The Children’s Place Issues 2022 Annual ESG Report

Rhea-AI Summary

The Children’s Place, Inc. (Nasdaq: PLCE) announces the release of its 2022 Environment, Social and Governance (ESG) Report, detailing its strategic approach to ESG, progress made in fiscal 2022, and key initiatives. Highlights include a 46% reduction in GHG emissions, 72% responsibly sourced cotton fibers, and increased representation of Black/African American associates at U.S. corporate offices by 45%. The report covers 16 key focus areas, 26 measurable goals, and aligns with SASB, GRI, and UN SDGs.

Positive

• The company demonstrates a strong commitment to sustainability and social responsibility, as evidenced by the significant reduction in GHG emissions and the ambitious goals for responsibly sourced cotton. The increased representation of Black/African American associates also reflects a positive step towards diversity and inclusion, aligning with current social trends and expectations.

Negative

• None.

SECAUCUS, N.J., July 27, 2023 (GLOBE NEWSWIRE) -- The Children’s Place, Inc. (Nasdaq: PLCE), the largest pure-play children’s specialty apparel retailer in North America, today announced the release of its 2022 Environment, Social and Governance (ESG) Report. 

The 2022 ESG Report details the Company’s strategic approach to ESG, setting forth the progress made during fiscal 2022 on the Company’s environmental initiatives, including its science-based goals to reduce greenhouse gas (GHG) emissions, and its measurable targets to increase the use of more sustainable raw materials in products and to reduce the use of water and chemicals in its global supply chain.

Some highlights from the Company’s 2022 ESG Report include: 

• A reduction in GHG emissions of 46% against a 2018 baseline in owned and leased operations (scope 1 and scope 2), versus an announced goal of 50% targeted for 2030.  
• Approximately 72% of the cotton fibers used in the Company’s apparel are now responsibly sourced with a goal of 100% responsibly sourced cotton by the end of fiscal 2025.
• Increased representation of Black/African American associates at U.S. corporate offices by 45% against a baseline year of 2020, with a goal to double representation by fiscal 2025.
• 16 key focus areas for the Company and details regarding its 26 measurable goals and progress in matters such as climate and energy, raw materials, water stewardship, chemical management, waste and circularity, diversity, equity and inclusion, community, and supply chain compliance and worker well-being.

Adrian Sherman, Vice President, Environment & Social Responsibility, said, “We are proud of the continued progress we have made on our environmental and social commitments as described in the 2022 ESG Report. Children remain at the center of everything we do, and it is important that we have sustainability commitments that drive us to contribute to a better today and tomorrow for our children.”

The Children’s Place Board of Directors and its Committees have oversight responsibility for ESG matters, and the Company’s goals and initiatives are informed by the Sustainable Accounting Standards Board (SASB) standards, the GRI (formerly the Global Reporting Initiative) standards, and the United Nations Sustainable Development Goals (SDGs).

To view its 2022 ESG Report, please visit the Company’s website at https://corporate.childrensplace.com under the ESG tab.

About The Children’s Place

The Children’s Place is the largest pure-play children’s specialty apparel retailer in North America. The Company designs, contracts to manufacture, sells at retail and wholesale, and licenses to sell fashionable, high-quality merchandise predominantly at value prices, primarily under the proprietary “The Children’s Place”, “Place”, “Baby Place”, “Gymboree”, “Sugar & Jade” and “PJ Place” brand names. The Company has online stores at www.childrensplace.com, www.gymboree.com, www.sugarandjade.com and www.pjplace.com and, as of April 29, 2023, the Company had 599 stores in the United States, Canada, and Puerto Rico and the Company’s five international franchise partners had 212 international points of distribution in 15 countries. 

Forward Looking Statements

This press release 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 results of operations, including adjusted net income (loss) 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 January 28, 2023. 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 (including inflation), the risks related to the COVID-19 pandemic, including the impact of the COVID-19 pandemic on our business or the economy in general, 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, disruptions and higher costs in the Company’s global supply chain, including resulting from COVID-19 or other disease outbreaks, foreign sources of supply in less developed countries, more politically unstable countries, or countries where vendors fail to comply with industry standards or ethical business practices, including the use of forced, indentured or child labor, 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. 

Contact: Investor Relations (201) 558-2400 ext. 14500

FAQ

What are the highlights of The Children’s Place 2022 ESG Report?

The highlights include a 46% reduction in GHG emissions, 72% responsibly sourced cotton fibers, and increased representation of Black/African American associates at U.S. corporate offices by 45%.

What are the key focus areas covered in the report?

The report covers 16 key focus areas, including climate and energy, raw materials, water stewardship, chemical management, waste and circularity, diversity, equity and inclusion, community, and supply chain compliance and worker well-being.

How does The Children’s Place demonstrate commitment to sustainability?

The company demonstrates a strong commitment to sustainability through its significant reduction in GHG emissions, goals for responsibly sourced cotton, and increased representation of Black/African American associates.

What standards does The Children’s Place ESG initiatives align with?

The company's goals and initiatives are informed by the Sustainable Accounting Standards Board (SASB) standards, the GRI (formerly the Global Reporting Initiative) standards, and the United Nations Sustainable Development Goals (SDGs).