The Children’s Place, Inc. (Nasdaq:
PLCE), the largest pure-play children’s specialty
apparel retailer in North America, today announced financial
results for the first quarter ended May 2, 2020.
Jane Elfers, President and Chief Executive Officer, said,
“Although we are facing a period of uncertainty regarding the
future impact of the COVID-19 pandemic, The Children’s Place is
moving swiftly and decisively to proactively address these
challenges. In an effort to structurally position the company for
continued success, we are significantly accelerating our fleet
optimization initiative, and focusing our resources on accelerating
our digital sales, both key elements of our long-standing
transformation strategy. At the same time, we are addressing the
near-term priorities necessary to preserve our financial
flexibility.”
Elfers continued, “We believe that our long-standing
transformation strategy has prepared us well for these uncertain
times. As demand for our essential children’s clothing continues to
surge, our omni-channel advantages are clear; quarter-to-date, our
consolidated sales are up positive low double-digits, with on-line
demand up 300%, while approximately 95% of our stores remain
closed. We are planning to have the majority of our stores open by
July 1st.”
Elfers continued, “We have spent the past several years focused
on three key strategic pillars within our transformation strategy:
Superior Product, Digital Transformation and Fleet Optimization.
Our Superior Product consistently resonates with our core
millennial customer and provides a strong value proposition that
thrives in any type of economic environment. Our Digital
Transformation has been supported by accelerated investments over
the past three years enabling us to achieve one of the highest
digital penetrations in the industry at 31% of revenue for fiscal
2019. These digital investments have allowed us to operate at a
high level during the current crisis, with the ability to fulfill
our outsized online demand through our advanced omni-channel
capabilities. We believe that our strong digital foundation,
coupled with the rapidly changing shopping patterns of our
consumer, partly due to the COVID-19 pandemic, our strong value
proposition and our core, digital-savvy, millennial customer, will
result in the continued acceleration of our digital revenue. Our
Fleet Optimization initiative has been a decade-long strategic
focus that has resulted in optimum flexibility in our lease terms,
enabling us to significantly accelerate store closures without
financial penalty. We are now targeting to close an additional 300
stores by the end of fiscal 2021, with 200 closures planned for
this year, and 100 closures planned for 2021. This initiative will
greatly reduce our reliance on our brick-and-mortar channel and we
are targeting our mall-based, brick-and-mortar portfolio to
represent less than 25% of our revenue entering fiscal 2022.”
Elfers concluded, “The challenges that lie ahead are many, and
visibility is limited, but we are moving forward with urgency and
focus, guided by the strategic pillars of our long-standing
transformation strategy. We believe that our superior product,
coupled with our unique ability, at this critical juncture, to
significantly grow digital revenue, while meaningfully reducing our
reliance on our store portfolio, will result in consolidated market
share gains for years to come.”
First Quarter 2020 ResultsNet sales decreased
38.1% to $255.2 million in the three months ended May 2, 2020 from
$412.4 million in the three months ended May 4, 2019, primarily as
a result of temporary store closures related to the COVID-19
pandemic.
Net loss was ($114.8) million, or ($7.86) per diluted share, in
the three months ended May 2, 2020, compared to net income of $4.5
million, or $0.28 per diluted share, in the three months ended May
4, 2019. Adjusted net loss was ($28.6) million, or ($1.96) per
diluted share, compared to adjusted net income of $5.8 million, or
$0.36 per diluted share, in the comparable period last year.
Gross profit was a loss of ($19.7) million in the three months
ended May 2, 2020, compared to $152.0 million in the three months
ended May 4, 2019. Adjusted gross profit was $68.4 million in the
three months ended May 2, 2020, compared to $151.4 million in the
comparable period last year, and deleveraged 990 basis points to
26.8% of net sales, primarily as a result of increased penetration
of our ecommerce business and its higher fulfillment costs, along
with the deleverage of fixed expenses resulting from the decline in
sales as a result of store closures related to the COVID-19
pandemic.
