The Children’s Place, Inc. (Nasdaq: PLCE), an
omni-channel children’s specialty portfolio of brands with an
industry-leading digital-first model, today announced financial
results for the fourth quarter and fiscal year ended February 3,
2024.
Fourth Quarter 2023 ResultsNet
sales decreased $1.1 million, or 0.2%, to $455.0 million in the
three months ended February 3, 2024, from $456.1 million in the
three months ended January 28, 2023. The decrease in net sales
compared to the fourth quarter 2022 was primarily due to reductions
in retail sales due to lower store count and traffic declines to
stores partially offset by continued strength in e-commerce.
Comparable retail sales increased 4.8% for the quarter.
Gross profit and adjusted gross profit increased
by $19.2 million to $98.9 million in the three months ended
February 3, 2024, compared to $79.7 million in the three months
ended January 28, 2023. Adjusted gross profit leveraged 420 basis
points to 21.7% of net sales, compared to 17.5% of net sales last
year. The increase was primarily due to reductions in product input
costs, including cotton and supply chain costs, which negatively
impacted margins in the prior year. These improvements were
partially offset by margin pressure due to aggressive promotions,
as the Company sought to maximize revenue during the quarter,
coupled with margin pressure in its wholesale business which
underperformed relative to plan and due to increases in freight
cost resulting from split shipments.
Selling, general, and administrative expenses
were $117.6 million in the three months ended February 3, 2024,
compared to $130.5 million in the three months ended January 28,
2023. Adjusted selling, general & administrative expenses were
$118.7 million in the three months ended February 3, 2024, compared
to $128.5 million in the comparable period last year, and leveraged
210 basis points to 26.1% of net sales, primarily as a result of
reductions in equity based compensation, significant reductions in
store payroll and home office payroll, partially offset by planned
increases in marketing and increases in professional fees.
Operating loss was ($61.8) million in the three
months ended February 3, 2024, compared to ($64.8) million in the
three months ended January 28, 2023. Operating loss was impacted by
an impairment charge of $29.0 million on the Gymboree
tradename, primarily due to an increase in the discount rate used
to value the tradename and reductions to future Gymboree sales
forecasts, and $2.5 million of impairment charges to stores during
the quarter. These charges have been classified as non-GAAP
adjustments leading to an adjusted operating loss of ($30.9)
million in the three months ended February 3, 2024, compared to
($61.0) million in the comparable period last year, and
leveraged 660 basis points to (6.8)% of net sales.
Net interest expense was $8.5 million in the
three months ended February 3, 2024, compared to $5.2 million in
the three months ended January 28, 2023. The increase in
interest expense was largely driven by higher borrowings and higher
average interest rates associated with our revolving credit
facility and term loan due to continued market-based rate
increases.
Provision for income taxes was $58.6 million in
the three months ended February 3, 2024, compared to a benefit for
income taxes of $19.4 million during the three months ended January
28, 2023. The change in the provision (benefit) for income taxes
was primarily driven by the establishment of a valuation allowance
against the Company’s net deferred tax assets in the three months
ended February 3, 2024.
Net loss was ($128.8) million, or ($10.26) per
diluted share, in the three months ended February 3, 2024, compared
to ($50.5) million, or ($4.10) per diluted share, in the three
months ended January 28, 2023. Adjusted net loss was ($92.7)
million, or ($7.38) per diluted share, compared to ($47.7) million,
or ($3.87) per diluted share in the comparable period last
year.
Fiscal 2023 ResultsNet sales
decreased $106.0 million, or 6.2%, to $1.603 billion in the twelve
months ended February 3, 2024, compared to $1.708 billion in the
twelve months ended January 28, 2023. The decrease in net sales
compared to fiscal 2022 was primarily due to reductions in retail
sales due to lower store count and traffic declines to stores
partially offset by continued strength in e-commerce and an
increase in wholesale revenue. Comparable retail sales
decreased 4.7% for the twelve months ended February 3, 2024.
Gross profit decreased $68.9 million to $445.3
million in the twelve months ended February 3, 2024, compared to
$514.2 million in the twelve months ended January 28, 2023.
