NYSE: CHS Price: $8.22 Change: +0.11 (+1.36%) Volume: 2,532,928 20 min delay 09/22/1704:03 PM

Press Release Details

Chico's FAS, Inc. Reports Fourth Quarter and Fiscal Year 2016 Results

Feb 22, 2017

- Delivered fourth quarter EPS of $0.10, up $0.26 from last year
- Generated significant fourth quarter gross margin expansion and SG&A leverage

FORT MYERS, Fla., Feb. 22, 2017 /PRNewswire/ -- Chico's FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2016 fourth quarter and fiscal year ended January 28, 2017.

For the thirteen weeks ended January 28, 2017 ("the fourth quarter"), the Company reported net income of $13.5 million, or $0.10 per diluted share, compared to a net loss of $21.1 million, or $0.16 per diluted share, for the thirteen weeks ended January 30, 2016 ("last year's fourth quarter"). The Company reported adjusted net income of $6.2 million, or $0.05 adjusted earnings per diluted share, in last year's fourth quarter. The 2015 fourth quarter adjusted results exclude EPS net charges of $0.21 related to restructuring and strategic charges and Boston Proper, as presented in the accompanying GAAP to non-GAAP reconciliation.

For the fifty-two weeks ended January 28, 2017 ("fiscal 2016"), the Company reported net income of $91.2 million, or $0.69 per diluted share, compared to net income of $1.9 million, or $0.01 per diluted share, for the fifty-two weeks ended January 30, 2016 ("fiscal 2015"). The Company reported fiscal 2016 adjusted net income of $106.7 million, or $0.81 adjusted earnings per diluted share, compared to adjusted net income of $105.9 million, or $0.75 adjusted earnings per diluted share, in fiscal 2015. The adjusted results exclude EPS net charges of $0.12 in fiscal 2016 and $0.74 in fiscal 2015 related to restructuring and strategic charges and Boston Proper, as presented in the accompanying GAAP to non-GAAP reconciliation.

"We are extremely pleased with our results this quarter," said Shelley Broader, CEO and President. "We drove significant earnings growth, highlighted by gross margin expansion, SG&A leverage, and a substantial increase in operating margin. I am proud of our team and their continuing execution of our strategic initiatives."

Net Sales

For the fourth quarter, net sales were $600.8 million compared to $631.6 million in last year's fourth quarter. This decrease of 4.9% included $16.8 million related to Boston Proper last year. When excluding Boston Proper from fiscal 2015, net sales decreased 2.3%, primarily reflecting a decline in comparable sales of 2.5%, comprised of reduced transaction count and an increase in average dollar sale. Fourth quarter average unit retail increased primarily due to a reduction in promotional activity.

For fiscal 2016, net sales were $2.5 billion compared to $2.7 billion in fiscal 2015. This decrease of 6.9% included $87.0 million related to Boston Proper last year. When excluding Boston Proper from fiscal 2015, net sales decreased 3.8%, primarily reflecting a decline in comparable sales of 3.7%, comprised of reduced transaction count and lower average dollar sale.

Comparable Sales


Thirteen Weeks Ended


Fifty-Two Weeks Ended


January 28, 2017


January 30, 2016


January 28, 2017


January 30, 2016

Chico's

(4.8)

%


(1.7)

%


(5.3)

%


(2.0)

%

White House Black Market

(0.6)

%


(7.4)

%


(2.8)

%


(2.5)

%

Soma

0.4

%


2.1

%


0.5

%


3.1

%

Total Company

(2.5)

%


(3.2)

%


(3.7)

%


(1.5)

%













Gross Margin

For the fourth quarter, gross margin was $213.4 million, or 35.5%, compared to $217.4 million, or 34.4%, in last year's fourth quarter. When excluding Boston Proper from fiscal 2015, gross margin increased 80 basis points in fiscal 2016 compared to gross margin of $213.3 million, or 34.7%, last year. This 80 basis point increase from the 2015 adjusted gross margin rate primarily reflects reduced promotional activity, partially offset by an increase in incentive compensation.

