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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Childrens Place Inc | NASDAQ:PLCE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.42 | 6.13% | 7.27 | 6.80 | 7.30 | 7.30 | 6.7701 | 6.85 | 317,403 | 05:00:01 |
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
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31-1241495
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(State or Other Jurisdiction of
|
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(I.R.S. Employer
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Incorporation or Organization)
|
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Identification Number)
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|
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500 Plaza Drive
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|
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Secaucus, New Jersey
|
|
07094
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(Address of Principal Executive Offices)
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(Zip Code)
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Large accelerated filer
x
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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Emerging growth company
o
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|
|
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Item 1.
|
CONSOLIDATED FINANCIAL STATEMENTS
|
|
May 5,
2018 |
|
February 3,
2018 |
|
April 29,
2017 |
||||||
|
(unaudited)
|
|
|
|
(unaudited)
|
||||||
|
(in thousands, except par value)
|
||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|||
Current assets:
|
|
|
|
|
|
|
|
|
|||
Cash and cash equivalents
|
$
|
90,121
|
|
|
$
|
244,519
|
|
|
$
|
175,628
|
|
Short-term investments
|
—
|
|
|
15,000
|
|
|
55,800
|
|
|||
Accounts receivable
|
31,960
|
|
|
26,094
|
|
|
31,538
|
|
|||
Inventories
|
334,680
|
|
|
324,435
|
|
|
257,298
|
|
|||
Prepaid expenses and other current assets
|
69,569
|
|
|
46,456
|
|
|
33,030
|
|
|||
Total current assets
|
526,330
|
|
|
656,504
|
|
|
553,294
|
|
|||
Long-term assets:
|
|
|
|
|
|
|
|
|
|||
Property and equipment, net
|
260,762
|
|
|
258,537
|
|
|
263,884
|
|
|||
Deferred income taxes
|
9,986
|
|
|
12,698
|
|
|
50,103
|
|
|||
Other assets
|
13,849
|
|
|
12,489
|
|
|
4,975
|
|
|||
Total assets
|
$
|
810,927
|
|
|
$
|
940,228
|
|
|
$
|
872,256
|
|
|
|
|
|
|
|
||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|||
LIABILITIES:
|
|
|
|
|
|
|
|
|
|||
Current liabilities:
|
|
|
|
|
|
|
|
|
|||
Revolving loan
|
$
|
46,800
|
|
|
$
|
21,460
|
|
|
$
|
27,400
|
|
Accounts payable
|
219,488
|
|
|
210,300
|
|
|
152,439
|
|
|||
Income taxes payable
|
1,326
|
|
|
6,911
|
|
|
21,999
|
|
|||
Accrued expenses and other current liabilities
|
97,487
|
|
|
121,853
|
|
|
96,372
|
|
|||
Total current liabilities
|
365,101
|
|
|
360,524
|
|
|
298,210
|
|
|||
Long-term liabilities:
|
|
|
|
|
|
|
|
|
|||
Deferred rent liabilities
|
49,019
|
|
|
52,425
|
|
|
58,372
|
|
|||
Other tax liabilities
|
3,914
|
|
|
4,030
|
|
|
3,213
|
|
|||
Income taxes payable
|
34,598
|
|
|
34,598
|
|
|
—
|
|
|||
Other long-term liabilities
|
15,158
|
|
|
14,952
|
|
|
16,777
|
|
|||
Total liabilities
|
467,790
|
|
|
466,529
|
|
|
376,572
|
|
|||
COMMITMENTS AND CONTINGENCIES
|
|
|
|
|
|
|
|
|
|||
STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
|
|
|||
Preferred stock, $1.00 par value, 1,000 shares authorized, 0 shares issued and outstanding
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, $0.10 par value, 100,000 shares authorized; 17,409, 17,257 and 17,484 issued; 16,605, 17,211 and 17,441 outstanding
|
1,741
|
|
|
1,726
|
|
|
1,748
|
|
|||
Additional paid-in capital
|
242,675
|
|
|
258,501
|
|
|
244,272
|
|
|||
Treasury stock, at cost (804, 46 and 43 shares)
|
(102,498
|
)
|
|
(2,436
|
)
|
|
(2,250
|
)
|
|||
Deferred compensation
|
2,498
|
|
|
2,436
|
|
|
2,250
|
|
|||
Accumulated other comprehensive loss
|
(14,010
|
)
|
|
(12,831
|
)
|
|
(25,362
|
)
|
|||
Retained earnings
|
212,731
|
|
|
226,303
|
|
|
275,026
