NYSE: CHS Price: $7.98 Change: +0.09 (+1.14%) Volume: 4,100,044 20 min delay 11/17/1704:04 PM

Press Release Details

Chico's FAS, Inc. Reports Third Quarter Results

Nov 22, 2016

FORT MYERS, Fla., Nov. 22, 2016 /PRNewswire/ --

Cost Reduction and Operating Efficiency Initiatives Drive Significant Earnings Growth

  • GAAP earnings per share up $0.27 to $0.18 compared to last year
  • Non-GAAP earnings per share up $0.07, or 54%, to $0.20 compared to last year
  • Company on track to deliver double digit operating margin

Chico's FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2016 third quarter and thirty-nine weeks ended October 29, 2016.

Chico's Logo (PRNewsFoto/Chico's FAS, Inc.)

For the thirteen weeks ended October 29, 2016 ("the third quarter"), the Company reported net income of $23.6 million, or $0.18 per diluted share, compared to a net loss of $11.6 million, or $0.09 per diluted share, for the thirteen weeks ended October 31, 2015. The Company reported third quarter 2016 adjusted net income of $26.4 million, or $0.20 adjusted earnings per diluted share, compared to adjusted net income of $17.7 million, or $0.13 adjusted earnings per diluted share, in last year's third quarter. The adjusted results exclude EPS net charges of $0.02 in 2016 and $0.22 in 2015 related to restructuring and strategic charges and Boston Proper, as presented in the accompanying GAAP to non-GAAP reconciliation.

For the thirty-nine weeks ended October 29, 2016, the Company reported net income of $77.7 million, or $0.58 per diluted share, compared to net income of $23.0 million, or $0.16 per diluted share, for the thirty-nine weeks ended October 31, 2015. The Company reported adjusted net income of $93.2 million, or $0.70 adjusted earnings per diluted share, compared to adjusted net income of $99.7 million, or $0.70 adjusted earnings per diluted share, in 2015. The adjusted results exclude EPS net charges of $0.12 in 2016 and $0.54 in 2015 related to restructuring and strategic charges and Boston Proper, as presented in the accompanying GAAP to non-GAAP reconciliation.

Shelley Broader, CEO and President, said, "Our third quarter earnings exceeded expectations. As a result of our efforts to transform Chico's FAS for the future, we were able to achieve significant earnings growth and are demonstrating considerable progress toward our goal of double digit operating margin. We are fully engaged in the implementation of our cost reduction and operating efficiency initiatives, and our continued progress reinforces our confidence in the company's strategic plan. The improvements across the organization, additional recent hires, customers' positive response to new merchandising initiatives, and other brand specific actions underway are re-energizing the company and fortifying our foundation for revenue and earnings growth and sustainable value creation." 

Net Sales

For the third quarter, net sales were $596.9 million compared to $645.4 million in last year's third quarter. This decrease of 7.5% included $18.7 million related to Boston Proper. When excluding Boston Proper from fiscal 2015, net sales decreased 4.8%, primarily reflecting a decline in comparable sales of 4.9%, comprised of reduced transaction count and lower average dollar sale.  Third quarter average unit retail increased with a decline in promotional activity.

Comparable Sales



Thirteen Weeks Ended


Thirty-Nine Weeks Ended



October 29, 2016


October 31, 2015


October 29, 2016


October 31, 2015

Chico's



(5.6)%



(4.7)%



(5.4)%



(2.1)%

White House Black Market



(5.5)%



(2.0)%



(3.5)%



(0.8)%

Soma



0.4%



(0.9)%



0.6%



3.6%

Total Company



(4.9)%



(3.3)%



(4.0)%



(1.0)%

Gross Margin

For the third quarter, gross margin was $230.3 million, or 38.6%, compared to $249.2 million, or 38.6%, in last year's third quarter. When excluding Boston Proper from fiscal 2015, gross margin decreased 40 basis points in fiscal 2016 compared to gross margin of $244.2 million, or 39.0% last year. This 40 basis point decrease from the 2015 adjusted gross margin rate primarily reflects an improvement in merchandise margin, which was more than offset by deleverage of occupancy costs and incentive compensation.

Selling, General and Administrative Expenses

For the third quarter, selling, general and administrative expenses ("SG&A") were $188.4 million, or 31.6%, compared to $226.3 million, or 35.1% last year. When excluding Boston Proper from fiscal 2015, SG&A decreased $27.3 million, or 280 basis points, compared to $215.6 million, or 34.4% last year. This $27.3 million decrease is primarily due to a reduction in unproductive marketing spend and savings in store labor, partially offset by an increase in incentive compensation.

