Earnings Call Excerpt
The Children’s Place Retail Stores, Inc. (PLCE)
F4Q08 Earnings Call
March 19, 2009 10:00 am ET
Executives
Jane Singer – Investor Relations
Chuck Crovitz – Interim Chief Executive Officer
Susan Riley – Executive Vice President, Finance and Administration
Richard Flaks – Senior Vice President, Planning, Allocation and IT
Richard Paradise – Senior Vice President, Chief Financial Officer
Dina Sweeney – Group Vice President, Merchandising
Analysts
Kimberly Greenberger – Citigroup
John Zolidis – Buckingham Research
Margaret Whitfield – Sterne Agee
Analyst for Brian Tunick – JP Morgan
Betty Chin – Wedbush Morgan
Janet Kloppenburg – JJK Research
Marni Shipiro – The Retail Tracker
Linda Tsai – MKM Partners
Dana Telsey – Telsey Advisory Group
Tom Filandro – Susquehanna Financial
Presentation
Operator
Welcome to today’s program. (Operator Instructions) It is now my pleasure to turn the conference over to Ms. Jane Singer. Please go ahead.
Jane Singer
Thank you. Good morning everyone. Thank you for joining us today for a review of The Children’s Place Retail Stores, Inc. fourth quarter and fiscal year 2008 financial results. Participating on this morning’s call are Chuck Crovitz, Interim Chief Executive Officer and Sue Riley, Executive Vice President of Finance and Administration. Also on hand to answer questions at the end of management’s remarks are Richard Flaks, Senior Vice President of Planning, Allocation and Information Technology and Dina Sweeney, Group Vice President of Merchandising.
Before we begin, I would like to remind participants that any forward-looking remarks made today are subject to the Safe Harbor statement found in this morning’s press release as well as in our SEC filings. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially. The company undertakes no obligation to publicly release any revision to these forward-looking statements to reflect events or circumstances after the date hereof. Please also note that a reconciliation of certain non-GAAP financial measures discussed on this call is contained in this morning’s press release which can be found on our www.ChildrensPlace.com website.
Now I will turn the call over to Chuck for his opening remarks.
Chuck Crovitz
Thank you Jane. Good morning everyone and thank you for joining us today. As you saw in this morning’s press release The Children’s Place reported solid fourth quarter and full year 2008 financial results. We also undertook four significant actions during the year to strengthen our business and help ensure the long-term success of the company. These include reducing inventory levels, identifying opportunities to reduce our cost structure, strengthening our balance sheet and cash flow and exiting the Disney Store North America business.
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