|
|
|||
Total stockholders’ equity
|
343,137
|
|
|
473,699
|
|
|
495,684
|
|
|||
Total liabilities and stockholders’ equity
|
$
|
810,927
|
|
|
$
|
940,228
|
|
|
$
|
872,256
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
|
(In thousands, except earnings per share)
|
||||||
Net sales
|
$
|
436,314
|
|
|
$
|
436,676
|
|
Cost of sales (exclusive of depreciation and amortization)
|
276,122
|
|
|
266,085
|
|
||
Gross profit
|
160,192
|
|
|
170,591
|
|
||
Selling, general, and administrative expenses
|
118,471
|
|
|
112,131
|
|
||
Depreciation and amortization
|
17,406
|
|
|
15,692
|
|
||
Asset impairment charges
|
1,257
|
|
|
484
|
|
||
Operating income
|
23,058
|
|
|
42,284
|
|
||
Interest expense
|
(663
|
)
|
|
(508
|
)
|
||
Interest income
|
366
|
|
|
470
|
|
||
Income before provision for income taxes
|
22,761
|
|
|
42,246
|
|
||
Provision (benefit) for income taxes
|
(8,776
|
)
|
|
6,017
|
|
||
Net income
|
$
|
31,537
|
|
|
$
|
36,229
|
|
|
|
|
|
||||
Earnings per common share
|
|
|
|
||||
Basic
|
$
|
1.85
|
|
|
$
|
2.06
|
|
Diluted
|
$
|
1.78
|
|
|
$
|
1.97
|
|
|
|
|
|
||||
Weighted average common shares outstanding
|
|
|
|
||||
Basic
|
17,002
|
|
|
17,613
|
|
||
Diluted
|
17,734
|
|
|
18,401
|
|
||
|
|
|
|
||||
Cash dividends declared per common share
|
$
|
0.50
|
|
|
$
|
0.40
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||
|
(In thousands)
|
||||||
Net income
|
$
|
31,537
|
|
|
$
|
36,229
|
|
Other comprehensive income:
|
|
|
|
||||
Foreign currency translation adjustment
|
(1,206
|
)
|
|
(5,898
|
)
|
||
Change in fair value of cash flow hedges, net of income taxes
|
27
|
|
|
877
|
|
||
Total comprehensive income
|
$
|
30,358
|
|
|
$
|
31,208
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
|
(In thousands)
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
||
Net income
|
$
|
31,537
|
|
|
$
|
36,229
|
|
Reconciliation of net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
17,406
|
|
|
15,692
|
|
||
Stock-based compensation
|
8,797
|
|
|
7,659
|
|
||
Deferred taxes
|
2,573
|
|
|
(3,032
|
)
|
||
Asset impairment charges
|
1,257
|
|
|
484
|
|
||
Other
|
91
|
|
|
90
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Inventories
|
(11,070
|
)
|
|
28,179
|
|
||
Accounts receivable and other assets
|
(6,736
|
)
|
|
221
|
|
||
Income taxes payable, net of prepayments
|
(16,436
|
)
|
|
8,159
|
|
||
Accounts payable and other current liabilities
|
(40,283
|
)
|
|
(58,226
|
)
|
||
Deferred rent and other liabilities
|
119
|
|
|
(6,244
|
)
|
||
Net cash provided by (used in) operating activities
|
(12,745
|
)
|
|
29,211
|
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
||
Capital expenditures
|
(11,065
|
)
|
|
(13,292
|
)
|
||
Purchase of short-term investments
|
—
|
|
|
(55,800
|
)
|
||
Proceeds from sale of short-term investments
|
15,000
|
|
|
49,300
|
|
||
Change in deferred compensation plan
|
(333
|
)
|
|
(398
|
)
|
||
Net cash provided by (used in) investing activities
|
3,602
|
|
|
(20,190
|
)
|
||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
||
Repurchase of common stock, including shares surrendered for tax withholdings and transaction costs
|
(162,248
|
)
|
|
(32,810
|
)
|
||
Payment of dividends
|
(8,409
|
)
|
|
(7,002
|
)
|
||
Borrowings under revolving loan
|
301,340
|
|
|
154,200
|
|
||
Repayments under revolving loan
|
(276,000
|
)
|
|
(142,181
|
)
|
||
Net cash used in financing activities
|
(145,317
|
)
|
|
(27,793
|
)
|
||
Effect of exchange rate changes on cash and cash equivalents
|
62
|
|
|
691
|
|
||
Net decrease in cash and cash equivalents
|
(154,398
|
)
|
|
(18,081
|
)
|
||
Cash and cash equivalents, beginning of period
|
244,519
|
|
|
193,709
|
|
||
Cash and cash equivalents, end of period
|
$
|
90,121
|
|
|
$
|
175,628
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
|
(In thousands)
|
||||||
OTHER CASH FLOW INFORMATION:
|
|
|
|
|
|
||
Net cash paid during the period for income taxes
|
$
|
5,572
|
|
|
$
|
4,884
|
|
Cash paid during the period for interest
|
595
|
|
|
441
|
|
||
Increase (decrease) in accrued purchases of property and equipment
|
1,042
|
|
|
(4,596
|
)
|
1.
