UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D. C. 20549
FORM 10-Q
(Mark One)
ý QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2005
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 0-23071
THE CHILDREN’S PLACE RETAIL STORES, INC.
(Exact name of registrant as specified in its charter)
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Delaware |
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31-1241495 |
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(State or
other jurisdiction of |
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(I. R. S.
Employer Identification |
915 Secaucus Road
Secaucus, New Jersey 07094
(Address of principal executive offices) (Zip Code)
(201) 558-2400
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
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Yes ý |
No o |
Indicate by check mark whether the registrant is an accelerated filer.
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Yes ý |
No o |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common Stock, par value $0.10 per share, outstanding at June 7, 2005: 27,632,055 shares.
THE CHILDREN’S PLACE RETAIL STORES, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED APRIL 30, 2005
TABLE OF CONTENTS
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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PART I - FINANCIAL INFORMATION
THE CHILDREN’S PLACE RETAIL STORES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
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April 30, 2005 |
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January 29, 2005 |
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May 1, 2004 |
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(Unaudited) |
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(Unaudited) |
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(As restated – Note 5) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
106,467 |
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$ |
165,196 |
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$ |
41,950 |
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Investments |
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42,515 |
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0 |
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42,345 |
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Cash and investments |
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148,982 |
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165,196 |
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84,295 |
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Accounts receivable |
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21,248 |
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23,987 |
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9,879 |
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Inventories |
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158,200 |
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161,969 |
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100,731 |
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Prepaid expenses and other current assets |
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41,902 |
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41,007 |
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22,014 |
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Total current assets |
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370,332 |
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392,159 |
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216,919 |
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Long-term assets: |
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Property and equipment, net |
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222,312 |
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222,722 |
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211,989 |
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Other assets |
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12,890 |
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12,507 |
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15,565 |
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Total assets |
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$ |
605,534 |
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$ |
627,388 |
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$ |
444,473 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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LIABILITIES: |
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Current liabilities: |
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Revolving loan |
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$ |
0 |
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$ |
37,268 |
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$ |
0 |
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Accounts payable |
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86,943 |
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78,106 |
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43,622 |
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Income taxes payable |
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9,604 |
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16,135 |
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8,270 |
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Accrued expenses, interest and other current liabilities |
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73,510 |
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83,440 |
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38,138 |
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Total current liabilities |
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170,057 |
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214,949 |
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90,030 |
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Long-term liabilities: |
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Deferred rent liabilities |
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93,950 |
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91,111 |
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82,671 |
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Other long-term liabilities |
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13,348 |
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9,665 |
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3,301 |
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Total liabilities |
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277,355 |
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315,725 |
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176,002 |
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COMMITMENTS AND CONTINGENCIES |
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STOCKHOLDERS’ EQUITY: |
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Common stock, $0.10 par value; 100,000,000 shares authorized; 27,457,722 shares, 27,218,395 shares and 26,847,948 shares issued and outstanding, at April 30, 2005, January 29, 2005 and May 1, 2004, respectively |
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2,746 |
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2,722 |
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2,685 |
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Additional paid-in capital |
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118,514 |
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111,373 |
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103,070 |
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Accumulated other comprehensive income |
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4,081 |
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4,935 |
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1,834 |
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Retained earnings |
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202,838 |
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192,633 |
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160,882 |
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Total stockholders’ equity |
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328,179 |
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311,663 |
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268,471 |
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Total liabilities and stockholders’ equity |
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$ |
605,534 |
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$ |
627,388 |
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$ |
444,473 |
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The accompanying notes to condensed consolidated financial statements are an integral part of these condensed consolidated statements.
1
THE CHILDREN’S PLACE RETAIL STORES, INC.
AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)
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Thirteen Weeks Ended |
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April 30, 2005 |
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May 1, 2004 |
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(As restated – Note 5) |
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