Restructuring and Strategic Charges

For the third quarter, the Company recorded pre-tax restructuring and strategic charges of $10.8 million, primarily consisting of outside services related to cost reduction and operating efficiency initiatives (the "Initiatives"). On an after-tax basis, the impact of these charges was $6.8 million, or $0.05 per diluted share.

Income Tax Expense

For the third quarter, the effective tax rate of 22.9% reflected an additional tax benefit on the disposition of Boston Proper's stock and the recognition of additional income tax credits. Excluding the additional tax benefit, the effective tax rate for the third quarter of 2016 would have been 36.2% compared to 37.0% in the same period last year.

Inventories

At the end of the third quarter of 2016, inventories totaled $261.3 million compared to $269.0 million last year. When excluding Boston Proper store inventories from fiscal 2015, inventories decreased $6.0 million, or 2.2%, in the third quarter of fiscal 2016 compared to $267.3 million last year, primarily reflecting improved inventory management.

Share Repurchase Program

During the third quarter of fiscal 2016, the Company repurchased 1.7 million shares for $20.0 million, at an average of $12.13 per share, under its $300.0 million share repurchase program announced in November 2015, with $183.7 million remaining under the program.

Changes in Presentation

Commencing in fiscal 2016, store occupancy expenses and shipping expenses, historically presented in SG&A, are being presented in Cost of Goods Sold. The Company believes that these costs represent direct costs associated with the sale of its merchandise, and these changes better align the Company with its peers and better reflect how the business operates. Additionally, shipping revenue, historically presented in SG&A, is being presented in Net Sales. These adjustments were made retrospectively and all periods presented conform with this presentation.

Fiscal 2016 Fourth Quarter Outlook

The fiscal 2016 fourth quarter outlook excludes Boston Proper for comparability purposes. The Company is anticipating a low single digit comparable sales decline in the fourth quarter compared to last year. We expect improvement in merchandise margin to be more than offset by occupancy deleverage, resulting in a reduction in gross margin rate. We continue to make progress on our Initiatives and expect a decrease in SG&A as a percent of sales; however, the reduction in marketing spend will be at a lower level than recognized in the third quarter.  Fourth quarter total inventory is planned to be lower than last year.

ABOUT CHICO'S FAS, INC.

The Company, through its brands – Chico's, White House Black Market, and Soma is a leading omni-channel specialty retailer of women's private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items.

As of October 29, 2016, the Company operated 1,510 stores in the US and Canada and sold merchandise through franchise locations in Mexico. The Company's merchandise is also available at www.chicos.com, www.whbm.com, and www.soma.com. For more detailed information on Chico's FAS, Inc., please go to our corporate website at www.chicosfas.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Some statements herein may be "forward-looking statements," within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect our current views with respect to certain events that could have an effect on our future financial performance, including but without limitation, statements regarding our plans, objectives, and the future success of our store concepts, the implementation and success of our previously announced restructuring program and organizational redesign, and the implementation and success of our strategies to increase the our brands' sales volume and profitability through four previously announced focus areas. These statements may address items such as expectations for future sales, gross margin, SG&A (particularly estimated expected savings), operating margin, inventory levels, comparable store sales and cash needs, as well as, planned store openings, closings and expansions. These statements relate to expectations concerning matters that are not historical fact and may include the words or phrases such as "expects," "believes," "anticipates," "plans," "estimates," "approximately," "our planning assumptions," "future outlook," and similar expressions. Except for historical information, matters discussed in such oral and written statements are forward-looking statements. These forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, and are subject to various risks and uncertainties that could cause actual results to differ materially from historical results or those currently anticipated. Although we believe our expectations are based on reasonable estimates and assumptions, we cannot guarantee their accuracy or our future performance, and there are a number of known and unknown risks, uncertainties, contingencies, and other factors (many of which are outside our control) that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Accordingly, there is no assurance that our expectations will, in fact, occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, general economic and business conditions, conditions in the specialty retail or apparel industries, the availability of quality store sites, the ability to successfully execute our business strategies, the ability to achieve the results of our restructuring program, the ability to achieve the results of our four focus areas, particularly the results expected from our current strategic projects related to those focus areas, the integration of our new management team, and those other factors described in Item 1A, "Risk Factors" and in the "Forward-Looking Statements" disclosure in Item 7. "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Form 10-K. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. Investors using forward-looking statements are encouraged to review the Company's latest annual report on Form 10-K, its filings on Form 10-Q, management's discussion and analysis in the Company's latest annual report to stockholders, the Company's filings on Form 8-K, and other federal securities law filings for a description of other important factors that may affect the Company's business, results of operations and financial condition. All written or oral forward-looking statements that are made or attributable to us are expressly qualified in their entirety by this cautionary notice. The Company does not undertake to publicly update or revise its forward looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.