|
BASIS OF PRESENTATION
|
•
|
First Quarter 2018
— The thirteen weeks ended
May 5, 2018
|
•
|
First Quarter 2017
— The thirteen weeks ended
April 29, 2017
|
•
|
FASB — Financial Accounting Standards Board
|
•
|
SEC — U.S. Securities and Exchange Commission
|
•
|
U.S. GAAP — Generally Accepted Accounting Principles in the United States
|
•
|
FASB ASC — FASB Accounting Standards Codification, which serves as the source for authoritative U.S. GAAP, except that rules and interpretive releases by the SEC are also sources of authoritative U.S. GAAP for SEC registrants
|
•
|
Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities
|
•
|
Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly
|
•
|
Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities
|
|
February 3, 2018
|
|
Adjustments
|
|
February 4, 2018
|
|||||
|
(As reported)
|
|
|
|
(As amended)
|
|||||
|
(In thousands)
|
|||||||||
Retained earnings
|
$
|
226,303
|
|
|
875
|
|
|
$
|
227,178
|
|
|
For the period ended May 5, 2018
|
|||||||||
Balance Sheet
|
As reported
|
|
Balances without adoption of Topic 606
|
|
Effect of adoption
Higher/(Lower)
|
|||||
|
(In thousands)
|
|||||||||
Property and equipment, net
|
$
|
260,762
|
|
|
259,976
|
|
|
$
|
786
|
|
Deferred income taxes
|
$
|
9,986
|
|
|
10,349
|
|
|
$
|
(363
|
)
|
Other assets
|
$
|
13,849
|
|
|
13,633
|
|
|
$
|
216
|
|
Accrued expenses and other current liabilities
|
$
|
97,487
|
|
|
96,282
|
|
|
$
|
1,205
|
|
Other long-term liabilities
|
$
|
15,158
|
|
|
16,748
|
|
|
$
|
(1,590
|
)
|
Retained earnings
|
$
|
212,731
|
|
|
211,707
|
|
|
$
|
1,024
|
|
|
For the period ended May 5, 2018
|
|||||||||
Income Statement
|
As reported
|
|
Amounts without adoption of Topic 606
|
|
Effect of adoption
Higher/(Lower)
|
|||||
|
(In thousands)
|
|||||||||
Net sales
|
$
|
436,314
|
|
|
432,090
|
|
|
$
|
4,224
|
|
Selling, general, and administrative expenses
|
$
|
118,471
|
|
|
114,477
|
|
|
$
|
3,994
|
|
Depreciation and amortization
|
$
|
17,406
|
|
|
17,371
|
|
|
$
|
35
|
|
Operating income
|
$
|
23,058
|
|
|
22,863
|
|
|
$
|
195
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Net sales:
|
(In thousands)
|
||||||
South
|
$
|
153,764
|
|
|
$
|
154,394
|
|
Northeast
|
105,878
|
|
|
105,712
|
|
||
West
|
66,605
|
|
|
64,923
|
|
||
Midwest
|
57,501
|
|
|
59,745
|
|
||
International and other
|
52,566
|
|
|
51,902
|
|
||
Total net sales
|
$
|
436,314
|
|
|
$
|
436,676
|
|
|
Contract Liability
|
||
|
(In thousands)
|
||
Balance at February 3, 2018
|
$
|
4,138
|
|
Loyalty points earned
|
7,295
|
|
|
Loyalty points redeemed
|
(6,670
|
)
|
|
Balance at May 5, 2018
|
$
|
4,763
|
|
|
Contract Liability
|
||
|
(In thousands)
|
||
Balance at February 3, 2018
|
$
|
16,145
|
|
Gift cards sold
|
7,647
|
|
|
Gift cards redeemed
|
(7,283
|
)
|
|
Gift card breakage
|
(616
|
)
|
|
Balance at May 5, 2018
|
$
|
15,893
|
|
3.
