be a tremendous success with our customers.”

About The Children’s Place, Inc.

The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place”  brand names.  As of April 29, 2017, the Company operated 1,033 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 156 international points of distribution open and operated by its 6 franchise partners in 18 countries.

About Gill Capital

Gill Capital is a Singapore-based company with operations in Singapore, Thailand and Indonesia under various concepts in fashion, children’s specialty, confectionary, and food & beverage.

Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s positioning, and forecasts regarding store openings and earnings per diluted share from continuing operations.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy which continue to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact: 

Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place welcomes John J. Sullivan as its Chief Transformation Officer

SECAUCUS, N.J., 2017-Jun-01 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (May 30, 2017) announced the appointment of John J. Sullivan to the newly created position of Chief Transformation Officer, effective June 12, 2017.  Mr. Sullivan will report to Michael Scarpa, Chief Operating Officer, and will assume responsibility for Information Technology, Business Process, and Global Logistics and Distribution.

Jane Elfers, President and CEO said, “We continue to make significant progress on our key strategic growth initiatives – superior product, business transformation through technology, alternate channels of distribution and fleet optimization – and each one of these initiatives still has significant upside. As we look to the future, developing and implementing a best in class Personalized Customer Contact Strategy is our single biggest opportunity, and we announced on our May 18th earnings call that we have made the decision to significantly accelerate the development and implementation of this initiative. John’s extensive track record of delivering successful transformations through OmniChannel systems implementations, technology solutions, and business process re-engineering, coupled with his deep expertise in sourcing and global logistics and distribution, makes him ideally suited to lead the next key phase of our transformation efforts.”

Michael Scarpa, Chief Operating Officer added, “I worked closely with John at Liz Claiborne and his exceptional leadership qualities and deep experience in transformation, technology and systems will be a tremendous asset to our organization.”

Mr. Sullivan said, “I am very excited to join the best-in-class management team at The Children’s Place to help realize the financial benefits associated with the significant opportunities across the organization.”

Over the course of his career, Mr. Sullivan has held several senior level positions at major retailers. In his most recent role as Chief Operating Officer and President of Shared Services at Ascena Retail Group, Mr. Sullivan was responsible for establishing OmniChannel capabilities across the enterprise, distribution and fulfillment services, sourcing, IT, and project management. At QVC, Mr. Sullivan held the title of EVP and CIO and was responsible for the company’s global information systems and corporate project management office. And at Liz Claiborne, Mr. Sullivan was Chief Information Officer and SVP with responsibility for sourcing, systems and customer service. Mr. Sullivan received his BS in Management Information Systems and his MBA from Northeastern University.

About The Children’s Place, Inc.

The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of April 29, 2017, the Company operated 1,033 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 156 international points of distribution open and operated by its 6 franchise partners in 18 countries.

Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s positioning, and forecasts regarding store openings and earnings per diluted share from continuing operations.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 28, 2017. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy which continue to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact: 

Robert Vill
Group Vice President, Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place announces new $250 million share repurchase program and 100% increase in its quarterly dividend

SECAUCUS, N.J., 2017-Mar-10 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced that its Board of Directors has approved a new $250 million share repurchase program and has increased the Company’s quarterly dividend to $0.40 per share from $0.20 per share.

Jane Elfers, President and Chief Executive Officer, commented, “Since 2009, we have returned over $790 million to shareholders through share repurchases and dividends. The significant increase in our quarterly dividend brings our annual dividend yield more in line with that of our specialty peers. This dividend increase and the new share repurchase authorization reflect our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders.”

The Board declared a quarterly cash dividend of $0.40 per share to be paid May 1, 2017 to shareholders of record at the close of business on April 10, 2017. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.

The share repurchase authorization announced today permits the Company to 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.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of January 28, 2017, the Company operated 1,039 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 150 international points of distribution open and operated by its 6 franchise partners in 17 countries.

Forward Looking Statement

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 30, 2016. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact: Robert Vill, Group Vice President, Finance, (201) 453-6693

SOURCE: Children’s Place, Inc. / GLOBE NEWSWIRE

The Children’s Place, Inc. declares quarterly dividend of $0.20 per share

Company Has Returned Over $747 Million to Shareholders Since 2009

SECAUCUS, N.J., 2016-Nov-19 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (Nov. 17, 2016) announced that its Board of Directors has declared a quarterly dividend.

Jane Elfers, President and Chief Executive Officer, commented, “We delivered another outstanding quarter and the continuation of our quarterly dividend is a further reflection of our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders. The Children’s Place has a profitable business model which generates strong cash flow. Since 2009, we have returned over $747 million to shareholders through dividends and share repurchases.”