Adjusted gross profit decreased $68.3 million to $445.3 million in
the twelve months ended February 3, 2024, compared to $513.5
million in the comparable period last year, and deleveraged 230
basis points to 27.8% of net sales. The decrease was primarily the
result of lower retail revenue attributed to reduced store count
and traffic declines and the related lower merchandise margins on
those sales. Additionally, gross profit margin was impacted by a
significantly larger wholesale business which operates at a lower
gross margin rate but is accretive to operating margin. Gross
profit was also impacted by higher than planned distribution and
fulfillment costs due to growth in our e-commerce business and the
deleveraging of fixed expenses resulting from the decline in net
sales.
Selling, general, and administrative expenses
were $447.3 million in the twelve months ended February 3, 2024,
compared to $461.0 million in the twelve months ended January 28,
2023. Adjusted selling, general & administrative expenses were
$432.5 million in the twelve months ended February 3, 2024,
compared to $455.8 million in the comparable period last year and
deleveraged 30 basis points to 27.0% of net sales, compared to
26.7% of net sales last year, primarily as a result of the
deleveraging of fixed expenses resulting from the decline in net
sales and higher planned marketing spending, partially offset by
permanent reductions in store payroll and home office payroll, and
reductions in variable performance-based equity compensation.
Operating loss was ($83.8) million in the twelve
months ended February 3, 2024, compared to ($1.5) million in the
twelve months ended January 28, 2023. Operating loss was impacted
by an impairment charge of $29.0 million on the Gymboree
tradename, primarily due to an increase in the discount rate used
to value the tradename and reductions to future Gymboree sales
forecasts, and $5.6 million of impairment charges to stores during
the year. These charges have been classified as non-GAAP
adjustments leading to an adjusted operating loss of ($32.5)
million in the twelve months ended February 3, 2024, compared to
adjusted operating income of $7.1 million in the comparable period
last year, and deleveraged 240 basis points to (2.0)% of net sales,
compared to 0.4% of net sales last year.
Net interest expense was $30.0 million in the
twelve months ended February 3, 2024, compared to $13.2 million in
the twelve months ended January 28, 2023. The increase in
interest expense was largely driven by higher borrowings and higher
average interest rates associated with our revolving credit
facility and term loan due to continued market-based rate
increases.
Provision for income taxes was $40.7 million in
the twelve months ended February 3, 2024, compared to a benefit for
income taxes of $13.6 million during the twelve months ended
January 28, 2023. The change in the provision (benefit) for income
taxes was primarily driven by the establishment of a valuation
allowance against the Company’s net deferred tax assets in the
twelve months ended February 3, 2024 and by the release of a
reserve for unrecognized tax benefits as a result of a settlement
with a taxing authority in the twelve months ended January 28,
2023.
Net loss was ($154.5) million, or ($12.36) per
diluted share, in the twelve months ended February 3, 2024,
compared to ($1.1) million, or ($0.09) per diluted share, in the
twelve months ended January 28, 2023. Adjusted net loss was
($103.3) million, or ($8.26) per diluted share, compared to ($1.1)
million, or ($0.08) per diluted share, in the comparable period
last year.
Store UpdateThe Company
closed 68 stores in the three months ended February 3, 2024
and closed 90 stores in the twelve months ended February 3,
2024.
The Company ended the quarter with 523 stores
and square footage of 2.6 million, a decrease of 12.8% compared to
the prior year. Since the Company’s fleet optimization initiative
was announced in 2013, it has permanently closed 676 stores.
Balance Sheet and Cash FlowAs
of February 3, 2024, the Company had $13.6 million of cash and cash
equivalents and $226.7 million outstanding on its revolving credit
facility, compared to $16.7 million of cash and cash equivalents
and $287.0 million outstanding on its revolving credit facility as
of January 28, 2023. As of May 4, 2024, the Company had
approximately $14 million of cash and cash equivalents and $226.1
million outstanding on its revolving credit facility. Additionally,
the Company generated $135.4 million and $92.8 million in operating
cash flows in the three months and twelve months ended February 3,
2024, respectively.
Inventories were $362.1 million as of February
3, 2024, compared to $447.8 million as of fiscal year end last
year.