|
STOCKHOLDERS’ EQUITY
|
|
|
Thirteen Weeks Ended
|
||||||||||||
|
|
May 5, 2018
|
|
April 29, 2017
|
||||||||||
|
|
Shares
|
|
Value
|
|
Shares
|
|
Value
|
||||||
|
|
(In thousands)
|
||||||||||||
Shares repurchases related to:
|
|
|
|
|
|
|
|
|
||||||
2015 $250 Million Share Repurchase Program
(1)
|
|
—
|
|
|
$
|
—
|
|
|
297
|
|
|
32,810
|
|
|
2017 Share Repurchase Program
(2)(3)
|
|
1,034
|
|
|
$
|
137,248
|
|
|
—
|
|
|
—
|
|
|
Shares acquired and held in treasury under Deferred Compensation Plan
|
|
0.4
|
|
|
$
|
62
|
|
|
0.6
|
|
|
$
|
62
|
|
(1)
|
Inclusive of 0.1 million and $7.2 million in the
First Quarter 2017
withheld to cover taxes in conjunction with the vesting of stock awards.
|
(2)
|
Inclusive of 0.3 million shares for approximately $37.2 million in the
First Quarter 2018
withheld to cover taxes in conjunction with the vesting of stock awards.
|
(3)
|
Subsequent to
May 5, 2018
and through May 24, 2018, the Company completed its ASR program with Goldman delivering approximately 0.2 million shares for the remaining $25 million.
|
4.
|
STOCK-BASED COMPENSATION
|
|
Thirteen Weeks Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
|
(In thousands)
|
||||||
Deferred Awards
|
$
|
3,813
|
|
|
$
|
3,265
|
|
Performance Awards
|
4,984
|
|
|
4,394
|
|
||
Total stock-based compensation expense
(1)
|
$
|
8,797
|
|
|
$
|
7,659
|
|
(1)
|
During the
First Quarter 2018
and the
First Quarter 2017
, approximately
$1.0 million
and
$1.0 million
, respectively, were included within cost of sales. All other stock-based compensation is included in selling, general, and administrative expenses.
|
|
Number of
Shares
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
|
(In thousands)
|
|
|
|||
Unvested Deferred Awards, beginning of period
|
420
|
|
|
$
|
82.30
|
|
Granted
|
129
|
|
|
123.82
|
|
|
Vested
|
(78
|
)
|
|
59.72
|
|
|
Forfeited
|
(3
|
)
|
|
103.05
|
|
|
Unvested Deferred Awards, end of period
|
468
|
|
|
$
|
97.36
|
|
|
Number of
Shares
(1)
|
|
Weighted
Average
Grant Date
Fair Value
|
|||
|
(In thousands)
|
|
|
|||
Unvested Performance Awards, beginning of period
|
544
|
|
|
$
|
84.11
|
|
Granted
|
86
|
|
|
122.95
|
|
|
Shares earned in excess of target
|
347
|
|
|
70.09
|
|
|
Vested shares, including shares vested in excess of target
|
(513
|
)
|
|
70.09
|
|
|
Unvested Performance Awards, end of period
|
464
|
|
|
$
|
96.28
|
|
(1)
|
For those awards in which the performance period is complete, the number of unvested shares is based on actual shares that will vest upon completion of the service period.
|
5.
|
EARNINGS PER COMMON SHARE
|
|
Thirteen Weeks Ended
|
||||||
|
May 5, 2018
|
|
April 29, 2017
|
||||
|
(In thousands)
|
||||||
Net income
|
$
|
31,537
|
|
|
$
|
36,229
|
|
|
|
|
|
||||
Basic weighted average common shares
|
17,002
|
|
|
17,613
|
|
||
Dilutive effect of stock awards
|
732
|
|
|
788
|
|
||
Diluted weighted average common shares
|
17,734
|
|
|
18,401
|
|
||
Antidilutive stock awards
|
—
|
|
|
—
|
|
6.