 

(Financial Tables Follow)

Executive Contact:
Jennifer Powers
Vice President – Investor Relations
Chico's FAS, Inc.
(239) 346-4199

 

 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Statements of Income (Loss)

(Unaudited)

 (in thousands, except per share amounts)



Thirteen Weeks Ended


Thirty-Nine Weeks Ended


October 29, 2016


October 31, 2015


October 29, 2016


October 31, 2015


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales

Net sales:
















Chico's

$

312,203



52.3



$

333,421



51.7



$

995,067



53.0



$

1,058,697



52.2


White House Black Market

210,389



35.2



220,965



34.2



633,420



33.8



659,682



32.5


Soma

74,320



12.5



72,349



11.2



247,134



13.2



240,347



11.8


Boston Proper



0.0



18,698



2.9





0.0



70,299



3.5


Total net sales

596,912



100.0



645,433



100.0



1,875,621



100.0



2,029,025



100.0


Cost of goods sold

366,618



61.4



396,270



61.4



1,142,182



60.9



1,219,543



60.1


Gross margin

230,294



38.6



249,163



38.6



733,439



39.1



809,482



39.9


Selling, general and administrative expenses

188,350



31.6



226,256



35.1



583,117



31.1



661,491



32.6


Goodwill and intangible impairment charges



0.0



45,514



7.1





0.0



112,455



5.6


Restructuring and strategic charges

10,820



1.8



3,137



0.4



31,027



1.6



34,178



1.6


Income (loss) from operations

31,124



5.2



(25,744)



(4.0)



119,295



6.4



1,358



0.1


Interest expense, net

(526)



(0.1)



(466)



(0.1)



(1,474)



(0.1)



(1,421)



(0.1)


Income (loss) before income taxes

30,598



5.1



(26,210)



(4.1)



117,821



6.3



(63)



0.0


Income tax provision (benefit)

7,000



1.1



(14,600)



(2.3)



40,100



2.2



(23,100)



(1.1)


Net income (loss)

$

23,598



4.0



$

(11,610)



(1.8)



$

77,721



4.1



$

23,037



1.1


Per share data:
















Net income (loss) per common share-basic

$

0.18





$

(0.09)





$

0.59





$

0.16




Net income (loss) per common and common equivalent share–diluted

$

0.18





$

(0.09)





$

0.58





$

0.16




Weighted average common shares outstanding–basic

128,753





136,172





129,830





139,386




Weighted average common and common equivalent shares outstanding–diluted

128,996





136,172





129,999





139,724




Dividends declared per share

$





$





$

0.2400





$

0.2325




 

 


Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)







October 29, 2016


January 30, 2016


October 31, 2015









ASSETS






Current Assets:






Cash and cash equivalents

$

80,331



$

89,951



$

91,256


Marketable securities, at fair value

50,411



50,194



47,316


Inventories

261,341



233,834



268,968


Prepaid expenses and other current assets

46,635



45,660



55,149


Income taxes receivable

3,402



29,157



16,225


Assets held for sale

18,520



16,525



41,802


Total Current Assets

460,640



465,321



520,716


Property and Equipment, net

495,587



550,953



556,172


Other Assets:






Goodwill

96,774



96,774



96,774


Other intangible assets, net

38,930



38,930



38,930


Other assets, net

18,382



14,074



40,622


Total Other Assets

154,086



149,778



176,326




$

1,110,313



$

1,166,052



$

1,253,214










LIABILITIES AND STOCKHOLDERS' EQUITY






Current Liabilities:






Accounts payable

$

125,532



$

129,343



$

147,526


Current debt

10,000



10,000



10,000


Other current and deferred liabilities

148,706



158,788



140,557


Liabilities held for sale





8,478


Total Current Liabilities

284,238



298,131



306,561


Noncurrent Liabilities:






Long-term debt

74,768



82,219



84,702


Deferred liabilities

122,848



130,743



135,390


Deferred taxes

9,320



15,171



20,385


Total Noncurrent Liabilities

206,936



228,133



240,477


Commitments and Contingencies






Stockholders' Equity:






Preferred stock






Common stock

1,301



1,355



1,394


Additional paid-in capital

445,787



435,881



429,746


Treasury stock, at cost

(366,081)



(289,813)



(249,854)


Retained earnings

538,134



492,325



524,244


Accumulated other comprehensive (loss) income

(2)



40



646


Total Stockholders' Equity

619,139



639,788



706,176




$

1,110,313



$

1,166,052



$

1,253,214


 

 

 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Cash Flow Statements

(Unaudited)

 (in thousands)



Thirty-Nine Weeks Ended


October 29, 2016


October 31, 2015

Cash Flows From Operating Activities:




Net income

$

77,721



$

23,037


Adjustments to reconcile net income to net cash provided by operating activities:




Goodwill and intangible impairment charges, pre-tax



112,455


Depreciation and amortization

82,585



90,266


Loss on disposal and impairment of property and equipment

6,434



22,609


Deferred tax benefit

(8,098)



(52,623)


Stock-based compensation expense

15,483



20,712


Excess tax benefit from stock-based compensation

(322)



(2,992)


Deferred rent and lease credits

(14,264)



(15,018)


Changes in assets and liabilities:




Inventories

(27,506)



(44,811)


Prepaid expenses and accounts receivable

(6,237)



(12,024)


Income tax receivable

25,755



(15,629)


Accounts payable

(3,789)



7,377


Accrued and other liabilities

(3,391)



(3,300)


Net cash provided by operating activities

144,371



130,059


Cash Flows From Investing Activities:




Purchases of marketable securities

(43,266)



(43,479)


Proceeds from sale of marketable securities

43,058



122,712


Purchases of property and equipment, net

(35,663)



(66,595)


Net cash (used in) provided by investing activities

(35,871)



12,638


Cash Flows From Financing Activities:




Proceeds from borrowings



124,000


Payments on borrowings

(7,500)



(29,000)


Proceeds from issuance of common stock

2,363



10,614


Excess tax benefit from stock-based compensation

322



2,992


Dividends paid

(31,936)



(32,933)


Repurchase of common stock

(81,324)



(260,555)


Net cash used in financing activities

(118,075)



(184,882)


Effects of exchange rate changes on cash and cash equivalents

(45)



90


Net decrease in cash and cash equivalents

(9,620)



(42,095)


Cash and Cash Equivalents, Beginning of period

89,951



133,351


Cash and Cash Equivalents, End of period

$

80,331



$

91,256


 

Supplemental Detail on Earnings Per Share Calculation

In accordance with accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of earnings per common share pursuant to the "two-class" method. For the Company, participating securities are composed entirely of unvested restricted stock awards and performance-based restricted stock units ("PSUs") that have met their relevant performance criteria.

Earnings per share is determined using the two-class method when it is more dilutive than the treasury stock method. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the dilutive effect of potential common shares from non-participating securities such as stock options and PSUs. For the thirty-nine weeks ended October 29, 2016 and October 31, 2015, potential common shares were excluded from the computation of diluted EPS to the extent they were antidilutive.

The following unaudited table sets forth the computation of basic and diluted earnings per share shown on the face of the accompanying condensed consolidated statements of operations (in thousands, except per share amounts):

 



Thirteen Weeks Ended


Thirty-Nine Weeks Ended



October 29, 2016


October 31, 2015


October 29, 2016


October 31, 2015









Numerator








Net income (loss)


$

23,598


$

(11,610)



$

77,721



$

23,037


Net income and dividends declared allocated to participating securities


(502)




(1,677)



(492)


Net income (loss) available to common shareholders


$

23,096


$

(11,610)



$

76,044



$

22,545










Denominator








Weighted average common shares outstanding – basic


128,753


136,172



129,830



139,386


Dilutive effect of non-participating securities


243




169



338


Weighted average common and common equivalent shares outstanding – diluted


128,996


136,172



129,999



139,724










Net income (loss) per common share(1)








Basic


$

0.18


$

(0.09)



$

0.59



$

0.16


Diluted


$

0.18


$

(0.09)



$

0.58



$

0.16


 

(1) Due to the differences between quarterly and year-to-date weighted average share counts and the effect of quarterly rounding to the nearest cent per diluted share, the year-to-date calculation of generally accepted accounting principles ("GAAP") diluted EPS may not equal the sum of the quarters.