The Board declared a quarterly cash dividend of $0.20 per share to be paid January 5, 2017 to shareholders of record at the close of business on December 17, 2016.  Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of October 29, 2016, the Company operated 1,061 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 139 international points of distribution open and operated by its 6 franchise partners in 17 countries.

Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 30, 2016. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact:

Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place, Inc. announces financial results for 3Q FY2016

  • Delivers Q3 Comparable Retail Sales Increase of 4.6%
  • Reports Q3 GAAP Earnings per Diluted Share of $2.36, a 26% Increase vs Q3 2015 and
  • Q3 Adjusted Earnings per Diluted Share of $2.29, a 19% Increase vs Q3 2015
  • Increases Fiscal 2016 Adjusted EPS Guidance to $5.00 to $5.05 vs Previous Guidance of $4.60 to $4.70
  • Returns $123 Million to Shareholders Year to Date, a 37% Increase Compared to LY

SECAUCUS, N.J., 2016-Nov-19 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today (Nov. 17, 2016) announced financial results for the thirteen weeks ended October 29, 2016.

Jane Elfers, President and Chief Executive Officer, said, “We delivered another outstanding quarter, with EPS significantly above the high end of our guidance range. Comparable retail sales increased 4.6%. Comps were positive in all three months and accelerated as the quarter progressed. Inventory decreased 0.6% and is in excellent shape as we enter the fourth quarter. Based on these results, we are raising our adjusted EPS guidance for the full year to $5.00 to $5.05 per share compared to our previous guidance of $4.60 to $4.70 per share.”

Ms. Elfers continued, “Our number one priority is the creation of shareholder value. Our results are indicative of the impressive progress we have made against each of our strategic growth initiatives – superior product, business transformation through technology, global growth through alternate channels of distribution and fleet optimization – all of which are supported by a best-in-class management team. We look forward to continued momentum in our business for the fourth quarter and beyond.”

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Third Quarter 2016 Results
Net sales increased 3.9% to $473.8 million in the third quarter of 2016. Comparable retail sales increased 4.6% in the third quarter of 2016.

Net income was $44.2 million, or $2.36 per diluted share, in the third quarter of 2016, compared to net income of $38.5 million, or $1.88 per diluted share, the previous year.  Adjusted net income was $42.8 million, or $2.29 per diluted share, compared to adjusted net income of $39.6 million, or $1.93 per diluted share, in the third quarter last year. There was no impact on adjusted net income per diluted share in the quarter from currency exchange rate fluctuations.

Gross profit was $194.5 million in the third quarter, compared to $180.5 million in the third quarter of 2015. Adjusted gross profit was $194.4 million in the third quarter, compared to $180.6 million last year, and leveraged 140 basis points to 41.0% of sales primarily as a result of merchandise margin leverage and a higher AUR.

Selling, general and administrative expenses were $115.4 million compared to $105.8 million in the third quarter of 2015. Adjusted SG&A was $115.4 million compared to $105.0 million in the third quarter last year and deleveraged 140 basis points as a percentage of sales primarily as a result of increased incentive compensation expenses which were partially offset by decreased store and administrative expenses.

Operating income was $62.1 million, compared to $57.6 million in the third quarter of 2015. Adjusted operating income in the third quarter of 2016 was $62.4 million compared to an adjusted operating income of $59.5 million in the third quarter last year, and leveraged 10 basis points compared to last year.

For the third quarter, the Company’s adjusted results exclude net income of approximately $1.4 million, compared to excluded charges of approximately $1.1 million in the third quarter of 2015, comprising certain items which the Company believes are not reflective of the performance of its core business. These excluded items are primarily related to income due to the release of reserves for prior year uncertain tax positions offset by asset impairment charges in the third quarter of 2016, and asset impairment charges and restructuring costs in the third quarter of 2015.

Fiscal Year to Date
Net sales increased 3.0% to $1,265 million, including the negative impact of approximately $3.7 million from currency exchange rate fluctuations.  On a constant currency basis, net sales were $1,268 million, a 3.3% increase compared to net sales of $1,227 million in the prior year. Comparable retail sales increased 4.1% in the first nine months of fiscal 2016.

Net income was $68.1 million, or $3.56 per diluted share, in the first nine months of fiscal 2016, compared to net income of $40.4 million, or $1.94 per diluted share, the previous year. Adjusted net income was $68.4 million, or $3.57 per diluted share, inclusive of a negative ($0.03) impact due to foreign exchange, compared to $50.5 million, or $2.42 per diluted share, an increase of 48%, compared to the previous year. On a constant currency basis, adjusted net income per diluted share was $3.60, a 49% increase compared to the previous year.

