The Children's Place Retail Stores Inc reported preliminary financial results for the fiscal third quarter ended November 3, 2007. These preliminary results may be subject to adjustment until the Company completes its historical financial statements and files its delinquent SEC reports.
As a result, the Company is not providing net income on a per share basis or full comparative financial results for the third quarter ended October 28, 2006, and is providing only selected balance sheet data.
Third Quarter:
• Consolidated net sales for the third quarter ended November 3, 2007, increased 7% to $587.4 million compared to $550.4 million for the same period last year. Third quarter sales were comprised of $429.4 million from The Children's Place brand, an 8% increase over the same period last year, and $158.0 million from Disney Store, a 3% increase over the same period last year.
• Due to the 53rd week in fiscal 2006, comparable store sales are compared to the thirteen week period ended November 4, 2006. On that basis, consolidated comparable store sales increased 1% in the quarter. The Children's Place brand's comparable store sales increased 1% versus last year's 15% increase. Disney Store's comparable store sales were flat, compared to last year's 11% increase.
• Preliminary net income for the third quarter was $11.8 million. Included in net income was approximately $4.0 million, pre-tax, or $0.09 per share, in severance expense related to the Company's former Chief Executive Officer, and approximately $2.3 million, or $0.05 per share, related to previously disclosed investigation fees incurred in the quarter.
• Preliminary shares outstanding in the third quarter are estimated at approximately 29 million. During the third quarter, the Company opened 25 Children's Place stores and closed one. The Company did not open or close any Disney Stores during the quarter.
Nine-Month Period:
• Consolidated net sales for the nine-month period ended November 3, 2007, increased 9% to $1,490.6 million compared to $1,372.5 million for the same period last year. Sales for the nine-month period were comprised of $1,076.0 million from The Children's Place brand, a 9% increase over the same period last year, and $414.6 million from Disney Store, an 8% increase over the same period last year.
• Due to the 53rd week in fiscal 2006, comparable store sales are compared to the thirty-nine week period ended November 4, 2006. On that basis, consolidated comparable store sales increased 1% for the nine-month period. The Children's Place brand's comparable store sales increased 1% compared to last year's 13% increase. Disney Store's comparable store sales increased 2% compared to last year's 14% increase.
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The Children's Place Retail Stores Inc