SEC Regulation G - The Company reports its consolidated financial results in accordance with GAAP. However, to supplement these consolidated financial results, management believes that certain non-GAAP results, which exclude charges and results related to non-continuing Boston Proper operations as well as certain strategic charges, may provide a more meaningful measure on which to compare the Company's results of operations between periods. The Company believes these non-GAAP results provide useful information to both management and investors by excluding certain expenses that impact the comparability of the results.

A reconciliation of net income and earnings per diluted share on a GAAP basis to net income and earnings per diluted share on a non-GAAP adjusted basis is presented in the table below:

 

Chico's FAS, Inc. and Subsidiaries

GAAP to Non-GAAP Reconciliation of Net Income (Loss) and Diluted EPS

(Unaudited)

(in thousands, except per share amounts)












Thirteen Weeks Ended


Thirty-Nine Weeks Ended



October 29, 2016


October 31, 2015


October 29, 2016


October 31, 2015

Net income (loss): (1)








GAAP basis


$

23,598



$

(11,610)



$

77,721



$

23,037


Goodwill and other intangible impairment charges




23,859





70,985


Restructuring and strategic charges


6,806



1,948



19,422



21,225


Boston Proper operating loss




3,502





8,239


Tax benefit related to the disposition of Boston Proper


(3,979)





(3,979)



(23,779)


Non-GAAP adjusted basis


$

26,425



$

17,699



$

93,164



$

99,707











Net income (loss) per diluted share: (1) (2)









GAAP basis


$

0.18



$

(0.09)



$

0.58



$

0.16


Goodwill and other intangible impairment charges


0.00



0.18



0.00



0.50


Restructuring and strategic charges


0.05



0.01



0.15



0.15


Boston Proper operating loss


0.00



0.03



0.00



0.06


Tax benefit related to the disposition of Boston Proper


(0.03)



0.00



(0.03)



(0.17)


Non-GAAP adjusted basis


$

0.20



$

0.13



$

0.70



$

0.70


 

(1) All adjustments to net income (loss) are presented net of tax.

(2) Due to the differences between quarterly and year-to-date weighted average share counts and the effect of quarterly rounding to the nearest cent per diluted share, the year-to-date calculation of non-GAAP diluted EPS may not equal the sum of the quarters.

SEC Regulation G - The Company reports its consolidated financial results in accordance with GAAP. However, to supplement these consolidated financial results, management believes that certain non-GAAP results, which exclude results from non-continuing Boston Proper operations, may provide a more meaningful measure on which to compare the Company's results of operations between periods.

The tables below present a reconciliation of selected consolidated financial data on a GAAP basis to selected consolidated financial data on a non-GAAP adjusted basis, reflecting certain adjustments as identified in the footnotes to the table and excluding Boston Proper:

 

Chico's FAS, Inc. and Subsidiaries

Fiscal 2015 Reconciliation of Reported to Adjusted Selected Non-GAAP Consolidated Financial Data

(Unaudited)

(in thousands)









As Reported










Thirteen Weeks Ended


Thirty-Nine Weeks Ended


October 31, 2015


October 31, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales

$

641,219


100.0



$

2,014,909



100.0


Cost of goods sold

290,737


45.3



902,689



44.8


Gross margin

350,482


54.7



1,112,220



55.2


Selling, general and administrative expenses

327,575


51.1



964,229



47.9


Subtotal

22,907


3.6



147,991



7.3



Boston Proper










Thirteen Weeks Ended


Thirty-Nine Weeks Ended


October 31, 2015


October 31, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales

$

17,312



100.0



$

65,301



100.0


Cost of goods sold

11,486



66.3



38,073



58.3


Gross margin

5,826



33.7



27,228



41.7


Selling, general and administrative expenses

11,466



66.2



40,495



62.0


Subtotal

(5,640)



(32.5)



(13,267)



(20.3)



Adjustments, excluding Boston Proper










Thirteen Weeks Ended


Thirty-Nine Weeks Ended


October 31, 2015


October 31, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales(1)

$

2,828



0.4



$

9,118



0.5


Store occupancy expense(2)