Gross profit was $483.7 million in the first nine months of fiscal 2016, compared to $447.6 million last year.  Adjusted gross profit was $483.6 million, or 38.2% of net sales, leveraging 170 basis points compared to last year.

Selling, general and administrative expenses in the first nine months of fiscal 2016 were $332.6 million, compared to $338.7 million last year. Adjusted SG&A was $332.9 million, compared to $324.9 million last year, leveraging 20 basis points compared to last year.

Operating income was $98.8 million, compared to operating income of $60.7 million in the first nine months of fiscal 2015. Adjusted operating income was $101.7 million, or 8.0% of net sales, compared to $77.4 million, or 6.3% of net sales last year.

For the first nine months, the Company’s adjusted results exclude net charges of approximately $0.2 million, compared to excluded charges of approximately $10.1 million in the first nine months of 2015, comprising certain items which the Company believes are not reflective of the performance of its core business. These excluded charges are primarily related to asset impairment charges offset by income related to the release of reserves for prior year uncertain tax positions in the first nine months of 2016, and proxy and legal settlement costs, asset impairment charges and restructuring costs in the first nine months of 2015.

Store Openings and Closures
The Company closed 5 stores and opened 2 stores during the third quarter of 2016. The Company ended the third quarter with 1,061 stores and square footage of 4.961 million, a decrease of 2.0% compared to the prior year. The Company’s international franchise partners opened 16 points of distribution in the third quarter, and the Company ended the quarter with 139 international points of distribution open and operated by its 6 franchise partners in 17 countries.

Capital Return Program
During the third quarter of 2016, the Company returned approximately $37 million to shareholders through the repurchase of 416,865 shares and its quarterly dividend payment of $0.20 per share. Year to date, the Company returned approximately $123 million to shareholders compared to approximately $90 million last year. Since 2009, the Company has returned over $747 million to its investors through share repurchases and dividends. At the end of the third quarter, approximately $159 million remained available for future share repurchases under the Company’s existing share repurchase program.

Additionally, the Company’s Board of Directors authorized a quarterly dividend of $0.20 per share, payable on January 5, 2017 to shareholders of record at the close of business on December 17, 2016.

Outlook
The Company is updating its outlook for fiscal 2016 and now expects adjusted net income per diluted share to be in the range of $5.00 to $5.05, inclusive of a ($0.03) negative impact from foreign exchange. This compares to the Company’s previous guidance for adjusted net income per diluted share of $4.60 to $4.70 and to adjusted net income per diluted share of $3.60 in fiscal 2015. This guidance assumes a positive low single digit increase in comparable retail sales for the year. This guidance for adjusted net income per diluted share excludes year to date net charges of approximately $0.2 million primarily related to asset impairment charges and income related to the release of reserves for prior year uncertain tax positions that the Company believes are not reflective of the performance of its core business.

The Company expects adjusted net income per diluted share in the fourth quarter of 2016 to be between $1.43 and $1.48. The Company expects no impact on adjusted net income per diluted share in the quarter from currency exchange rate fluctuations. This compares to adjusted net income per diluted share of $1.19 in the fourth quarter of 2015. This guidance assumes a positive low single digit increase in comparable retail sales for the quarter.

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income, adjusted net income per diluted share, adjusted gross profit, adjusted SG&A, and adjusted operating income are non-GAAP measures, and are not intended to replace GAAP financial information and may be different from non-GAAP measures reported by other companies. The Company believes the items excluded as non-GAAP adjustments are not reflective of the performance of its core business and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.  The Company uses non-GAAP measures to evaluate and measure operating performance, including, as previously disclosed, to measure performance for purposes of the Company’s annual bonus and long-term incentive compensation plans. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Conference Call Information
The Children’s Place will host a conference call to discuss its third quarter 2016 results today at 8:00 a.m. Eastern Time. The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available on the Company’s website approximately one hour after the conclusion of the call.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of October 29, 2016, the Company operated 1,061 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 139 international points of distribution open and operated by its 6 franchise partners in 17 countries.

Forward Looking Statement

This press release contains, and the above referenced conference call may contain, forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 30, 2016. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact: 

Robert Vill
Group Vice President, Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place announces financial results for the thirteen weeks ended July 30, 2016

  • Delivers Q2 Comparable Retail Sales Increase of 2.4%
  • Reports Q2 GAAP Loss per Diluted Share of ($0.11) vs ($0.67) in Q2 2015 and
  • Q2 Adjusted Loss per Diluted Share of ($0.01) vs ($0.33) in Q2 2015
  • Increases Fiscal 2016 Adjusted EPS Guidance to $4.60 to $4.70 vs Previous Guidance of$4.17 to $4.27
  • Returns $86 Million to Shareholders Year to Date  

SECAUCUS, N.J., 2016-Oct-20 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced financial results for the thirteen weeks ended July 30, 2016.