Selling, General and Administrative Expenses

For the fourth quarter, selling, general and administrative expenses ("SG&A") were $192.0 million, or 31.9%, compared to $217.2 million, or 34.4% last year. When excluding Boston Proper from fiscal 2015, SG&A decreased $13.6 million, or 150 basis points, compared to $205.6 million, or 33.4%, last year. This $13.6 million decrease is primarily due to a reduction in unproductive marketing spend and improvements in store labor productivity, partially offset by an increase in incentive compensation.

Income Tax Expense

The fourth quarter fiscal 2016 effective tax rate was 35.4%. In the fourth quarter of fiscal 2015, the Company recorded a tax benefit as a result of the impact of restructuring and strategic charges.

Inventories

At the end of the fourth quarter of 2016, inventories totaled $232.4 million compared to $233.8 million last year. The decrease of 0.6% primarily reflected a 4% decrease in on-hand inventory as a result of improved inventory management, partially offset by an increase in in-transit inventory primarily due to product launches scheduled in the first quarter of 2017 and the timing of the Chinese New Year.

Share Repurchase Program

During the fourth quarter of 2016, the Company repurchased 1.6 million shares for $20.0 million, at an average of $12.81 per share, under its $300.0 million share repurchase program announced in November 2015, with $163.6 million remaining under the program. During fiscal 2016, the Company repurchased a total of 8.1 million shares for $96.4 million, at an average of $11.88 per share.

Changes in Presentation

Commencing in the first quarter of 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.

2017 Full-Year Outlook

For fiscal 2017, the Company is anticipating a low single-digit percentage decline in comparable sales as the Company continues to rationalize its promotional activity. The Company expects to achieve gross margin leverage for the year, primarily due to reduced promotional activity and savings from the supply chain initiative launched last year. The Company is planning modest SG&A leverage. Overall, the Company is anticipating steady improvement in operating margin that will advance its progress toward its target of double digit operating margin in 2019.

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 and complementary accessories.

As of January 28, 2017, the Company operated 1,501 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 and objectives, and the success of our organizational redesign and other strategic initiatives aimed at increasing sales volume and profitability through our four established 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, and comparable store sales and cash needs. 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, changes in the general economic and business environment; changes in the general or specialty retail or apparel industries; the availability of quality store sites; the ability to successfully execute and achieve the expected results of our business strategies, particular strategic initiatives, and organizational redesign; the integration of our new management team; changes in the political environment that create consumer uncertainty; significant changes to product import and distribution costs (such as new or increased taxes or tariffs, unexpected consolidation in the freight carrier industry, and unexpected costs and exposure associated with our shift to a predominantly FOB shipping structure rather than a mix of FOB and DDP); significant shifts in consumer behavior; 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


Fifty-Two Weeks Ended


January 28, 2017


January 30, 2016


January 28, 2017


January 30, 2016


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales

Net sales:
















Chico's

$

290,763



48.4



$

305,094



48.3



$

1,285,830



51.9



$

1,363,792



51.3


White House Black Market

212,615



35.4



215,197



34.1



846,035



34.2



874,879



32.9


Soma

97,411



16.2



94,569



15.0



344,545



13.9



334,916



12.6


Boston Proper



0.0



16,750



2.6





0.0



87,048



3.2


Total net sales

600,789



100.0



631,610



100.0



2,476,410



100.0



2,660,635



100.0


Cost of goods sold

387,392



64.5



414,221



65.6



1,529,574



61.8



1,633,764



61.4


Gross margin

213,397



35.5



217,389



34.4



946,836



38.2



1,026,871



38.6


Selling, general and administrative expenses

191,990



31.9



217,208



34.4



775,107



31.2



878,699



33.0


Goodwill and trade name impairment



0.0





0.0





0.0



112,455



4.3


Restructuring and strategic charges



0.0



14,623



2.3



31,027



1.3



48,801



1.8


Income (loss) from operations

21,407



3.6



(14,442)



(2.3)



140,702



5.7



(13,084)



(0.5)


Interest expense, net

(499)



(0.1)



(449)



(0.1)



(1,973)



(0.1)



(1,870)



0.0


Income (loss) before income taxes

20,908



3.5



(14,891)



(2.4)



138,729



5.6



(14,954)



(0.5)


Income tax provision (benefit)

7,400



1.3



6,200



1.0



47,500



1.9



(16,900)



