http://www.morningstar.com/earnings/50257444-childrens-place-inc-plce-q4-2012.aspx

Children's Place Inc PLCE
Q4 2012 Earnings Call Transcript

Transcript Call Date 03/26/2013

Operator: Good day everyone, and welcome to The Children's Place Fourth Quarter and Fiscal 2012 Conference Call. At this time, all participants are in a listen-only mode. Later you will have the opportunity to ask questions. Please note this call maybe recorded and I will be standing by should you need any assistance.

It is now my pleasure to turn the conference over to Ms. Jane Singer. Please go ahead Ma'am.

Jane Singer - VP, IR: Thank you, Zac. Thank you for joining us this morning. With me here Jane Elfers, President and Chief Executive Officer and Mike Scarpa, Executive Vice President, and Chief Financial Officer.

We issued a press release earlier this morning announcing fourth quarter and fiscal 2012 financial results. A copy of the release can be found on our website. 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 subsequent events or circumstances. After the prepared remarks, we will open the call to questions. We request that each of you limit yourself to two questions, so that everyone will have an opportunity to speak.

Thank you and now I will turn the call over to Jane Elfers for her opening remarks.

Jane Elfers - President and CEO: Thank you, Jane and good morning everyone. We had strong finish to 2012 resulting in record sales, our first annual comp increase in four years and 11% increase in EPS and $205 million generated in operating cash. I'd like to highlight the significant progress we achieved on our strategic initiatives in 2012 starting with the senior leadership team. Since my arrival, a top priority has been upgrading talent at the senior leadership level. During 2012, we made significant progress on completing this initiative with key hires. First Mike Scarpa, Executive Vice President, and Chief Financial Officer. Mike joined us at the end of November. He has more than 30 years of financial and operational leadership experience with publicly-held apparel companies. He joined us from Talbots where he was Chief Operating Officer and Chief Financial Officer with responsibility for finance, treasury, planning and allocation, supply chain, information technology, and corporate strategy.

Prior to Talbots, Mike spent 25 years with Liz Claiborne, where he held several senior financial positions culminating in his appointment as Chief Operating Officer. I’ve known Mike for several years and I’m thrilled that he decided to join the team. We’re very fortunate to be able to partner with such a strong finance and operating executive.

Greg Poole, Senior Vice President, Global Sourcing joined us last September and has more than 27 years of global sourcing and supply chain leadership experience. Greg joined us from Talbots where he served as Executive Vice President, Chief Supply Chain Officer, and was responsible for product development, global sourcing, global logistics, distribution, quality assurance, social compliance, and technical design. Previously, he served as Senior Vice President, Chief Procurement Officer for Ann and he also held several senior level sourcing positions at Gap, culminating in his role as Senior Vice President, Sourcing and Vendor Development.

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