Jane Elfers, President and Chief Executive Officer, said, “We delivered another outstanding quarter. Based on these results and the consistently positive customer response to our merchandise assortments, we are raising our guidance for the full year. We continue to demonstrate our ability to deliver on our multi-pronged transformation strategy – superior product, business transformation through technology, global growth through alternate channels of distribution and store fleet optimization – despite the challenging retail environment and the continued weakness in store traffic.”

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Second Quarter 2016 Results
Net sales increased 1.4% to $371.4 million in the second quarter of 2016. The quarter included the negative impact of approximately $1.7 million from currency exchange rate fluctuations. On a constant currency basis, net sales were $373.1 million, a 1.8% increase, compared to net sales of$366.5 million in the second quarter of 2015. Comparable retail sales increased 2.4% in the second quarter of 2016.

Net loss was ($2.0) million, or ($0.11) per diluted share, in the second quarter of 2016, compared to a net loss of ($13.7) million, or ($0.67) per diluted share, the previous year.  Adjusted net loss was ($0.2) million, or ($0.01) per diluted share, inclusive of a negative ($0.02) impact due to foreign exchange, compared to an adjusted net loss of ($6.8) million, or ($0.33) per diluted share, in the second quarter last year. On a constant currency basis, adjusted net income per diluted share was $0.01.

Gross profit and adjusted gross profit were $123.9 million in the second quarter, compared to$115.0 million in the second quarter of 2015 and leveraged 200 basis points to 33.4% of sales primarily as a result of merchandise margin and fixed cost leverage and a higher AUR.

Selling, general and administrative expenses were $107.9 million compared to $118.3 million in the second quarter of 2015. Adjusted SG&A was $107.9 million compared to $108.6 million in the second quarter last year and leveraged 50 basis points as a percentage of sales primarily as a result of decreased store and administrative expenses which were partially offset by increased incentive compensation expenses.

Operating loss was ($2.9) million, compared to ($20.1) million in the second quarter of 2015. Adjusted operating income in the second quarter of 2016 was $0.1 million compared to an adjusted operating loss of ($8.9) million in the second quarter last year, and leveraged 240 basis points compared to last year.

For the second quarter, the Company’s adjusted results exclude charges of approximately $3.0 million, compared to excluded charges of approximately $11.2 million in the second quarter of 2015, comprising certain items which the Company believes are not reflective of the performance of its core business. These excluded charges are primarily related to asset impairment charges in the second quarter of 2016 and proxy and legal settlement costs in the second quarter of 2015.

Fiscal Year to Date
Net sales increased 2.5% to $790.8 million, including the negative impact of approximately $4.0 million from currency exchange rate fluctuations.  On a constant currency basis, net sales were$794.8 million, a 3.0% increase compared to net sales of $771.3 million in the prior year. Comparable retail sales increased 3.8% in the first half of fiscal 2016.

Net income was $24.0 million, or $1.24 per diluted share, in the first half of fiscal 2016, compared to net income of $1.9 million, or $0.09 per diluted share, the previous year. Adjusted net income was $25.6 million, or $1.32 per diluted share, inclusive of a negative ($0.03) impact due to foreign exchange, compared to $10.9 million, or $0.52 per diluted share, an increase of 154%, compared to the previous year. On a constant currency basis, adjusted net income per diluted share was$1.35, a 160% increase compared to the previous year.

Gross profit was $289.2 million in the first half of fiscal 2016, compared to $267.1 million last year.  Adjusted gross profit was $289.2 million, or 36.6% of net sales, leveraging 190 basis points compared to last year.

Selling, general and administrative expenses in the first half of fiscal 2016 were $217.1 million, compared to $232.9 million last year. Adjusted SG&A was $217.5 million, compared to $219.9 million last year, leveraging 100 basis points compared to last year.

Operating income was $36.7 million, compared to operating income of $3.1 million in the first half of fiscal 2015. Adjusted operating income was $39.3 million, or 5.0% of net sales, compared to$17.8 million, or 2.3% of net sales last year.

For the first half, the Company’s adjusted results exclude charges of approximately $2.6 million, compared to excluded charges of approximately $14.8 million in the first half of 2015, comprising certain items which the Company believes are not reflective of the performance of its core business. These excluded charges are primarily related to asset impairment charges in the first half of 2016 and proxy and legal settlement costs in the first half of 2015.

Store Openings and Closures
The Company closed 2 stores and opened 2 stores during the second quarter of 2016. The Company ended the second quarter with 1,064 stores and square footage of 4.967 million, a decrease of 2.0% compared to the prior year.  The Company’s international franchise partners opened 13 points of distribution in the second quarter, and the Company ended the quarter with 123 international points of distribution open and operated by its 6 franchise partners in 16 countries.