Selling, general, and administrative expenses were $98.5 million
in the three months ended May 2, 2020, compared to $128.0 million
in the three months ended May 4, 2019. Adjusted SG&A was $88.2
million in the three months ended May 2, 2020, compared to $127.2
million in the comparable period last year, and deleveraged 380
basis points to 34.6% of net sales, primarily as a result of the
deleverage of fixed expenses resulting from the decline in sales as
a result of temporary store closures, partly offset by a reduction
in operating expenses associated with actions taken in response to
the COVID-19 pandemic.
Operating loss was ($173.1) million in the three months ended
May 2, 2020, compared to operating income of $5.0 million in the
three months ended May 4, 2019. Adjusted operating loss was ($37.5)
million in the three months ended May 2, 2020, compared to adjusted
operating income of $6.6 million in the comparable period last
year, and deleveraged 1,630 basis points to (14.7%) of net
sales.
Non-GAAP ReconciliationThe Company’s results
are reported in this press release on a GAAP and as adjusted,
non-GAAP basis. Adjusted net income (loss), adjusted net income
(loss) per diluted share, adjusted gross profit (loss), adjusted
selling, general, and administrative expense, adjusted operating
income (loss), and adjusted operating margin are non-GAAP measures,
and are not intended to replace GAAP financial information and may
be different from non-GAAP measures reported by other companies.
The Company believes the income and expense items excluded as
non-GAAP adjustments are not reflective of the performance of its
core business and that providing this supplemental disclosure to
investors will facilitate comparisons of the past and present
performance of its core business.
For the three months ended May 2, 2020, the Company recorded an
inventory provision of $63.2 million and $37.1 million of
impairment charges, including the right-of-use assets recorded in
connection with the adoption of the new lease accounting standard.
The inventory provision relates to the adverse business disruption
resulting from the COVID-19 pandemic, including the store closures.
The impairment charges were primarily a result of decreased net
revenue and cash flow projections resulting from the COVID-19
disruption.
In addition to the inventory provision and impairment charges,
the Company’s adjusted results exclude net expenses of
approximately $30.8 million comprising certain items which the
Company believes are not reflective of the performance of its core
business as a result of the COVID-19 pandemic, including: occupancy
charges for rent at our stores temporarily closed; payroll and
benefits for certain store employees during the period our stores
were closed, net of a payroll tax credit benefit resulting from the
Coronavirus Aid, Relief, and Economic Security (“CARES”) Act;
incremental operating expenses, primarily incentive pay and
personal protective equipment for our associates; and the write-off
of certain receivables.
Additionally, the Company excluded net costs of $4.5 million
related to restructuring costs, costs incurred in connection with
the integration of the Gymboree brand, a legal reserve, and
accelerated depreciation, which were unrelated to the COVID-19
pandemic.
The total impact on income taxes for the above items was $49.4
million, including a benefit of $13.5 million, primarily resulting
from the changes in operating loss carryback rules as a result of
the CARES Act.
The Company is not providing comparable retail sales metrics at
this time given the impact on the current business environment due
to the number of store closures during the quarter resulting from
the COVID-19 pandemic.
Store UpdateOn March 18, 2020, the Company
suspended all store operations in the U.S. and Canada until further
notice due to the COVID-19 pandemic. The Children’s Place
started reopening stores on May 19, 2020 in 10 states. The Company
intends to continue to reopen stores on a phased timeline, as state
and local guidelines and conditions permit, taking an informed,
measured approach based on a number of factors.
As of June 8, 2020, The Children’s Place had 61 stores open to
the public in the U.S. and Canada.
Consistent with the Company’s store fleet optimization
initiative, the Company closed four stores in the three months
ended May 2, 2020. The Company ended the quarter with 920 stores
and square footage of 4.3 million, a decrease of 5.1% compared to
the prior year. Since our fleet optimization initiative was
announced in 2013, the Company has closed 275 stores.
The flexibility provided by our lease actions allows us to
target the closure of 300 additional store locations by the end of
fiscal 2021, including 200 closures in fiscal 2020 and 100 closures
in fiscal 2021.
