"As we look at our back-to-school and holiday assortments at both brands, we remain cautiously optimistic about the second half. Our merchandise is focused and we remain true to our formula of fashion, quality and value."
The Company stated that inventory per square foot at the end of the second quarter is anticipated to be in-line to below previous guidance at The Children's Place and in-line with guidance at Disney Store, as previously provided by the Company on its first quarter conference call.
The Company expects to provide an update to full fiscal year earnings guidance on its second quarter conference call, scheduled for August 23, 2007, by which time it will have received initial customer response to its Back-to-School assortments.
Separately, the Company commented that progress is being made toward finalizing its historical financial statements to reflect the correct measurement dates for its past stock option grants. At this time, the Company anticipates becoming current in its quarterly and annual filings with the Securities and Exchange Commission by the end of August.
As stated above, the Company will provide further details regarding its June sales results on Wednesday, July 11, 2007, before the market opens and will provide a pre-recorded monthly sales call, which will be available beginning at 7:30 a.m. Eastern Time through Wednesday, July 18, 2007.
The Children's Place Retail Stores Inc
marketing@alchempro.com