|
PROPERTY AND EQUIPMENT
|
|
|
May 5, 2018
|
|
February 3, 2018
|
|
April 29, 2017
|
||||||
|
|
(In thousands)
|
||||||||||
Property and equipment:
|
|
|
|
|
|
|
|
|
|
|||
Land and land improvements
|
|
$
|
3,403
|
|
|
$
|
3,403
|
|
|
$
|
3,403
|
|
Building and improvements
|
|
35,548
|
|
|
35,548
|
|
|
35,548
|
|
|||
Material handling equipment
|
|
50,102
|
|
|
50,102
|
|
|
48,345
|
|
|||
Leasehold improvements
|
|
309,365
|
|
|
308,465
|
|
|
316,550
|
|
|||
Store fixtures and equipment
|
|
265,770
|
|
|
262,363
|
|
|
250,730
|
|
|||
Capitalized software
|
|
239,770
|
|
|
237,786
|
|
|
205,625
|
|
|||
Construction in progress
|
|
20,980
|
|
|
9,498
|
|
|
20,565
|
|
|||
|
|
924,938
|
|
|
907,165
|
|
|
880,766
|
|
|||
Accumulated depreciation and amortization
|
|
(664,176
|
)
|
|
(648,628
|
)
|
|
(616,882
|
)
|
|||
Property and equipment, net
|
|
$
|
260,762
|
|
|
$
|
258,537
|
|
|
$
|
263,884
|
|
(i)
|
the prime rate, plus a margin of
0.50%
to
0.75%
based on the amount of the Company’s average excess availability under the facility; or
|
(ii)
|
the London InterBank Offered Rate, or “LIBOR”, for an interest period of
one, two, three or six
months, as selected by the Company, plus a margin of
1.25%
to
1.50%
based on the amount of the Company’s average excess availability under the facility.
|
|
May 5,
2018 |
|
February 3,
2018 |
|
April 29,
2017 |
||||||
|
(In millions)
|
||||||||||
Credit facility maximum
|
$
|
250.0
|
|
|
$
|
250.0
|
|
|
$
|
250.0
|
|
Borrowing base
|
250.0
|
|
|
250.0
|
|
|
214.5
|
|
|||
|
|
|
|
|
|
||||||
Outstanding borrowings
|
46.8
|
|
|
21.5
|
|
|
27.4
|
|
|||
Letters of credit outstanding—standby
|
7.0
|
|
|
7.0
|
|
|
7.1
|
|
|||
Utilization of credit facility at end of period
|
53.8
|
|
|
28.5
|
|
|
34.5
|
|
|||
|
|
|
|
|
|
||||||
Availability
(1)
|
$
|
196.2
|
|
|
$
|
221.5
|
|
|
$
|
180.0
|
|
|
|
|
|
|
|
||||||
Interest rate at end of period
|
3.5
|
%
|
|
5.0
|
%
|
|
2.9
|
%
|
|
First Quarter 2018
|
|
Fiscal
2017
|
|
First Quarter 2017
|
||||||
Average end of day loan balance during the period
|
$
|
38.8
|
|
|
$
|
45.8
|
|
|
$
|
47.4
|
|
Highest end of day loan balance during the period
|
151.6
|
|
|
98.2
|
|
|
75.6
|
|
|||
Average interest rate
|
4.6
|
%
|
|
2.9
|
%
|
|
2.6
|
%
|
(1)
|
The sublimit availability for the letters of credit was
$43.0 million
,
$43.0 million
, and
$42.9 million
at
May 5, 2018
,
February 3, 2018
, and
April 29, 2017
, respectively.
|
8.
|
LEGAL AND REGULATORY MATTERS
|
9.
|
INCOME TAXES
|
10.
|
DERIVATIVE INSTRUMENTS
|
11.
|
SEGMENT INFORMATION
|
|
Thirteen Weeks Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
|
(In thousands)
|
||||||
Net sales:
|
|
|
|
|
|
||
The Children’s Place U.S.
|
$
|
395,779
|
|
|
$
|
394,763
|
|
The Children’s Place International
(1)
|
40,535
|
|
|
41,913
|
|
||
Total net sales
|
$
|
436,314
|
|
|
$
|
436,676
|
|
Operating income:
|
|
|
|
|
|
||
The Children’s Place U.S.