The Company’s eight international franchise partners in 19
countries had 266 international points of distribution.
Capital Return Program During the three
months ended May 2, 2020, the Company repurchased 262 thousand
shares for approximately $15 million, inclusive of shares
repurchased and surrendered to cover tax withholdings associated
with the vesting of equity awards held by management.
Effective March 18, 2020, the Company suspended its capital
return program, inclusive of share repurchases and dividends, in
response to the COVID-19 pandemic. At the end of the first
quarter of 2020, approximately $94 million remained available for
future share repurchases under the Company’s existing share
repurchase program. Although the Company felt it was prudent in the
near-term to suspend the capital return program to preserve
liquidity, we remain committed to our capital return program over
the longer-term.
LiquidityAs of May 2, 2020, the Company had
approximately $72 million of cash and cash equivalents with no
long-term debt, and $235 million outstanding on its $360 million
revolving credit facility, which was increased from $325 million
for a period of one year as a result of finalizing an amendment
with its lenders on April 24, 2020. The Company used approximately
$40 million in operating cash flow in the three months ended May 2,
2020, and repurchased shares for approximately $15 million.
OutlookAs a result of the continued uncertainty
regarding the COVID-19 pandemic, the Company is not providing
fiscal 2020 financial guidance.
Conference Call Information The Children’s
Place will host a conference call on Thursday, June 11, 2020 at
8:00 a.m. Eastern Time to discuss its first quarter fiscal 2020
results. The call will be broadcast live at
http://investor.childrensplace.com. An audio archive will be
available on the Company’s website approximately one hour after the
conclusion of the call. A conference call transcript will also be
posted on our website.
About The Children’s PlaceThe Children’s Place
is the largest pure-play children’s specialty apparel retailer in
North America. The Company designs, contracts to manufacture, sells
at retail and wholesale, and licenses to sell fashionable,
high-quality merchandise predominantly at value prices, primarily
under the proprietary “The Children’s Place”, “Place”, “Baby
Place,” and “Gymboree” brand names. As of May 2, 2020, the Company
had 920 stores in the United States, Canada and Puerto Rico, online
stores at www.childrensplace.com and www.gymboree.com, and the
Company’s eight international franchise partners in 19 countries
had 266 international points of distribution.
Forward Looking StatementsThis press release
contains or may contain forward-looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995, including but not limited to statements
relating to the Company’s strategic initiatives and adjusted net
income per diluted share. Forward-looking statements
typically are identified by use of terms such as “may,” “will,”
“should,” “plan,” “project,” “expect,” “anticipate,” “estimate” and
similar words, although some forward-looking statements are
expressed differently. These forward-looking statements are
based upon the Company's current expectations and assumptions and
are subject to various risks and uncertainties that could cause
actual results and performance to differ materially. Some of these
risks and uncertainties are described in the Company's filings with
the Securities and Exchange Commission, including in the “Risk
Factors” section of its annual report on Form 10-K for the fiscal
year ended February 1, 2020. Included among the risks and
uncertainties that could cause actual results and performance to
differ materially are the risk that the Company will be
unsuccessful in gauging fashion trends and changing consumer
preferences, the risks resulting from the highly competitive nature
of the Company’s business and its dependence on consumer spending
patterns, which may be affected by changes in economic conditions,
the risks related to the COVID-19 pandemic, including the impact of
the COVID-19 pandemic on our business or the economy in general
(including decreased customer traffic, closures of schools and
other activities causing decreased demand for our products and
negative impacts on our customers’ spending patterns due to
decreased income or actual or perceived wealth and the impact of
the CARES Act and other legislation related to the COVID-19
pandemic, and any changes to the CARES Act or such other
legislation), the risk that the Company’s strategic initiatives to
increase sales and margin are delayed or do not result in
anticipated improvements, the risk of delays, interruptions and
disruptions in the Company’s global supply chain, including
resulting from COVID-19 or other disease outbreaks, foreign sources
of supply in less developed countries or more politically unstable
countries, the risk that the cost of raw materials or energy prices
will increase beyond current expectations or that the Company is
unable to offset cost increases through value engineering or price
increases, various types of litigation, including class action
litigations brought under consumer protection, employment, and
privacy and information security laws and regulations, the
imposition of regulations affecting the importation of
foreign-produced merchandise, including duties and tariffs, and the
uncertainty of weather patterns. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak
only as of the date they were made. The Company undertakes no
obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events.