Capital Return Program
During the second quarter of 2016, the Company returned approximately $39 million to shareholders through the repurchase of 454,711 shares and its quarterly dividend payment of $0.20 per share. Year to date, the Company returned approximately $86 million to shareholders compared to approximately $68 million last year. Since 2009, the Company has returned over$710 million to its investors through share repurchases and dividends. At the end of the second quarter, approximately $192 million remained available for future share repurchases under the Company’s existing share repurchase program.

Additionally, the Company’s Board of Directors authorized a quarterly dividend of $0.20 per share, payable October 6, 2016 to shareholders of record at the close of business on September 16, 2016.

Outlook
The Company is updating its outlook for fiscal 2016 and now expects adjusted net income per diluted share to be in the range of $4.60 to $4.70, inclusive of a ($0.08) negative impact from foreign exchange. This compares to the Company’s previous guidance of $4.17 to $4.27 per adjusted diluted share and to adjusted net income per diluted share of $3.60 in fiscal 2015. This guidance assumes a positive low single digit increase in comparable retail sales for the year. This guidance for adjusted net income per diluted share excludes year to date charges of approximately$2.6 million primarily related to asset impairment charges that the Company believes are not reflective of the performance of its core business.

The Company expects adjusted net income per diluted share in the third quarter of 2016 to be between $1.93 and $2.01, inclusive of an estimated ($0.03) negative impact from foreign exchange. This compares to adjusted net income per diluted share of $1.93 in the third quarter of 2015. This guidance assumes a positive low single digit increase in comparable retail sales for the quarter.

Financial Results
The Company’s results are reported in this press release on a GAAP and as adjusted, non-GAAP basis. Adjusted net income, adjusted net loss, adjusted net income per diluted share, adjusted net loss per diluted share, adjusted gross profit, adjusted SG&A, and adjusted operating income are non-GAAP measures, and are not intended to replace GAAP financial information and may be different from non-GAAP measures reported by other companies. The Company believes the items excluded as non-GAAP adjustments are not reflective of the performance of its core business and that providing this supplemental disclosure to investors will facilitate comparisons of the past and present performance of its core business.  The Company uses non-GAAP measures to evaluate and measure operating performance, including, as previously disclosed, to measure performance for purposes of the Company’s annual bonus and long-term incentive compensation plans. A reconciliation of non-GAAP to GAAP financial information is provided at the end of this press release.

Conference Call Information
The Children’s Place will host a conference call to discuss its second quarter 2016 results today at 8:00 a.m. Eastern Time. The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available on the Company’s website approximately one hour after the conclusion of the call.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of July 30, 2016, the Company operated 1,064 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 123 international points of distribution open and operated by its 6 franchise partners in 16 countries.

Forward Looking Statements

This press release contains, and the above referenced conference call may contain, forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently. 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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 30, 2016. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact:

Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc/globenewswire

The Children’s Place declares quarterly dividend

SECAUCUS, N.J., 2016-Oct-20 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced that its Board of Directors has declared a quarterly dividend.

Jane Elfers, President and Chief Executive Officer, commented, “The continuation of the quarterly dividend is a further reflection of our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders. The Children’s Place has a profitable business model which generates strong cash flow. Since 2009, we have returned over $710 million to shareholders through dividends and share repurchases,” concluded Ms. Elfers.

The Board declared a quarterly cash dividend of $0.20 per share to be paid October 6, 2016 to shareholders of record at the close of business on September 16, 2016.  Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of July 30, 2016, the Company operated 1,064 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 123 international points of distribution open and operated by its 6 franchise partners in 16 countries.

Forward Looking Statements
This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to statements relating to the Company’s strategic initiatives and adjusted net income per diluted share.  Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and similar words, although some forward-looking statements are expressed differently.  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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its Annual Report on Form 10-K for the fiscal year ended January 30, 2016. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk of delays, interruptions and disruptions in the Company’s global supply chain, including resulting from foreign sources of supply in less developed countries or more politically unstable countries, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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.

Contact:
Robert Vill
Group Vice President
Finance
(201) 453-6693

Source: Children’s Place, Inc./globenewswire

The Children’s Place, Inc. CEO Jane Elfers: Comparable retail sales are running positive 7.3% through the first nine weeks of the fourth quarter

Announces Comparable Retail Sales of Positive 7.3% Through the First Nine Weeks of the Fourth Quarter

SECAUCUS, N.J., 2016-1-8 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE) Jane Elfers, President and Chief Executive Officer, said, “We have consistently stated that our multi-pronged transformation strategy would begin to deliver results in the back half of 2015 and our announcement today clearly indicates that we are on track. Comparable retail sales are running positive 7.3% through the first nine weeks of the fourth quarter, representing approximately 85% of our planned sales volume for the quarter. These comparable retail sales results are being driven by increases in key retail selling metrics despite continued weakness in traffic.”

