Item 2.02 Results of Operations and Financial Condition.
On August 25, 2020, the Company issued a press release containing the Company's
financial results for the second quarter of the fiscal year ending January 30,
2021 ("Fiscal 2020"). A copy of the press release is being furnished as Exhibit
99.1 to this Current Report on Form 8-K.
The information in this Current Report is being furnished pursuant to Item 2.02
of Form 8-K, insofar as it discloses historical information regarding the
Company's results of operations and financial condition as of and for the second
quarter of Fiscal 2020. In accordance with General Instruction B.2 of Form 8-K,
such information in this Current Report on Form 8-K, including Exhibit 99.1,
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 Press Release, dated August 25, 2020, issued by the Company
99.1 (Exhibit 99.1 is furnished as part of this Current Report on Form
8-K).
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, schools adopting a remote learning model, closures
of businesses 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: August 25, 2020
THE CHILDREN'S PLACE, INC.
By: /s/ Jane Elfers
Name: Jane Elfers
Title: President and Chief Executive Officer
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