The Children’s Place Issues 2022 Annual ESG Report
27 July 2023 - 11:00PM
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
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