Ms. Elfers continued, “We now expect comparable retail sales to increase in the range of 6% to 7% in the fourth quarter, compared to previous guidance of a low-single digit increase and a comparable retail sales increase of 3.7% in the fourth quarter of 2014. For the full year 2015, we now expect comparable retail sales to be approximately flat, compared to previous guidance of slightly negative comparable retail sales. We are also updating our fourth quarter and full year 2015 guidance for adjusted diluted EPS. We now expect to deliver adjusted diluted EPS for the fourth quarter in the range of $1.05 to $1.12, compared to previous fourth quarter adjusted diluted EPS guidance of $0.93 to $1.03. For the full year 2015, we now expect to deliver adjusted diluted EPS in the range of $3.47 to $3.54, compared to previous full year 2015 adjusted diluted EPS guidance of $3.35 to $3.45.”

The Company also announced that it will participate at the 2016 ICR Conference in Orlando, Florida on Tuesday January 12th, 2016.

Updated Outlook

The Company now expects comparable retail sales to increase in the range of 6% to 7% in the fourth quarter, compared to previous guidance of a low-single digit increase and now expects to achieve fourth quarter adjusted net income per diluted share (“adjusted diluted EPS”) in the range of $1.05 to $1.12, compared to previous fourth quarter adjusted diluted EPS guidance of$0.93 to $1.03 and adjusted diluted EPS of $0.94 in the fourth quarter of 2014. This guidance range assumes that currency exchange rates will negatively impact adjusted diluted EPS by approximately ($0.03) in the fourth quarter. On a constant currency basis, adjusted diluted EPS is projected to be $1.08 to $1.15.

For the full year 2015, the Company now expects comparable retail sales to be approximately flat, compared to previous guidance of slightly negative comparable retail sales and now expects to achieve adjusted diluted EPS in the range of $3.47 to $3.54, compared to previous full year 2015 adjusted diluted EPS guidance of $3.35 to $3.45 and adjusted diluted EPS of$3.05 in full year 2014. This guidance range assumes that currency exchange rates will negatively impact adjusted diluted EPS by approximately ($0.14) cents in the full year 2015. On a constant currency basis, full year 2015 adjusted diluted EPS is projected to be $3.61 to $3.68.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of October 31, 2015, the Company operated 1,085 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 90 international stores open and operated by its franchise partners in 12 countries.

Forward Looking Statements
This press release may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company’s strategic initiatives and adjusted net income per diluted share. 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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 31, 2015. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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 Company or any other person that the events or circumstances described in such statement are material.

Contact:  Robert Vill, Group Vice President, Finance, (201) 453-6693

Children’s Place, Inc.

The Children’s Place announces financial results for the thirteen weeks ended October 31, 2015

  • Reports Q3 Adjusted Earnings per Diluted Share of $1.93
  • Reaffirms Fiscal 2015 Adjusted EPS Guidance in the Range of $3.35 to $3.45
  • Board Authorizes New $250 Million Stock Repurchase Program and Declares Quarterly Dividend

SECAUCUS, N.J., 2015-12-10 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced financial results for the thirteen weeks ended October 31, 2015.

Jane Elfers, President and Chief Executive Officer, commented, “We delivered adjusted earnings per diluted share of $1.93 in the third quarter compared to $1.82 in the third quarter of 2014. Comparable retail sales were negative (3.0%), primarily driven by unseasonably warm weather across most of the United States. Despite this challenge, we leveraged adjusted gross margin by 60 basis points, adjusted SG&A by 60 basis points and adjusted operating margin by 80 basis points compared to last year. Importantly, our inventories are well controlled, down 4.4% at quarter-end compared to last year.”

Elfers stated, “Comparable retail sales are running positive 4.5% quarter to date, representing approximately 50% of our planned sales volume for the fourth quarter. Our quarter to date results are being driven by increases in key retail selling metrics despite continued weakness in traffic.”

Elfers continued, “The systems investments we have made in state of the art assortment planning, inventory allocation and replenishment tools are delivering results. Our digital initiatives continue to gain traction; we implemented a new distributed order management system in the third quarter which is a key component of our omni-channel strategy. Our fleet rationalization initiative is on track and we expect to close 200 stores through 2017. Our wholesale and international businesses continue to expand; we recently announced a new partnership with El Palacio de Hierro to open free-standing stores and shop in shops in Mexico, with the first successful opening occurring last month. And today, our Board authorized a new$250 million share repurchase and declared a quarterly dividend. This new authorization and dividend reflect our Company’s commitment to return excess capital to our shareholders.”

