FORT MYERS, Fla., March 13 /PRNewswire-FirstCall/ -- Chico's FAS, Inc.
(NYSE: CHS) today announced a plan to repurchase up to $100 million of the
Company's outstanding shares of common stock over the next twelve months. The
Board authorization allows shares to be acquired from time to time on the open
market and in private transactions, depending on prevailing market conditions.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/CHICOLOGO )
Scott A. Edmonds, President and CEO, commented, "The Company's adoption of
the stock repurchase program reflects management's continued confidence in the
short and long term growth of our brands and our commitment to enhancing
shareholder value. Our outstanding financial performance, strong balance
sheet, and healthy free cash flow afford us the opportunity to take this
action, fund future growth, and sustain cash reserves to take advantage of
future opportunities. By reducing shares outstanding, the common stock
repurchase program is expected to enhance the book value per share and
earnings per share of the Company's remaining shares."
Chico's plans to fund the stock repurchase program from its cash flow from
operations. The timing, actual number, and value of shares to be purchased
will depend on the performance of Chico's stock price and market conditions.
The Company will disclose its purchases with each 10-Q filing. There is no
obligation to repurchase shares under the authorization.
The Company is a specialty retailer of private label, sophisticated,
casual-to-dressy clothing, intimates, complementary accessories, and other
non-clothing gift items. The Company operates 782 women's specialty stores,
including stores in 47 states, the District of Columbia, the U.S. Virgin
Islands and Puerto Rico operating under the Chico's, White House | Black
Market, Soma by Chico's and Fitigues names. The Company owns 502 Chico's
front-line stores, 31 Chico's outlet stores, 199 White House | Black Market
front-line stores, 8 White House | Black Market outlet stores, 16 Soma by
Chico's stores, 11 Fitigues front-line stores and 1 Fitigues outlet store;
franchisees own and operate 14 Chico's stores.
Certain statements contained herein, including without limitation,
statements addressing the beliefs, plans, objectives, estimates or
expectations of the Company or future results or events constitute "forward-
looking statements" within the meaning of the Private Securities Litigation
Reform Act of 1995, as amended. Such forward-looking statements involve known
or unknown risks, including, but not limited to, general economic and business
conditions, and conditions in the specialty retail industry. There can be no
assurance that the actual future results, performance, or achievements
expressed or implied by such forward-looking statements will occur. Users of
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. 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.
For more detailed information, please call (877) 424-4267 to listen to the
Company's monthly sales information and investor relations line
A copy of a slide show addressing the Company's recent financial results and
current plans for expansion is available on the Company's website at
http://www.chicos.com in the investor relations section
Additional investor information on Chico's FAS, Inc. is available free of
charge on the Company's website at http://www.chicos.com in the
investor relations section
Executive Contacts:
Charles J. Kleman
Chief Financial Officer
Chico's FAS, Inc.
(239) 274-4105
F. Michael Smith
Vice President
Investor and Community Relations
Chico's FAS, Inc.
(239) 274-4797
SOURCE Chico's FAS, Inc.
-0- 03/13/2006
/CONTACT: Charles J. Kleman, Chief Financial Officer, +1-239-274-4105, or
F. Michael Smith, Vice President, Investor and Community Relations,
+1-239-274-4797, both of Chico's FAS, Inc./
/Photo: NewsCom: http://www.newscom.com/cgi-bin/prnh/20030428/CHICOLOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com /
/Web site: http://www.chicos.com /
(CHS)
CO: Chico's FAS, Inc.
ST: Florida
IN: REA
SU: OFR
DS-MR
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1808 03/13/2006 12:30 EST http://www.prnewswire.com