(0.6)


Net income (loss)

$

13,508



2.2



$

(21,091)



(3.4)



$

91,229



3.7



$

1,946



0.1


Per share data:
















Net income (loss) per common share-basic

$

0.10





$

(0.16)





$

0.69





$

0.01




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

$

0.10





$

(0.16)





$

0.69





$

0.01




Weighted average common shares outstanding–basic

126,489





135,275





128,995





138,366




Weighted average common and common equivalent shares outstanding–diluted

126,905





135,275





129,237





138,741




Dividends declared per share

$

0.08





$

0.0775





$

0.32





$

0.31




 

 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)



January 28,
2017


January 30,
2016





ASSETS






Current Assets:




Cash and cash equivalents

$

142,135



$

89,951


Marketable securities, at fair value

50,370



50,194


Inventories

232,363



233,834


Prepaid expenses and accounts receivable

50,350



45,660


Income tax receivable

2,408



29,157


Assets held for sale



16,525


Total Current Assets

477,626



465,321


Property and Equipment, net

477,185



550,953


Other Assets:




Goodwill

96,774



96,774


Other intangible assets, net

38,930



38,930


Other assets, net

18,479



14,074


Total Other Assets

154,183



149,778



$

1,108,994



$

1,166,052


     LIABILITIES AND STOCKHOLDERS' EQUITY








Current Liabilities:




Accounts payable

$

116,378



$

129,343


Current debt

16,250



10,000


Other current and deferred liabilities

170,232



158,788


Total Current Liabilities

302,860



298,131


Noncurrent Liabilities:




Long-term debt

68,535



82,219


Deferred liabilities

118,543



130,743


Deferred taxes

9,883



15,171


Total Noncurrent Liabilities

196,961



228,133


Stockholders' Equity:




Preferred stock




Common stock

1,288



1,355


Additional paid-in capital

452,756



435,881


Treasury stock, 26,418 shares at January 28, 2017 and 18,307 shares at January 30, 2016

(386,094)



(289,813)


Retained earnings

541,251



492,325


Accumulated other comprehensive (loss) income

(28)



40


Total Stockholders' Equity

609,173



639,788



$

1,108,994



$

1,166,052


 

 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Cash Flow Statements

(Unaudited)

 (in thousands)



Fifty-Two Weeks Ended


January 28,
2017


January 30,
2016

Cash Flows From Operating Activities:




Net income

$

91,229



$

1,946


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




Goodwill and intangible impairment charges, pre-tax



112,455


Depreciation and amortization

109,251



118,800


Deferred tax benefit

(8,427)



(34,415)


Stock-based compensation expense

21,249



30,062


Excess tax benefit from stock-based compensation

(604)



(3,084)


Deferred rent and lease credits

(18,811)



(21,741)


Loss on disposal and impairment of property and equipment

10,523



23,744


Changes in assets and liabilities:




Inventories

1,472



(6,719)


Prepaid expenses and other assets

(7,565)



358


Income tax receivable

26,749



(28,562)


Accounts payable

(13,015)



(12,101)


Accrued and other liabilities

18,659



16,248


Net cash provided by operating activities

230,710



196,991


Cash Flows From Investing Activities:




Purchases of marketable securities

(50,717)



(52,668)


Proceeds from sale of marketable securities

50,508



129,000


Purchases of property and equipment, net

(47,836)



(84,841)


Proceeds from sale of land

16,217




Proceeds from sale of Boston Proper net assets



9,000


Net cash (used in) provided by investing activities

(31,828)



491


Cash Flows From Financing Activities:




Proceeds from borrowings



124,000


Payments on borrowings

(7,500)



(31,500)


Proceeds from issuance of common stock

4,359



10,613


Excess tax benefit from stock-based compensation

604



3,084


Dividends paid

(42,254)



(43,729)


Repurchase of common stock

(101,878)



(302,849)


Net cash used in financing activities

(146,669)



(240,381)


Effects of exchange rate changes on cash and cash equivalents

(29)



(501)


Net increase (decrease) in cash and cash equivalents

52,184



(43,400)


Cash and Cash Equivalents, Beginning of period

89,951



133,351


Cash and Cash Equivalents, End of period

$

142,135



$

89,951


 

