The Children's Place Retail Stores, Inc. Announces Fiscal 2007 4Q & Full Year Financial Results
The Children's Place Retail Stores, Inc. Announces Fiscal 2007 Fourth Quarter and Full Year Financial Results and Provides Update On Strategic Review Thursday March 20, 6:45 am ET
-- Company to Exit the Disney Store North America Chain -- Company to Cut $12.0 Million out of Annualized Administrative Expense -- Company Plans to Reduce Fiscal 2008 Capital Expenditures by at Least 50% -- Q407 Loss Per Share of $2.01 Includes Impairment Charges & Other Costs Related to the Exit of the Disney Store North America Business
SECAUCUS, N.J., March 20, 2008 (PRIME NEWSWIRE) -- The Children's Place Retail Stores, Inc. (NasdaqGS:PLCE - News) today announced its fiscal 2007 fourth quarter and full year financial results and also announced several important actions the Company is taking as a result of its strategic review process.
SUMMARY OVERVIEW OF FISCAL 2007 FOURTH QUARTER AND FULL YEAR RESULTS
* Consolidated net sales for the fourth quarter increased 4% to $670.9 million. * Consolidated comparable store sales for the fourth quarter increased 3%. * The Company's fourth quarter net loss was $58.5 million, or $2.01 per share for the thirteen-week period compared to net income of $44.7 million, or $1.48 per share in the fourteen-week period last year.
* Consolidated sales for the fiscal year increased 7% to $2,162.6 million. * Consolidated comparable store sales for the fiscal year increased 2% * Net loss for the full year was $59.6 million, or $2.05 per share, compared to net income of $87.4 million, or $2.92 per share last year.
Disney in talks to buy part of chain from Children's Place
By Michelle Donley Last update: 7:23 a.m. EDT March 20, 2008
NEW YORK (MarketWatch) -- The Walt Disney Co DIS 31.24, -0.48, -1.5%) said Thursday that it's in advanced talks with Children's Place Retail
PLCE 19.60, -1.17, -5.6%) about buying part of the Disney Store chain in North America. The Burbank, Calif.-based entertainment giant said it believes the retail stores could extend its brand and, with a smaller footprint, add value to the company. Children's Place has a long-term license agreement to operate the Disney Store retail chain in North America, and the retailer said in January that it is reviewing its strategic options, including a long-term strategy to realize the "full potential" for the Disney Store brand