As previously announced, the Company recently
secured a total of $78.6 million in unsecured subordinated loans
from its new majority shareholder, Mithaq Capital SPC (“Mithaq”),
providing the Company with new capital. In addition, on April 17,
2024, the Company closed on an additional $90 million unsecured
subordinated term loan from Mithaq which was used to repay the
Company’s $50 million term loan under the Company’s credit
agreement with Wells Fargo, National Association and other lenders,
and to provide additional working capital. Subsequently, on
May 2, 2024, the Company entered into a commitment letter with
Mithaq for a $40.0 million senior unsecured credit
facility. The combined impact of these new financings
provides the Company with additional liquidity to operate our
business.
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,
adjusted selling, general, and administrative expenses and adjusted
operating income (loss) 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.
Please refer to the “Reconciliation of Non-GAAP
Financial Information to GAAP” later in this press release, which
sets forth the non-operating adjustments for the 14- and 53-week
period ended February 3, 2024, and 13- and 52-week period ended
January 28, 2023.
About The Children’s PlaceThe
Children’s Place is an omni-channel children’s specialty portfolio
of brands with an industry-leading digital-first model. Its
global retail and wholesale network includes two digital
storefronts, more than 500 stores in North America, wholesale
marketplaces and distribution in 16 countries through six
international franchise partners. The Children’s Place is
proud to be a woman-led Company, including
industry-leading gender diversity in senior management and
throughout all levels of its workforce, and of its commitment
to sustainable business practices that benefit its customers,
associates, investors, suppliers and the communities it serves. The
Children’s Place designs, contracts to manufacture, and sells
fashionable, high-quality apparel, accessories and footwear
predominantly at value prices, primarily under its proprietary
brands: “The Children’s Place”, “Gymboree”, “Sugar & Jade”, and
“PJ Place”. For more information , visit: www.childrensplace.com
and www.gymboree.com, as well as the Company’s social media
channels on Instagram, Facebook, X, formerly known as Twitter,
YouTube and Pinterest.
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
results of operations, including adjusted net income (loss) 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 3, 2024.
Included among the risks and uncertainties that could cause actual
results and performance to differ materially are the risk that the
Company will be unable to achieve operating results at levels
sufficient to fund and/or finance the Company’s current level of
operations and repayment of indebtedness, 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 (including inflation), 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, disruptions and higher costs in the
Company’s global supply chain, including resulting from disease
outbreaks, foreign sources of supply in less developed countries,
more politically unstable countries, or countries where vendors
fail to comply with industry standards or ethical business
practices, including the use of forced, indentured or child labor,
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 securities, 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, risks related to the existence of a controlling
shareholder, 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: Investor Relations (201)
558-2400 ext. 14500
|
THE CHILDREN’S PLACE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