Elfers concluded, “In summary, we believe the benefits we are realizing from our multi-pronged transformation strategy are enabling us to navigate through a difficult retail environment.”

Third Quarter 2015 Results

Net sales declined (6.4%) to $455.9 million in the third quarter of 2015. The quarter included the negative impact of approximately $9.9 million from currency exchange rate fluctuations. On a constant currency basis, net sales were $465.8 million, a (4.4%) decrease, compared to net sales of $487.3 million in the third quarter of 2014. Comparable retail sales decreased (3.0%) in the third quarter of 2015.

Net income was $38.5 million, or $1.88 per diluted share, in the third quarter of 2015, compared to net income of $36.9 million, or $1.70 per diluted share, the previous year. Adjusted net income was $39.6 million, or $1.93 per diluted share, an increase of 6.0%, inclusive of a negative ($0.08) impact due to foreign exchange, compared to $39.5 million, or $1.82 per diluted share, in the third quarter last year. On a constant currency basis, adjusted earnings per diluted share were $2.01, a 10.4% increase, compared to the third quarter of 2014.

Gross profit was $180.5 million in the third quarter, compared to $190.1 million in the third quarter of 2014. Adjusted gross profit was $180.6 million in the third quarter, compared to$190.3 million last year, and leveraged 60 basis points to 39.6% of sales primarily as a result of merchandise margin leverage and a higher AUR. This was partially offset by the fixed cost deleverage resulting from negative comparable retail sales.

Selling, general and administrative expenses were $105.8 million compared to $116.1 million in the third quarter of 2014. Adjusted SG&A was $105.0 million compared to $115.0 million in the third quarter last year and leveraged 60 basis points as a percentage of sales primarily as a result of decreased store expenses and incentive compensation expenses.

Operating income was $57.6 million, compared to $55.8 million in the third quarter of 2014. Adjusted operating income in the third quarter of 2015 was $59.5 million compared to an adjusted operating income of $60.1 million in the third quarter last year, and leveraged 80 basis points to 13.1% of sales.

During the third quarter, the Company recorded charges of $1.9 million for unusual items, which primarily consisted of certain non-recurring items, including expenses related to asset impairment and restructuring costs.

Adjusted net income, adjusted gross profit, adjusted SG&A, and adjusted operating income are non-GAAP measures, and are not intended to replace GAAP financial information. The Company believes the excluded items are not indicative of the performance of its core business and that providing this supplemental disclosure to investors will facilitate comparisons of its past and present performance. A reconciliation to GAAP financial information is provided at the end of this release.

Store Openings and Closures

Consistent with our store fleet rationalization initiative, the Company opened 1 store and closed 2 during the third quarter of 2015. Year to date, Company opened 4 stores and closed 16. The Company ended the third quarter with 1,085 stores and square footage of 5.064 million, a decrease of 2.9% compared to the prior year. The Company’s international franchise partners opened 5 stores in the third quarter, and the Company ended the quarter with 90 international franchise stores open and operated by its franchise partners in 12 countries.

Fiscal Year-to-Date

Net sales declined (4.3%) to $1.23 billion, including the negative impact of approximately $21.1 million from currency exchange rate fluctuations. On a constant currency basis, net sales were$1.25 billion, a (2.6%) decrease compared to net sales of $1.28 billion in the prior year. Comparable retail sales declined (2.0%) in the first nine months of 2015.

Net income was $40.4 million, or $1.94 per diluted share, in the first nine months of 2015, compared to net income of $39.9 million, or $1.81 per diluted share, the previous year. Adjusted net income was $50.5 million, or $2.42 per diluted share, inclusive of a negative($0.11) impact due to foreign exchange, compared to $46.7 million, or $2.12 per diluted share, an increase of 14.2%, the previous year. On a constant currency basis, adjusted earnings per diluted share were $2.53, a 19.3% increase compared to last year.

Gross profit was $447.6 million in the first nine months of 2015, compared to $457.5 million last year. Adjusted gross profit was $448.0 million, or 36.5% of net sales, leveraging 80 basis points compared to last year.

Selling, general and administrative expenses in the first nine months were $338.7 million, compared to $347.0 million last year. Adjusted SG&A was $324.9 million, compared to $342.5 million last year, leveraging 20 basis points.

Operating income was $60.7 million, compared to operating income of $59.4 million in the first nine months of 2014. Adjusted operating income was $77.4 million, or 6.3% of net sales, compared to $70.3 million, or 5.5% of net sales last year.

