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MarketScreener Homepage  >  Equities  >  Nasdaq  >  The Children's Place, Inc.    PLCE

THE CHILDREN'S PLACE, INC.

(PLCE)
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CHILDRENS PLACE, INC. : Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

07/02/2020 | 04:37pm EST

Item 7.01 Regulation FD Disclosure.

On March 31, 2020, the Company announced that, as a result of the COVID-19 pandemic, it was taking a number of actions to provide financial flexibility. These actions included: (i) temporary salary reductions for: the Company's President and Chief Executive Officer of 100% of her salary, the Company's senior leadership team, including its named executive officers ("NEOs"), of 25% of their salaries, and the suspension of payment of quarterly cash fees to independent members of the Company's Board of Directors, all effective April 1, 2020, and (ii) the temporary furlough of all U.S. and Canadian field management and store associates, and a combination of temporary furloughs and pay reductions for the majority of the Company's corporate staff, all effective April 5, 2020. In light of developments that have occurred since March 31, 2020, including the phased re-opening of the Company's retail stores resulting in 860, or approximately 95%, of the Company's stores open as of July 1, 2020 and the return to work of furloughed corporate, field management and store associates, the Company is announcing the reinstatement of the base salaries of the Company's President and Chief Executive Officer, its senior leadership team, including NEOs, and its corporate staff, all to 100% of pre-reduction levels, effective June 28, 2020. The Company also announced that the Board of Directors approved the restoration of quarterly cash payments to independent members of the Company's Board of Directors at pre-suspension levels, effective June 28, 2020.

In accordance with General Instruction B.2 of Form 8-K, such information in this Current Report on Form 8-K, shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statement and Exhibits.




 (d) Exhibits



Exhibit 104 Cover Page Interactive Data File - the cover page XBRL tags are

             embedded within the Inline XBRL document.




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Forward Looking Statements



This Current Report on Form 8-K, 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 and supplemented by the "Risk Factors" section of its quarterly report on Form 10-Q for the fiscal quarter ended May 2, 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.



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Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.




Date: July 2, 2020THE CHILDREN'S PLACE, INC.


  By:    /s/ Jane ElfersName:  Jane Elfers
  Title: President and Chief Executive Officer




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© Edgar Online, source Glimpses

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Financials (USD)
Sales 2021 1 471 M - -
Net income 2021 -163 M - -
Net Debt 2021 112 M - -
P/E ratio 2021 -4,02x
Yield 2021 1,60%
Capitalization 690 M 690 M -
EV / Sales 2021 0,55x
EV / Sales 2022 0,47x
Nbr of Employees 10 600
Free-Float 93,7%
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Income Statement Evolution
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Mean consensus HOLD
Number of Analysts 8
Average target price 41,00 $
Last Close Price 47,32 $
Spread / Highest target 26,8%
Spread / Average Target -13,4%
Spread / Lowest Target -57,7%
EPS Revisions
Managers
NameTitle
Jane T. Elfers President, Chief Executive Officer & Director
Norman S. Matthews Chairman
Leah Swan Chief Operating Officer
Michael Scarpa Chief Financial Officer
Rajat Jain Chief Technology Officer
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