Fourth Quarter Ended |
|
Year Ended |
|
February 3,2024 |
|
January 28,2023 |
|
February 3,2024 |
|
January 28,2023 |
|
|
|
|
|
|
|
|
Net sales |
$ |
455,034 |
|
|
$ |
456,126 |
|
|
$ |
1,602,508 |
|
|
$ |
1,708,482 |
|
Cost of sales |
|
356,123 |
|
|
|
376,402 |
|
|
|
1,157,234 |
|
|
|
1,194,320 |
|
Gross profit |
|
98,911 |
|
|
|
79,724 |
|
|
|
445,274 |
|
|
|
514,162 |
|
Selling, general and
administrative expenses |
|
117,587 |
|
|
|
130,494 |
|
|
|
447,343 |
|
|
|
460,972 |
|
Depreciation and
amortization |
|
11,652 |
|
|
|
12,145 |
|
|
|
47,186 |
|
|
|
51,464 |
|
Asset impairment charges |
|
31,429 |
|
|
|
1,877 |
|
|
|
34,543 |
|
|
|
3,256 |
|
Operating loss |
|
(61,757 |
) |
|
|
(64,792 |
) |
|
|
(83,798 |
) |
|
|
(1,530 |
) |
Interest expense, net |
|
(8,518 |
) |
|
|
(5,152 |
) |
|
|
(30,000 |
) |
|
|
(13,232 |
) |
Loss before provision (benefit)
for income taxes |
|
(70,275 |
) |
|
|
(69,944 |
) |
|
|
(113,798 |
) |
|
|
(14,762 |
) |
Provision (benefit) for income
taxes |
|
58,561 |
|
|
|
(19,419 |
) |
|
|
40,743 |
|
|
|
(13,624 |
) |
Net loss |
$ |
(128,836 |
) |
|
$ |
(50,525 |
) |
|
$ |
(154,541 |
) |
|
$ |
(1,138 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share |
|
|
|
|
|
|
|
Basic |
$ |
(10.26 |
) |
|
$ |
(4.10 |
) |
|
$ |
(12.36 |
) |
|
$ |
(0.09 |
) |
Diluted |
$ |
(10.26 |
) |
|
$ |
(4.10 |
) |
|
$ |
(12.36 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding |
|
|
|
|
|
|
|
Basic |
|
12,556 |
|
|
|
12,332 |
|
|
|
12,501 |
|
|
|
13,041 |
|
Diluted |
|
12,556 |
|
|
|
12,332 |
|
|
|
12,501 |
|
|
|
13,041 |
|
THE CHILDREN’S PLACE, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO
GAAP |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
Fourth Quarter Ended |
|
Year Ended |
|
February 3,2024 |
|
January 28,2023 |
|
February 3,2024 |
|
January 28,2023 |
|
|
|
|
|
|
|
|
Net loss |
$ |
(128,836 |
) |
|
$ |
(50,525 |
) |
|
$ |
(154,541 |
) |
|
$ |
(1,138 |
) |
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
Asset impairment charges |
|
31,429 |
|
|
|
1,877 |
|
|
|
34,543 |
|
|
|
3,256 |
|
Provision for legal
settlement |
|
3,000 |
|
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
Fleet optimization |
|
1,546 |
|
|
|
873 |
|
|
|
3,086 |
|
|
|
1,215 |
|
Credit agreement amendment |
|
1,012 |
|
|
|
— |
|
|
|
1,762 |
|
|
|
— |
|
Accelerated depreciation |
|
597 |
|
|
|
— |
|
|
|
1,959 |
|
|
|
746 |
|
Restructuring costs |
|
(225 |
) |
|
|
702 |
|
|
|
10,458 |
|
|
|
1,897 |
|
Settlement payment received |
|
(6,461 |
) |
|
|
— |
|
|
|
(6,461 |
) |
|
|
— |
|
Contract termination costs |
|
— |
|
|
|
— |
|
|
|
2,961 |
|
|
|
— |
|
Professional and consulting
fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
721 |
|
Legal reserve |
|
— |
|
|
|
375 |
|
|
|
— |
|
|
|
375 |
|
Provision for foreign
settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
375 |
|
Aggregate impact of non-GAAP
adjustments |
|
30,898 |
|
|
|
3,827 |
|
|
|
51,308 |
|
|
|
8,585 |
|
Income tax effect(1) |
|
5,228 |
|
|
|
(995 |
) |
|
|
(80 |
) |
|
|
(2,162 |
) |
Settlement of tax
examination |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(6,379 |
) |
Net impact of non-GAAP
adjustments |
|
36,126 |
|
|
|
2,832 |
|
|
|
51,228 |
|
|
|
44 |
|
|
|
|
|
|
|
|
|
Adjusted net loss |
$ |
(92,710 |
) |
|
$ |
(47,693 |
) |
|
$ |
(103,313 |
) |
|
$ |
(1,094 |
) |
|
|
|
|
|
|
|
|
GAAP net loss per common
share |
$ |
(10.26 |
) |
|
$ |
(4.10 |
) |
|
$ |
(12.36 |
) |
|
$ |
(0.09 |
) |
|
|
|
|
|
|
|
|
Adjusted net loss per common
share |
$ |
(7.38 |
) |
|
$ |
(3.87 |
) |
|
$ |
(8.26 |
) |
|
$ |
(0.08 |
) |
(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, adjusted for the impact of any valuation
allowance.
