EXHIBIT 99.2
THE CHILDREN'S PLACE RETAIL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
13 Weeks Ended:
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January 29, January 31,
2005 2004
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(As restated)
Net sales $ 462,108 $ 234,569
Cost of sales 281,659 131,663
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Gross profit 180,449 102,906
Selling, general and
administrative expenses 128,982 65,922
Asset impairment charges 164 448
Depreciation and amortization 13,383 12,753
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Operating income 37,920 23,783
Interest expense (income), net 176 (127)
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Income before income taxes and
extraordinary gain 37,744 23,910
Provision for income taxes 14,042 8,787
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Income before extraordinary gain 23,702 15,123
Extraordinary gain (net of taxes) 273 --
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Net income $ 23,975 $ 15,123
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Basic income per share $ 0.89 $ 0.57
Basic weighted average number
of shares outstanding 27,076 26,726
Diluted income per share before
extraordinary gain $ 0.84 $ 0.55
Diluted income per share $ 0.85 $ 0.55
Diluted weighted average number
of shares outstanding 28,106 27,510
THE CHILDREN'S PLACE RETAIL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(Unaudited)
52 Weeks Ended:
----------------------------
January 29, January 31,
2005 2004
----------- -------------
(As restated)
Net sales $ 1,157,548 $ 797,938
Cost of sales 705,681 476,961
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Gross profit 451,867 320,977
Selling, general and
administrative expenses 329,916 235,415
Asset impairment charges 164 448
Depreciation and amortization 51,835 48,700
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Operating income 69,952 36,414
Interest expense (income), net 22 (255)
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Income before income taxes and
extraordinary gain 69,930 36,669
Provision for income taxes 26,923 13,764
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Income before extraordinary gain 43,007 22,905
Extraordinary gain (net of taxes) 273 --
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Net income $ 43,280 $ 22,905
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Basic income per share $ 1.61 $ 0.86
Basic weighted average number
of shares outstanding 26,919 26,646
Diluted income per share before
extraordinary gain $ 1.56 $ 0.85
Diluted income per share $ 1.57 $ 0.85
Diluted weighted average number
of shares outstanding 27,633 27,099
THE CHILDREN'S PLACE RETAIL STORES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
January 29, 2005 January 31, 2004
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(As restated)
Current assets:
Cash and cash equivalents $ 165,196 $ 74,772
Accounts receivable 23,987 8,462
Inventories 161,969 96,128
Other current assets 41,007 20,070
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Total current assets 392,159 199,432
Property and equipment, net 222,722 211,454
Other assets, net 12,507 15,317
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Total assets $ 627,388 $ 426,203
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Current liabilities:
Revolving credit facility $ 37,268 $ 0
Accounts payable 78,106 35,173
Accrued expenses and
other current liabilities 99,575 49,984
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Total current liabilities 214,949 85,157
Deferred rent liabilities 91,111 81,644
Other liabilities 9,665 3,317
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Total liabilities 315,725 170,118
Total Stockholders' equity 311,663 256,085
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Total liabilities and
stockholders' equity $ 627,388 $ 426,203
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