|
$
|
21,356
|
|
|
$
|
38,740
|
|
The Children’s Place International
|
1,702
|
|
|
3,544
|
|
||
Total operating income
|
$
|
23,058
|
|
|
$
|
42,284
|
|
Operating income as a percent of net sales:
|
|
|
|
|
|
||
The Children’s Place U.S.
|
5.4
|
%
|
|
9.8
|
%
|
||
The Children’s Place International
|
4.2
|
%
|
|
8.5
|
%
|
||
Total operating income
|
5.3
|
%
|
|
9.7
|
%
|
||
Depreciation and amortization:
|
|
|
|
|
|
||
The Children’s Place U.S.
|
$
|
15,541
|
|
|
$
|
13,963
|
|
The Children’s Place International
|
1,865
|
|
|
1,729
|
|
||
Total depreciation and amortization
|
$
|
17,406
|
|
|
$
|
15,692
|
|
Capital expenditures:
|
|
|
|
|
|
||
The Children’s Place U.S.
|
$
|
10,846
|
|
|
$
|
13,100
|
|
The Children’s Place International
|
219
|
|
|
192
|
|
||
Total capital expenditures
|
$
|
11,065
|
|
|
$
|
13,292
|
|
(1)
|
Net sales from The Children's Place International are primarily derived from revenues from Canadian operations.
|
|
May 5, 2018
|
|
February 3, 2018
|
|
April 29, 2017
|
||||||
Total assets:
|
(In thousands)
|
||||||||||
The Children’s Place U.S.
|
$
|
732,815
|
|
|
$
|
750,670
|
|
|
$
|
711,257
|
|
The Children’s Place International
|
78,112
|
|
|
189,558
|
|
|
160,999
|
|
|||
Total assets
|
$
|
810,927
|
|
|
$
|
940,228
|
|
|
$
|
872,256
|
|
12.
|
SUBSEQUENT EVENTS
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
First Quarter 2018
— The thirteen weeks ended
May 5, 2018
|
•
|
First Quarter 2017
— The thirteen weeks ended
April 29, 2017
|
•
|
Comparable Retail Sales — Net sales, in constant currency, from stores that have been open for at least 14 consecutive months and from our e-commerce store, excluding postage and handling fees. Store closures in the current fiscal year will be excluded from Comparable Retail Sales beginning in the fiscal quarter in which the store closes. A store that is closed for a substantial remodel, relocation, or material change in size will be excluded from Comparable Retail Sales for at least 14 months beginning in the fiscal quarter in which the closure occurred. However, stores that temporarily close will be excluded from Comparable Retail Sales until the store is re-opened for a full fiscal month.
|
•
|
AUR — Average unit retail
|
•
|
Gross Margin — Gross profit expressed as a percentage of net sales
|
•
|
SG&A — Selling, general, and administrative expenses
|
•
|
FASB — Financial Accounting Standards Board
|
•
|
SEC — U.S. Securities and Exchange Commission
|
•
|
U.S. GAAP — Generally Accepted Accounting Principles in the United States
|
•
|
FASB ASC — FASB Accounting Standards Codification, which
serves as the source for authoritative U.S. GAAP, except that rules and interpretive releases by the SEC are also sources of authoritative U.S. GAAP for SEC registrants
|
|
Thirteen Weeks Ended
|
||
|
May 5,
2018 |
|
April 29,
2017 |
Average Translation Rates
(1)
|
|
|
|
Canadian Dollar
|
0.7840
|
|
0.7522
|
Hong Kong Dollar
|
0.1276
|
|
0.1288
|
China Yuan Renminbi
|
0.1571
|
|
0.1453
|
(1)
|
The average translation rates are the average of the monthly translation rates used during each period to translate the respective income statements. The rates represent the U.S. dollar equivalent of a unit of each foreign currency.