Contact: Anthony Attardo, CFA, Director,
Investor Relations, (201) 453-6693
(Tables follow)
|
|
|
|
|
|
THE
CHILDREN’S PLACE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter Ended |
|
|
|
May
2, |
|
May
4, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
Net
sales |
|
$ |
255,207 |
|
|
$ |
412,382 |
|
|
Cost of
sales |
|
|
274,880 |
|
|
|
260,406 |
|
|
Gross profit
(loss) |
|
|
(19,673 |
) |
|
|
151,976 |
|
|
Selling,
general and administrative expenses |
|
|
98,491 |
|
|
|
128,006 |
|
|
Asset
impairment charges |
|
|
37,091 |
|
|
|
348 |
|
|
Depreciation
and amortization |
|
|
17,888 |
|
|
|
18,584 |
|
|
Operating
income (loss) |
|
|
(173,143 |
) |
|
|
5,038 |
|
|
Interest
expense |
|
|
(1,840 |
) |
|
|
(1,711 |
) |
|
Income
(loss) before taxes |
|
|
(174,983 |
) |
|
|
3,327 |
|
|
Benefit for
income taxes |
|
|
(60,173 |
) |
|
|
(1,163 |
) |
|
Net income
(loss) |
|
$ |
(114,810 |
) |
|
$ |
4,490 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per common share |
|
|
|
|
|
Basic |
|
$ |
(7.86 |
) |
|
$ |
0.28 |
|
|
Diluted |
|
$ |
(7.86 |
) |
|
$ |
0.28 |
|
|
|
|
|
|
|
|
Weighted
average common shares outstanding |
|
|
|
|
|
Basic |
|
|
14,611 |
|
|
|
15,847 |
|
|
Diluted |
|
|
14,611 |
|
|
|
16,107 |
|
|
|
|
|
|
|
|
THE
CHILDREN’S PLACE, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO
GAAP |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter Ended |
|
|
|
May
2, |
|
May
4, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
Net income
(loss) |
|
$ |
(114,810 |
) |
|
$ |
4,490 |
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
Inventory
provision |
|
|
63,247 |
|
|
|
- |
|
|
Asset
impairment charges |
|
|
37,091 |
|
|
|
348 |
|
|
Occupancy
charges |
|
|
23,126 |
|
|
|
- |
|
|
Store
payroll and benefits, net of CARES Act retention credit |
|
|
4,242 |
|
|
|
- |
|
|
Restructuring costs |
|
|
3,391 |
|
|
|
321 |
|
|
Incremental
COVID-19 operating expenses |
|
|
2,374 |
|
|
|
- |
|
|
Accounts
receivables |
|
|
1,043 |
|
|
|
- |
|
|
Gymboree
integration costs |
|
|
640 |
|
|
|
194 |
|
|
Legal
reserve |
|
|
302 |
|
|
|
- |
|
|
Accelerated
depreciation |
|
|
141 |
|
|
|
968 |
|
|
Fleet
optimization |
|
|
- |
|
|
|
(235 |
) |
|
Aggregate
impact of Non-GAAP adjustments |
|
|
135,597 |
|
|
|
1,596 |
|
|
Income tax
effect (1) |
|
|
(35,913 |
) |
|
|
(423 |
) |
|
Prior year
uncertain tax positions (2) |
|
|
- |
|
|
|
135 |
|
|
Impact of
CARES Act (3) |
|
|
(13,477 |
) |
|
|
- |
|
|
Net impact
of Non-GAAP adjustments |
|
|
86,207 |
|
|
|
1,308 |
|
|
|
|
|
|
|
|
Adjusted net
income (loss) |
|
$ |
(28,603 |
) |
|
$ |
5,798 |
|
|
|
|
|
|
|
|
GAAP net
income (loss) per common share |
|
$ |
(7.86 |
) |
|
$ |
0.28 |
|
|
|
|
|
|
|
|
Adjusted net
income (loss) per common share |
|
$ |
(1.96 |
) |
|
$ |
0.36 |
|
|
|
|
|
|
|
|
(1) The tax effects of
the non-GAAP items are calculated based on the statutory rate of
the jurisdiction in which the discrete item resides. |
|
|
|
|
|
|
(2) Prior year tax
