Scott Edmonds Retiring After 15 Years at Company Ross Roeder Named Non-Executive Chairman Company Announces December SalesFORT MYERS, Fla., Jan 08, 2009 /PRNewswire-FirstCall via COMTEX News Network/ -- Chico's FAS, Inc.
(NYSE: CHS) announced today that David F. Dyer, who formerly served as
President and Chief Executive Officer of both Tommy Hilfiger and Land's End,
has been appointed President and Chief Executive Officer of Chico's FAS, Inc.
Mr. Dyer, who has served on the Company's Board of Directors since 2007, will
remain a member of the Board. In his new roles, Mr. Dyer succeeds Scott A.
Edmonds, who informed the Board on January 7 that he is retiring and submitted
his resignation as an officer and director of the Company. Ross E. Roeder,
who is currently the Company's Lead Director, has been named Non-Executive
Chairman of the Board.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080211/CHICOSLOGO )
"Since becoming President in 2001, Scott has been instrumental in
transforming Chico's from a single concept retailer with 250 stores to an
enterprise with three compelling brand concepts and 1,080 stores in 49
states," said Mr. Roeder. "Under his leadership, Chico's has become one of
the premier women's retailers in the country. Even in this difficult
environment, we are well positioned to weather one of the worst retailing
downturns in history, with no debt and significant cash resources. Having
overseen the growth of the Company, established its strong financial position,
and completed its operational transition from a single brand to a multi-brand,
multi-channel retailer, Mr. Edmonds feels it is now time to hand the Company
over to new leadership -- and the Board agrees with this decision."
"It has been my great privilege to be a part of this exceptional company
for the past 15 years," said Mr. Edmonds. "While I will miss working with the
outstanding group of talented and dedicated people we have, I know that
Chico's will be in excellent hands with Dave Dyer. Dave is a first-class
retailer and has led two of the most respected apparel companies in the world.
He has been a valuable member of our Board of Directors and I am committed to
helping in any way I can to ensure a smooth transition."
"We are fortunate that David Dyer, one of the most respected and
successful leaders in retailing, has agreed to assume the positions of
President and Chief Executive Officer. His expertise in marketing and
merchandising will help position Chico's to prosper and grow in the future,"
added Mr. Roeder.
Mr. Dyer, 59, has had a distinguished 35-year career in retail. He served
as President, Chief Executive Officer and director of Tommy Hilfiger, Inc.
from August, 2003 until its sale in May, 2006. Prior to that, he served as
President and Chief Executive Officer of Lands' End from November 1998 until
its June 2002 sale to Sears Roebuck and Company. Following the sale, he
joined Sears as Executive Vice President and a member of its Executive
Committee, while retaining his responsibilities at Lands' End. Mr. Dyer has
also served as acting President of J. Crew and President and Chief Operating
Officer of Home Shopping Network.
Mr. Dyer began his career as an Executive Trainee at Burdines department
stores in Miami, Florida where, over the next 17 years, he rose through the
ranks to become Senior Vice President of Merchandising and Marketing. In
addition to the Chico's Board, he was previously a director of Tommy Hilfiger,
ADVO, Inc., Land's End and Home Shopping Network. He is a 1971 graduate of
Vanderbilt University and was named a Distinguished Alumnus of the Vanderbilt
School of Engineering in 2005.
"I have great respect for Chico's' market position and leadership, and the
work that Scott has done over the course of his 15 years at the Company to
build it into a first rate retailer," said Mr. Dyer. "I look forward to
leading Chico's through the challenges of the current environment to a bright
and successful future. With three strong and well-defined brands, a clean
balance sheet and an outstanding management team, I have every confidence we
are positioned for long-term success."
Mr. Roeder, 70, has been a member of the Chico's Board of Directors since
1997 and was named Lead Director in September 2007. He was Chairman of Smart
and Final, Inc. from 1999 until 2007, and served as a director of SFI
Corporation, the parent corporation of Smart and Final, from 1984 to 2007.
From 1999 until 2004, Mr. Roeder also held the position of Chief Executive
Officer of Smart and Final, Inc. From 1986 to 1998, Mr. Roeder served as a
director of Morgan-Kaufman Publishers, Inc., a publisher of computer science
text and reference books, and from 1993 to 1998, served as its Chairman of the
Board. From 1986 until February 1993, Mr. Roeder was President and Chief
Executive Officer of Federal Construction Company.
December Sales and Outlook
Chico's also reported that its net sales for the five-week period ended
January 3, 2009, decreased 10.0% to $163.4 million from $181.6 million
reported for the five-week period ended January 5, 2008. Comparable store
sales decreased 12.4% for the five-week period ended January 3, 2009 compared
to the same five-week period last year ended January 5, 2008.
For the forty-eight weeks ended January 3, 2009, total net sales decreased
8.0% to $1.491 billion from $1.620 billion reported for the forty-eight week
period ended January 5, 2008. Comparable store sales decreased 15.3% for the
forty-eight week period ended January 3, 2009 compared to the forty-eight week
period last year ended January 5, 2008.
The Company said that its expected decrease in comparable store sales for
December, combined with its efforts to be promotionally competitive and its
intent to end the quarter with lowered targeted store inventory levels, is
expected to result in lower gross margins than originally anticipated for the
fourth quarter.
The Company is a specialty retailer of private branded, sophisticated,
casual-to-dressy clothing, intimates, complementary accessories, and other
non-clothing gift items. The Company operates 1,080 women's specialty stores,
including stores in 49 states, the District of Columbia, the U.S. Virgin
Islands and Puerto Rico operating under the Chico's, White House | Black
Market and Soma Intimates names. The Company has 623 Chico's front-line
stores, 41 Chico's outlet stores, 330 White House | Black Market front-line
stores, 19 White House | Black Market outlet stores, 72 Soma Intimates
front-line stores and 1 Soma Intimates outlet store.
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
Additional investor information on Chico's FAS, Inc. including a presentation
summarizing the Company's recent financial results is available on the
Company's website at http://www.chicosfas.com
Executive Contact:
Robert C. Atkinson
Vice President
Investor Relations
Chico's FAS, Inc.
(239) 274-4199
SOURCE Chico's FAS, Inc.
http://www.chicosfas.com