|
THE CHILDREN’S PLACE, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO
GAAP |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
Fourth Quarter Ended |
|
Year Ended |
|
February 3,2024 |
|
January 28,2023 |
|
February 3,2024 |
|
January 28,2023 |
|
|
|
|
|
|
|
|
Operating loss |
$ |
(61,757 |
) |
|
$ |
(64,792 |
) |
|
$ |
(83,798 |
) |
|
$ |
(1,530 |
) |
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
Asset impairment charges |
|
31,429 |
|
|
|
1,877 |
|
|
|
34,543 |
|
|
|
3,256 |
|
Provision for legal
settlement |
|
3,000 |
|
|
|
— |
|
|
|
3,000 |
|
|
|
— |
|
Fleet optimization |
|
1,546 |
|
|
|
873 |
|
|
|
3,086 |
|
|
|
1,215 |
|
Credit agreement amendment |
|
1,012 |
|
|
|
— |
|
|
|
1,762 |
|
|
|
— |
|
Accelerated depreciation |
|
597 |
|
|
|
— |
|
|
|
1,959 |
|
|
|
746 |
|
Restructuring costs |
|
(225 |
) |
|
|
702 |
|
|
|
10,458 |
|
|
|
1,897 |
|
Settlement payment received |
|
(6,461 |
) |
|
|
— |
|
|
|
(6,461 |
) |
|
|
— |
|
Contract termination costs |
|
— |
|
|
|
— |
|
|
|
2,961 |
|
|
|
— |
|
Professional and consulting
fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
721 |
|
Legal reserve |
|
— |
|
|
|
375 |
|
|
|
— |
|
|
|
375 |
|
Provision for foreign
settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
375 |
|
Aggregate impact of non-GAAP
adjustments |
|
30,898 |
|
|
|
3,827 |
|
|
|
51,308 |
|
|
|
8,585 |
|
|
|
|
|
|
|
|
|
Adjusted operating income
(loss) |
$ |
(30,859 |
) |
|
$ |
(60,965 |
) |
|
$ |
(32,490 |
) |
|
$ |
7,055 |
|
THE CHILDREN’S PLACE, INC. |
RECONCILIATION OF NON-GAAP FINANCIAL INFORMATION TO
GAAP |
(In thousands, except per share amounts) |
(Unaudited) |
|
|
Fourth Quarter Ended |
|
Year Ended |
|
February 3,2024 |
|
January 28,2023 |
|
February 3,2024 |
|
January 28,2023 |
|
|
|
|
|
|
|
|
Gross profit |
$ |
98,911 |
|
$ |
79,724 |
|
$ |
445,274 |
|
$ |
514,162 |
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
Fleet optimization |
|
— |
|
|
— |
|
|
— |
|
|
(621 |
) |
Aggregate impact of non-GAAP
adjustments |
|
— |
|
|
— |
|
|
— |
|
|
(621 |
) |
|
|
|
|
|
|
|
|
Adjusted gross profit |
$ |
98,911 |
|
$ |
79,724 |
|
$ |
445,274 |
|
$ |
513,541 |
|
|
Fourth Quarter Ended |
|
Year Ended |
|
February 3,2024 |
|
January 28,2023 |
|
February 3,2024 |
|
January 28,2023 |
|
|
|
|
|
|
|
|
Selling, general and administrative expenses |
$ |
117,587 |
|
|
$ |
130,494 |
|
|
$ |
447,343 |
|
|
$ |
460,972 |
|
|
|
|
|
|
|
|
|
Non-GAAP adjustments: |
|
|
|
|
|
|
|
Provision for legal
settlement |
|
(3,000 |
) |
|
|
— |
|
|
|
(3,000 |
) |
|
|
— |
|
Fleet optimization |
|
(1,546 |
) |
|
|
(873 |
) |
|
|
(3,086 |
) |
|
|
(1,836 |
) |
Credit agreement amendment |
|
(1,012 |
) |
|
|
— |
|
|
|
(1,762 |
) |
|
|
— |
|
Restructuring costs |
|
225 |
|
|
|
(702 |
) |
|
|
(10,458 |
) |
|
|
(1,897 |
) |
Settlement payment received |
|
6,461 |
|
|
|
— |
|
|
|
6,461 |
|
|
|
— |
|
Contract termination costs |
|
— |
|
|
|
— |
|
|
|
(2,961 |
) |
|
|
(721 |
) |
Legal reserve |
|
— |
|
|
|