related to uncertain tax positions. |
|
|
|
|
|
|
(3) Primarily due to
the impact of the CARES Act. |
|
|
|
|
|
|
|
|
First
Quarter Ended |
|
|
|
May
2, |
|
May
4, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
Operating
income (loss) |
|
$ |
(173,143 |
) |
|
$ |
5,038 |
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
Inventory
provision |
|
|
63,247 |
|
|
|
- |
|
|
Asset
impairment charges |
|
|
37,091 |
|
|
|
348 |
|
|
Occupancy
charges |
|
|
23,126 |
|
|
|
- |
|
|
Store
payroll and benefits, net of CARES Act retention credit |
|
|
4,242 |
|
|
|
- |
|
|
Restructuring costs |
|
|
3,391 |
|
|
|
321 |
|
|
Incremental
COVID-19 operating expenses |
|
|
2,374 |
|
|
|
- |
|
|
Accounts
receivables |
|
|
1,043 |
|
|
|
- |
|
|
Gymboree
integration costs |
|
|
640 |
|
|
|
194 |
|
|
Legal
reserve |
|
|
302 |
|
|
|
- |
|
|
Accelerated
depreciation |
|
|
141 |
|
|
|
968 |
|
|
Fleet
optimization |
|
|
- |
|
|
|
(235 |
) |
|
Aggregate
impact of Non-GAAP adjustments |
|
|
135,597 |
|
|
|
1,596 |
|
|
|
|
|
|
|
|
Adjusted
operating income (loss) |
|
$ |
(37,546 |
) |
|
$ |
6,634 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
THE
CHILDREN’S PLACE, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO
GAAP |
(In
thousands, except per share amounts) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter Ended |
|
|
|
|
May
2, |
|
May
4, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Gross profit
(loss) |
|
$ |
(19,673 |
) |
|
$ |
151,976 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
Inventory
provision |
|
|
63,247 |
|
|
|
- |
|
|
|
Occupancy
charges |
|
|
23,126 |
|
|
|
- |
|
|
|
Incremental
COVID-19 operating expenses |
|
|
1,690 |
|
|
|
- |
|
|
|
Fleet
optimization |
|
|
- |
|
|
|
(550 |
) |
|
|
Aggregate
impact of Non-GAAP adjustments |
|
|
88,063 |
|
|
|
(550 |
) |
|
|
|
|
|
|
|
|
|
Adjusted
Gross profit (loss) |
|
$ |
68,390 |
|
|
$ |
151,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First
Quarter Ended |
|
|
|
|
May
2, |
|
May
4, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Selling,
general and administrative expenses |
|
$ |
98,491 |
|
|
$ |
128,006 |
|
|
|
|
|
|
|
|
|
|
Non-GAAP
adjustments: |
|
|
|
|
|
|
Store
payroll and benefits, net of CARES Act retention credit |
|
|
(4,242 |
) |
|
|
- |
|
|
|
Restructuring costs |
|
|
(3,391 |
) |
|
|
(321 |
) |
|
|
Accounts
receivables |
|
|
(1,043 |
) |
|
|
- |
|
|
|
Incremental
COVID-19 operating expenses |
|
|
(684 |
) |
|
|
- |
|
|
|
Gymboree
integration costs |
|
|
(640 |
) |
|
|
(194 |
) |
|
|
Legal
reserve |
|
|
(302 |
) |
|
|
- |
|
|
|
Fleet
optimization |
|
|
- |
|
|
|
(315 |
) |
|
|
Aggregate
impact of Non-GAAP adjustments |
|
|
(10,302 |
) |
|
|
(830 |
) |
|
|
|
|
|
|
|
|
|
Adjusted
Selling, general and administrative expenses |
|
$ |
88,189 |
|
|
$ |
127,176 |
|
|
|
|
|
|
|
|
|
|
THE
CHILDREN’S PLACE, INC. |
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
(In
thousands) |
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