Capital Return Program

During the third quarter of 2015, the Company returned approximately $22 million to shareholders through the repurchase of 330,248 shares and its quarterly dividend payment. Year to date, the Company returned approximately $90 million to shareholders through the repurchase of 1,302,048 shares and its quarterly dividend payments. Since 2009, the Company has returned over $582 million to its investors through share repurchases and dividends. At the end of the third quarter of 2015, approximately $59 million remained available for future share repurchases under the Company’s existing repurchase program. Additionally, the Company’s Board of Directors authorized a new $250 million share repurchase and declared a quarterly dividend of $0.15 per share, payable on January 7, 2016 to shareholders of record at the close of business on December 17, 2015.

Outlook

The Company is reaffirming its adjusted net income per diluted share guidance for fiscal 2015 in the range of $3.35 to $3.45, inclusive of a ($0.14) negative impact from foreign exchange. This compares to adjusted net income per diluted share of $3.05 in fiscal 2014. This guidance assumes that comparable retail sales for the year will be slightly negative compared to fiscal 2014.

For the fourth quarter of 2015, the Company expects adjusted net income per diluted share between $0.93 and $1.03, inclusive of an estimated ($0.03) negative impact from foreign exchange. This compares to adjusted net income per diluted share of $0.94 in the fourth quarter of 2014. This guidance assumes that comparable retail sales for the fourth quarter will increase low single digits.

Conference Call Information

The Children’s Place will host a conference call to discuss its third quarter 2015 results today at 8:00 a.m. Eastern Time. The call will be broadcast live at http://investor.childrensplace.com. An audio archive will be available on the Company’s website approximately one hour after the conclusion of the call.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America.  The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names.  As of October 31, 2015, the Company operated 1,085 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 90 international stores open and operated by its franchise partners in 12 countries.

Forward Looking Statements

This press release (and the above referenced call) may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company’s strategic initiatives and adjusted net income per diluted share. 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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 31, 2015. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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 (or on the above referenced call) does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

CONTACT: Robert Vill, Group Vice President, Finance
(201) 453-6693

SOURCE: Children’s Place, Inc.

The Children’s Place, Inc. approves new $250 million share repurchase program and declares quarterly dividend

  • Increases Authorized Stock Repurchases by $250 Million
  • Declares Quarterly Dividend

SECAUCUS, N.J., 2015-12-10 — /EPR Retail News/ — The Children’s Place, Inc.(Nasdaq:PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced that its Board of Directors has approved a new $250 million share repurchase program and has declared a quarterly dividend.

Jane Elfers, President and Chief Executive Officer, commented, “Since 2009, we have returned over $582 million to shareholders through share repurchases and dividends. The continuation of our quarterly dividend and the new share repurchase authorization reflect our confidence in our ability to execute on our strategic initiatives and our continuing commitment to return excess capital to shareholders.”

The Board declared a quarterly cash dividend of $0.15 per share to be paid January 7, 2016 to shareholders of record at the close of business on December 17, 2015. Future declarations of quarterly dividends and the establishment of future record and payment dates are subject to approval by the Company’s Board of Directors based on a number of factors, including business and market conditions, the Company’s future financial performance and other investment priorities.

The share repurchase authorization announced today permits the Company to 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.

About The Children’s Place, Inc.
The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America. The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise at value prices, primarily under the proprietary “The Children’s Place,” “Place” and “Baby Place” brand names. As of October 31, 2015, the Company operated 1,085 stores in the United States, Canada and Puerto Rico, an online store at www.childrensplace.com, and had 90 international stores open and operated by its franchise partners in 12 countries.

Forward Looking Statements

This press release may contain certain forward-looking statements regarding future circumstances, including statements relating to the Company’s strategic initiatives and adjusted net income per diluted share. 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 and performance to differ materially. Some of these risks and uncertainties are described in the Company’s filings with the Securities and Exchange Commission, including in the “Risk Factors” section of its annual report on Form 10-K for the fiscal year ended January 31, 2015. Included among the risks and uncertainties that could cause actual results and performance to differ materially are the risk that the Company will be unsuccessful in gauging fashion trends and changing consumer preferences, the risks resulting from the highly competitive nature of the Company’s business and its dependence on consumer spending patterns, which may be affected by the weakness in the economy that continues to affect the Company’s target customer, the risk that the Company’s strategic initiatives to increase sales and margin are delayed or do not result in anticipated improvements, the risk that the cost of raw materials or energy prices will increase beyond current expectations or that the Company is unable to offset cost increases through value engineering or price increases, and the uncertainty of weather patterns. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they were made. The Company undertakes 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 Company or any other person that the events or circumstances described in such statement are material.

CONTACT: Robert Vill, Group Vice President, Finance, (201) 453-6693

SOURCE: Children’s Place, Inc.