 

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 thirteen weeks and fifty-two weeks ended January 28, 2017 and January 30, 2016, 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 income (loss) (in thousands, except per share amounts):



Thirteen Weeks Ended


Fifty-Two Weeks Ended


January 28,
2017


January 30,
2016


January 28,
2017


January 30,
2016









Numerator








Net income (loss)

$

13,508



$

(21,091)



$

91,229



$

1,946


Net income and dividends declared allocated to participating securities

(258)





(1,915)




Net income (loss) available to common shareholders

$

13,250



$

(21,091)



$

89,314



$

1,946


Denominator








Weighted average common shares outstanding – basic

126,489



135,275



128,995



138,366


Dilutive effect of non-participating securities

416





242



375


Weighted average common and common equivalent shares outstanding – diluted

126,905



135,275



129,237



138,741


Net income (loss) per common share*:








Basic

$

0.10



$

(0.16)



$

0.69



$

0.01


Diluted

$

0.10



$

(0.16)



$

0.69



$

0.01



*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 GAAP and 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 generally accepted accounting principles (GAAP). However, to supplement these consolidated financial results, management believes that certain non-GAAP results should be considered in addition to, not as a substitute for, GAAP measures. These non-GAAP measures exclude results related to non-continuing Boston Proper operations as well as certain strategic charges.


A reconciliation of net income (loss) and earnings per diluted share on a GAAP basis to net income and earnings per diluted share on a non-GAAP basis for the thirteen weeks and fifty-two weeks ended January 28, 2017 and January 30, 2016 is presented in the table below:










Thirteen Weeks Ended


Fifty-Two Weeks Ended


January 28,
2017


January 30,
2016


January 28,
2017


January 30,
2016

Net income (loss):








GAAP basis

$

13,508



$

(21,091)



$

91,229



$

1,946


Goodwill and intangible impairment charges, net of tax



17,365





88,350


Restructuring and strategic charges, net of tax



9,081



19,422



30,305


Boston Proper operating loss, net of tax



4,666





12,904


Tax benefit related to the disposition of Boston Proper



(3,830)



(3,979)



(27,609)


Non-GAAP adjusted basis

$

13,508



$

6,191



$

106,672



$

105,896










Net income (loss) per diluted share:








GAAP basis

$

0.10



$

(0.16)



$

0.69



$

0.01


Goodwill and intangible impairment charges, net of tax



0.13





0.63


Restructuring and strategic charges, net of tax



0.07



0.15



0.21


Boston Proper operating loss, net of tax



0.03





0.09


Tax benefit related to the disposition of Boston Proper



(0.02)



(0.03)



(0.19)


Non-GAAP adjusted basis

$

0.10



$

0.05



$

0.81



$

0.75



*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 GAAP and 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


Fifty-Two Weeks Ended


January 30, 2016


January 30, 2016


Amount


% of Sales


Amount


% of Sales

Net Sales

$

627,400



100.0



$

2,642,309



100.0


Cost of goods sold

308,863



49.2



1,211,552



45.9


Gross margin

318,537



50.8



1,430,757



54.1


Selling, general and administrative expenses

318,356



50.7



1,282,585



48.5


Subtotal

181



0.1



148,172



5.6



Boston Proper(4)










Thirteen Weeks Ended


Fifty-Two Weeks Ended


January 30, 2016


January 30, 2016


Amount


% of Sales


Amount


% of Sales

Net Sales

$

15,671



100.0



$

80,972



100.0


Cost of goods sold

11,790



75.2



49,863



61.6


Gross margin

3,881



24.8



31,109



38.4


Selling, general and administrative expenses

11,394



72.7



51,889



64.1


Subtotal

(7,513)



(47.9)



(20,780)



(25.7)



Adjustments, excluding Boston Proper










Thirteen Weeks Ended


Fifty-Two Weeks Ended


January 30, 2016


January 30, 2016


Amount


% of Sales


Amount


% of Sales

Net Sales(1)

$

3,131



0.5



$

12,249



0.5


Store occupancy expense(2)

95,601



15.2



379,742



14.3


Shipping expense(3)