May
2, |
|
February
1, |
May
4, |
|
|
|
|
|
2020 |
|
|
2020* |
2019 |
|
|
Assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
71,751 |
|
|
$ |
68,487 |
$ |
66,111 |
|
|
Accounts receivable |
|
|
37,173 |
|
|
|
32,812 |
|
39,562 |
|
|
Inventories |
|
|
335,795 |
|
|
|
327,165 |
|
341,174 |
|
|
Other current assets |
|
|
23,521 |
|
|
|
21,416 |
|
27,156 |
|
|
Total current assets |
|
|
468,240 |
|
|
|
449,880 |
|
474,003 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
212,011 |
|
|
|
236,898 |
|
249,836 |
|
|
Right-of-use assets |
|
|
349,646 |
|
|
|
393,820 |
|
458,702 |
|
|
Tradenames, net |
|
|
73,090 |
|
|
|
73,291 |
|
73,656 |
|
|
Other assets, net |
|
|
81,949 |
|
|
|
27,508 |
|
29,757 |
|
|
Total assets |
|
$ |
1,184,936 |
|
|
$ |
1,181,397 |
$ |
1,285,954 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity: |
|
|
|
|
|
|
|
Revolving loan |
|
$ |
234,554 |
|
|
$ |
170,808 |
$ |
153,072 |
|
|
Accounts payable |
|
|
263,984 |
|
|
|
213,115 |
|
205,643 |
|
|
Current lease liabilities |
|
|
150,463 |
|
|
|
121,868 |
|
133,783 |
|
|
Accrued expenses and other current liabilities |
|
|
109,999 |
|
|
|
89,216 |
|
107,704 |
|
|
Total current liabilities |
|
|
759,000 |
|
|
|
595,007 |
|
600,202 |
|
|
|
|
|
|
|
|
|
|
Long-term lease liabilities |
|
|
281,839 |
|
|
|
311,908 |
|
367,307 |
|
|
Other liabilities |
|
|
39,062 |
|
|
|
39,295 |
|
38,071 |
|
|
Total liabilities |
|
|
1,079,901 |
|
|
|
946,210 |
|
1,005,580 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity |
|
|
105,035 |
|
|
|
235,187 |
|
280,374 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders' equity |
|
$ |
1,184,936 |
|
|
$ |
1,181,397 |
$ |
1,285,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*
Derived from the audited consolidated financial statements included
in the Company's Annual Report on Form 10-K for the fiscal
year ended February 1, 2020. |
|
|
|
|
|
|
|
|
THE
CHILDREN’S PLACE, INC. |
CONDENSED
CONSOLIDATED CASH FLOWS |
(In
thousands) |
(Unaudited) |
|
|
|
13 Weeks
Ended |
|
13 Weeks
Ended |
|
|
|
|
May
2, |
|
May
4, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(114,810 |
) |
|
$ |
4,490 |
|
|
|
Non-cash adjustments |
|
|
29,331 |
|
|
|
68,660 |
|
|
|
Working Capital |
|
|
45,028 |
|
|
|
(51,965 |
) |
|
|
Net cash provided by (used in) operating activities |
|
|
(40,451 |
) |
|
|
21,185 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(5,612 |
) |
|
|
(86,492 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
49,187 |
|
|
|
61,962 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange rate changes on cash |
|
|
140 |
|
|
|
320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
|
3,264 |
|
|
|
(3,025 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, beginning of period |
|
|
68,487 |
|
|
|
69,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
|
$ |
71,751 |
|
|
$ |
66,111 |
|
|
|
|
|
|
|
|
|
|
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