(375 |
) |
|
|
— |
|
|
|
(375 |
) |
Provision for foreign
settlement |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(375 |
) |
Aggregate impact of non-GAAP
adjustments |
|
1,128 |
|
|
|
(1,950 |
) |
|
|
(14,806 |
) |
|
|
(5,204 |
) |
|
|
|
|
|
|
|
|
Adjusted selling, general and
administrative expenses |
$ |
118,715 |
|
|
$ |
128,544 |
|
|
$ |
432,537 |
|
|
$ |
455,768 |
|
THE CHILDREN’S PLACE, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In thousands) |
(Unaudited) |
|
|
February 3,2024 |
|
January 28,2023* |
|
|
Assets: |
|
|
|
Cash and cash equivalents |
$ |
13,639 |
|
|
$ |
16,689 |
Accounts receivable |
|
33,219 |
|
|
|
49,584 |
Inventories |
|
362,099 |
|
|
|
447,795 |
Prepaid expenses and other
current assets |
|
43,169 |
|
|
|
47,875 |
Total current assets |
|
452,126 |
|
|
|
561,943 |
|
|
|
|
Property and equipment, net |
|
124,750 |
|
|
|
149,874 |
Right-of-use assets |
|
175,351 |
|
|
|
155,481 |
Tradenames, net |
|
41,123 |
|
|
|
70,891 |
Other assets, net |
|
6,958 |
|
|
|
48,092 |
Total assets |
$ |
800,308 |
|
|
$ |
986,281 |
|
|
|
|
Liabilities and
Stockholders' Equity (Deficit): |
|
|
|
Revolving loan |
$ |
226,715 |
|
|
$ |
286,990 |
Accounts payable |
|
225,549 |
|
|
|
177,147 |
Current portion of operating
lease liabilities |
|
69,235 |
|
|
|
78,576 |
Accrued expenses and other
current liabilities |
|
94,905 |
|
|
|
105,672 |
Total current liabilities |
|
616,404 |
|
|
|
648,385 |
|
|
|
|
Long-term debt |
|
49,818 |
|
|
|
49,752 |
Long-term portion of operating
lease liabilities |
|
118,073 |
|
|
|
96,482 |
Other long-term liabilities |
|
25,032 |
|
|
|
33,184 |
Total liabilities |
|
809,327 |
|
|
|
827,803 |
|
|
|
|
Stockholders' equity
(deficit) |
|
(9,019 |
) |
|
|
158,478 |
Total liabilities and
stockholders' equity (deficit) |
$ |
800,308 |
|
|
$ |
986,281 |
* Derived from the audited consolidated financial statements
included in the Company's Annual Report on Form 10-K for the fiscal
year ended January 28, 2023.
|
THE CHILDREN’S PLACE, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
(In thousands) |
(Unaudited) |
|
|
Year Ended |
|
February 3,2024 |
|
January 28,2023 |
|
|
|
|
Net loss |
$ |
(154,541 |
) |
|
$ |
(1,138 |
) |
Non-cash adjustments |
|
197,448 |
|
|
|
159,732 |
|
Working capital |
|
49,893 |
|
|
|
(166,812 |
) |
Net cash provided by (used in)
operating activities |
|
92,800 |
|
|
|
(8,218 |
) |
|
|
|
|
Net cash used in investing
activities |
|
(27,790 |
) |
|
|
(45,948 |
) |
|
|
|
|
Net cash provided by (used in)
financing activities |
|
(68,268 |
) |
|
|
17,056 |
|
|
|
|
|
Effect of exchange rate changes
on cash and cash equivalents |
|
208 |
|
|
|
(988 |
) |
|
|
|
|
Net decrease in cash and cash
equivalents |
|
(3,050 |
) |
|
|
(38,098 |
) |
|
|
|
|
Cash and cash equivalents,
beginning of period |
|
16,689 |
|
|
|
54,787 |
|
|
|
|
|
Cash and cash equivalents, end of
period |
$ |
13,639 |
|
|
$ |
16,689 |
|
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