8,923



1.4



32,427



1.2


Cost of goods sold

104,524



16.6



412,169



15.5


Gross margin

(101,393)



(16.1)



(399,920)



(15.0)


Selling, general and administrative expenses

(101,393)



(16.1)



(399,920)



(15.0)


Subtotal









As Adjusted, Non-GAAP










Thirteen Weeks Ended


Fifty-Two Weeks Ended


January 30, 2016


January 30, 2016


Amount


% of Sales


Amount


% of Sales

Net Sales

$

614,860



100.0



$

2,573,586



100.0


Cost of goods sold

401,597



65.3



1,573,858



61.2


Gross margin

213,263



34.7



999,728



38.8


Selling, general and administrative expenses

205,569



33.4



830,776



32.3


Subtotal

7,694



1.3



168,952



6.5










(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.

(4) Boston Proper amounts do not reflect reclassification adjustments for net sales, gross margin and selling, general and administrative expenses.

 

 

Chico's FAS, Inc. and Subsidiaries

Store Count and Square Footage

Thirteen Weeks Ended January 28, 2017

(Unaudited)












October 29,
2016


New Stores


Closures


January 28,
2017



Store count:










Chico's frontline boutiques

594



1



(8)



587




Chico's outlets

117





(1)



116




Chico's Canada

4







4




WHBM frontline boutiques

425



1



(3)



423




WHBM outlets

71







71




WHBM Canada

6







6




Soma frontline boutiques

274



2



(1)



275




Soma outlets

19







19




Boston Proper frontline boutiques










Total Chico's FAS, Inc.

1,510



4



(13)



1,501















October 29,
2016


New Stores


Closures


Other changes in SSF


January 28,
2017

Net selling square footage (SSF):










Chico's frontline boutiques

1,624,232



2,601



(20,103)





1,606,730


Chico's outlets

293,646





(2,191)





291,455


Chico's Canada

9,695









9,695


WHBM frontline boutiques

990,269



1,940



(7,455)





984,754


WHBM outlets

148,457









148,457


WHBM Canada

14,891









14,891


Soma frontline boutiques

517,994



3,565



(2,101)



487



519,945


Soma outlets

35,637









35,637


Boston Proper frontline boutiques










Total Chico's FAS, Inc.

3,634,821



8,106



(31,850)



487



3,611,564



As of January 28, 2017 the Company also sold merchandise through 91 international franchise locations.

 

 

Chico's FAS, Inc. and Subsidiaries

Store Count and Square Footage

Fifty-Two Weeks Ended January 28, 2017

(Unaudited)












January 30,
2016


New Stores


Closures


January 28,
2017



Store count:










Chico's frontline boutiques

604



4



(21)



587




Chico's outlets

117





(1)



116




Chico's Canada

4







4




WHBM frontline boutiques

429



4



(10)



423




WHBM outlets

71







71




WHBM Canada

6







6




Soma frontline boutiques

269



8



(2)



275




Soma outlets

18



1





19




Boston Proper frontline boutiques










Total Chico's FAS, Inc.

1,518



17



(34)



1,501















January 30,
2016


New Stores


Closures


Other changes in SSF


January 28,
2017

Net selling square footage (SSF):










Chico's frontline boutiques

1,652,991



10,157



(56,063)



(355)



1,606,730


Chico's outlets

293,646





(2,191)





291,455


Chico's Canada

9,695









9,695


WHBM frontline boutiques

991,164



8,861



(21,002)



5,731



984,754


WHBM outlets

148,457









148,457


WHBM Canada

14,891









14,891


Soma frontline boutiques

507,805



14,573



(3,663)



1,230



519,945


Soma outlets

33,792



1,845







35,637


Boston Proper frontline boutiques










Total Chico's FAS, Inc.

3,652,441



35,436



(82,919)



6,606



3,611,564



As of January 28, 2017 the Company also sold merchandise through 91 international franchise locations.

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chicos-fas-inc-reports-fourth-quarter-and-fiscal-year-2016-results-300411134.html

SOURCE Chico's FAS, Inc.

NYSE: CHS

NYSE: CHS
Price: $8.22 +0.11 (+1.36%) 04:03 PM ET09/22/17 Volume: 2,532,928 Pricing delayed 20 minutes More

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