|
•
|
Level 1 - inputs to the valuation techniques that are quoted prices in active markets for identical assets or liabilities
|
•
|
Level 2 - inputs to the valuation techniques that are other than quoted prices but are observable for the assets or liabilities, either directly or indirectly
|
•
|
Level 3 - inputs to the valuation techniques that are unobservable for the assets or liabilities
|
|
Thirteen Weeks Ended
|
||||
|
May 5,
2018 |
|
April 29,
2017 |
||
Net sales
|
100.0
|
%
|
|
100.0
|
%
|
Cost of sales (exclusive of depreciation and amortization)
|
63.3
|
|
|
60.9
|
|
Gross profit
|
36.7
|
|
|
39.1
|
|
Selling, general, and administrative expenses
|
27.2
|
|
|
25.7
|
|
Depreciation and amortization
|
4.0
|
|
|
3.6
|
|
Asset impairment charge
|
0.3
|
|
|
0.1
|
|
Operating income
|
5.3
|
|
|
9.7
|
|
Income before income taxes
|
5.2
|
|
|
9.7
|
|
Provision (benefit) for income taxes
|
(2.0
|
)
|
|
1.4
|
|
Net income
|
7.2
|
%
|
|
8.3
|
%
|
Number of Company-operated stores, end of period
|
1,002
|
|
|
1,033
|
|
|
Thirteen Weeks Ended
|
||||||
|
May 5,
2018 |
|
April 29,
2017 |
||||
Net sales:
|
(In thousands)
|
||||||
The Children’s Place U.S.
|
$
|
395,779
|
|
|
$
|
394,763
|
|
The Children’s Place International
|
40,535
|
|
|
41,913
|
|
||
Total net sales
|
$
|
436,314
|
|
|
$
|
436,676
|
|
(i)
|
the prime rate plus a margin of
0.50%
to
0.75%
based on the amount of our average excess availability under the facility; or
|
(ii)
|
the London InterBank Offered Rate, or “LIBOR”, for an interest period of
one, two, three or six
months, as selected by us, plus a margin of
1.25%
to
1.50%
based on the amount of our average excess availability under the facility.
|
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
|
Item 4.
|
CONTROLS AND PROCEDURES.
|
Item 1.
|
LEGAL PROCEEDINGS.
|
Item 1A.
|
RISK FACTORS.
|
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|
Period
|
|
Total Number of
Shares Purchased
|
|
Average
Price Paid
per Share
|
|
Total Number of
Shares Purchased
as Part of Publicly
Announced Plans
or Programs
|
|
Approximate Dollar
Value (in thousands) of
Shares that May Yet
Be Purchased Under
the Plans or Programs
|
||||||
2/4/18-3/3/18
(1)
|
|
6,110
|
|
|
$
|
148.23
|
|
|
5,690
|
|
|
$
|
493,505
|
|
3/4/18-4/7/18
(2)
|
|
1,027,754
|
|
|
132.72
|
|
|
1,027,754
|
|
|
357,104
|
|
||
4/8/18-5/5/18
|
|
—
|
|
|
—
|
|
|
—
|
|
|
357,104
|
|
||
Total
|
|
1,033,864
|
|
|
$
|
132.81
|
|
|
1,033,444
|
|
|
$
|
357,104
|
|
(1)
|
Consists of 420 shares acquired as treasury stock as directed by participants in the Company's deferred compensation plan and 5,690 shares withheld to cover taxes in conjunction with the vesting of stock awards.
|
(2)
|
Consists of 270,178 shares withheld to cover taxes in conjunction with the vesting of stock awards.
|
Item 6.
|
Exhibits.
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
101.INS*
|
|
XBRL Instance Document.
|
|
|
|
101.SCH*
|
|
XBRL Taxonomy Extension Schema.
|
|
|
|
101.CAL*
|
|
XBRL Taxonomy Extension Calculation Linkbase.
|
|
|
|
101.DEF*
|
|
XBRL Taxonomy Extension Definition Linkbase.
|
|
|
|
101.LAB*
|
|
XBRL Taxonomy Extension Label Linkbase.
|
|
|
|
101.PRE*
|
|
XBRL Taxonomy Extension Presentation Linkbase.
|
*
|
Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability.
|
|
|
THE CHILDREN’S PLACE, INC.
|
|
|
|
|
|
|
|
|
|
Date:
|
May 29, 2018
|
By:
|
/S/ JANE T. ELFERS
|
|
|
|
JANE T. ELFERS
|
|
|
|
Chief Executive Officer and President
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
Date:
|
May 29, 2018
|
By:
|
/S/ ANURUP PRUTHI
|
|
|
|
ANURUP PRUTHI
|
|
|
|
Chief Financial Officer
|
|
|
|
(Principal Accounting and Financial Officer)
|
|
|
|
|
1 Year Childrens Place Chart |
1 Month Childrens Place Chart |
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