95,583



14.8



284,141



14.1


Shipping expense(3)

7,710



1.2



23,504



1.2


Cost of goods sold

103,293



16.0



307,645



15.3


Gross margin

(100,465)



(15.6)



(298,527)



(14.8)


Selling, general and administrative expenses

(100,465)



(15.6)



(298,527)



(14.8)


Subtotal









As Adjusted, Non-GAAP










Thirteen Weeks Ended


Thirty-Nine Weeks Ended


October 31, 2015


October 31, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales

$

626,735



100.0



$

1,958,726



100.0


Cost of goods sold

382,544



61.0



1,172,261



59.8


Gross margin

244,191



39.0



786,465



40.2


Selling, general and administrative expenses

215,644



34.4



625,207



31.9


Subtotal

28,547



4.6



161,258



8.3










 

(1) Adjustments to net sales represent the correction of an immaterial error in the classification of shipping revenue, which was previously classified within SG&A.

(2) Adjustments to store occupancy expense represent the reclassification of store occupancy expenses, which were previously classified within SG&A.

(3) Adjustments to shipping expense represent a change in accounting policy to present shipping expenses within cost of goods sold, which were previously reported within SG&A.

 

Chico's FAS, Inc. and Subsidiaries

Store Count and Square Footage

Thirteen Weeks Ended October 29, 2016

(Unaudited)












July 30,
2016


New Stores


Closures


October 29,
2016



Store count:










Chico's frontline boutiques

599


1


(6)


594



Chico's outlets

117




117



Chico's Canada

4




4



WHBM frontline boutiques

427



(2)


425



WHBM outlets

71




71



WHBM Canada

6




6



Soma frontline boutiques

274




274



Soma outlets

19




19



Total Chico's FAS, Inc.

1,517


1


(8)


1,510
























July 30,
2016


New Stores


Closures


Other
changes in
SSF


October 29,
2016

Net selling square footage (SSF):










Chico's frontline boutiques

1,638,071


2,444


(16,562)


279


1,624,232

Chico's outlets

293,646





293,646

Chico's Canada

9,695





9,695

WHBM frontline boutiques

993,320



(3,247)


196


990,269

WHBM outlets

148,457





148,457

WHBM Canada

14,891





14,891

Soma frontline boutiques

517,994





517,994

Soma outlets

35,637





35,637

Total Chico's FAS, Inc.

3,651,711


2,444


(19,809)


475


3,634,821

 

As of October 29, 2016 the Company also sold merchandise through 88 international franchise locations, comprised of 7 Chico's stand-alone boutiques, 50 Chico's shop-in-shops, and 31 Soma shop-in-shops.

 

Chico's FAS, Inc. and Subsidiaries

Store Count and Square Footage

Thirty-Nine Weeks Ended October 29, 2016

(Unaudited)












January 30,
2016


New Stores


Closures


October 29,
2016



Store count:










Chico's frontline boutiques

604


3


(13)


594



Chico's outlets

117




117



Chico's Canada

4




4



WHBM frontline boutiques

429


3


(7)


425



WHBM outlets

71




71



WHBM Canada

6




6



Soma frontline boutiques

269


6


(1)


274



Soma outlets

18


1



19



Total Chico's FAS, Inc.

1,518


13


(21)


1,510
























January 30,
2016


New Stores


Closures


Other
changes in
SSF


October 29,
2016

Net selling square footage (SSF):










Chico's frontline boutiques

1,652,991


7,556


(35,960)


(355)


1,624,232

Chico's outlets

293,646





293,646

Chico's Canada

9,695





9,695

WHBM frontline boutiques

991,164


6,921


(13,547)


5,731


990,269

WHBM outlets

148,457





148,457

WHBM Canada

14,891





14,891

Soma frontline boutiques

507,805


11,008


(1,562)


743


517,994

Soma outlets

33,792


1,845




35,637

Total Chico's FAS, Inc.

3,652,441


27,330


(51,069)


6,119


3,634,821

 

As of October 29, 2016 the Company also sold merchandise through 88 international franchise locations, comprised of 7 Chico's stand-alone boutiques, 50 Chico's shop-in-shops, and 31 Soma shop-in-shops.

Logo - http://photos.prnewswire.com/prnh/20160209/331560LOGO

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chicos-fas-inc-reports-third-quarter-results-300366939.html

SOURCE Chico's FAS, Inc.

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