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Chico's FAS, Inc. Reports Fourth Quarter and Fiscal Year 2015 Results

02/25/2016

FORT MYERS, Fla., Feb. 25, 2016 /PRNewswire/ -- Chico's FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2015 fourth quarter and fiscal year ended January 30, 2016.

Chico's Logo

For the thirteen weeks ended January 30, 2016 ("the fourth quarter"), the Company reported adjusted earnings per diluted share of $0.05, compared to adjusted earnings per diluted share of $0.07 for the thirteen weeks ended January 31, 2015, and adjusted net income of $6.2 million compared to adjusted net income of $10.9 million in last year's fourth quarter. The fourth quarter adjusted results exclude EPS charges of $0.21 in 2015 and $0.28 in 2014 primarily related to Boston Proper and restructuring and strategic charges (the "Net Charges"), as presented in the accompanying GAAP to non-GAAP reconciliation. Including the impact of the Net Charges, the Company reported a fourth quarter 2015 net loss of $21.1 million, or $0.16 per diluted share, compared to a fourth quarter 2014 net loss of $31.8 million, or $0.21 per diluted share.

For the fiscal year ended January 30, 2016 ("fiscal 2015"), the Company reported adjusted earnings per diluted share of $0.75 compared to adjusted earnings per diluted share of $0.73 for the fifty-two weeks ended January 31, 2015 ("fiscal 2014"), and adjusted net income of $105.9 million compared to adjusted net income of $111.9 million in fiscal 2014. The adjusted results exclude Net Charges of $0.74 in fiscal 2015 and $0.31 in fiscal 2014, as presented in the accompanying GAAP to non-GAAP reconciliation. Including the impact of the Net Charges, the Company reported fiscal 2015 net income of $1.9 million, or $0.01 per diluted share, compared to fiscal 2014 net income of $64.6 million, or $0.42 per diluted share.

Shelley Broader, President and CEO, said, "While we are disappointed with our fourth quarter sales, we are pleased that our responsiveness and disciplined inventory management in this intensely promotional environment allowed us to achieve positive gross margin leverage and a slight decline in total inventories over last year.  Additionally, our business generated significant cash flow during the fiscal year, which in combination with our healthy balance sheet, allowed us to return $334 million to our shareholders in the form of dividends and share repurchases."

Net Sales

For the fourth quarter, net sales were $627.4 million, a decrease of 4.5% compared to $656.9 million in last year's fourth quarter, primarily due to a 3.2% decrease in comparable sales and a decline in Boston Proper sales. The 3.2% decrease in comparable sales for the fourth quarter was following a 4.3% increase in last year's fourth quarter, and reflected a decrease in average dollar sale partially offset by an increase in transaction count.

For fiscal 2015, net sales were $2.642 billion, a decrease of 1.2% compared to $2.675 billion in fiscal 2014, primarily reflecting a 1.5% decrease in comparable sales and a decline in Boston Proper sales, partially offset by the benefit of new stores. Comparable sales decreased 1.5% for 2015 compared to flat comparable sales in 2014, and reflected a decrease in average dollar sale and flat transaction count. 

Comparable Sales


Fifty-Two Weeks Ended


Thirteen Weeks Ended


January 30, 2016


January 31, 2015


January 30, 2016


January 31, 2015

Chico's

(2.0)

%


(0.5)

%


(1.7)

%


1.2

%

White House Black Market

(2.5)

%


(1.7)

%


(7.4)

%


5.4

%

Soma

3.1

%


8.0

%


2.1

%


13.7

%

Total Company

(1.5)

%


%


(3.2)

%


4.3

%

Gross Margin

For the fourth quarter, gross margin was $318.5 million compared to $328.2 million in last year's fourth quarter. Gross margin was 50.8% of net sales, an 80 basis point increase from last year's fourth quarter, primarily reflecting improved inventory management in fiscal 2015 and charges related to non-go-forward inventory in fiscal 2014. When excluding Boston Proper in fiscal 2015, gross margin was $314.7 million, or 51.4% of net sales.

Selling, General and Administrative Expenses

For the fourth quarter, selling, general and administrative expenses ("SG&A") were $318.4 million compared to $317.8 million in last year's fourth quarter. SG&A was 50.8% of net sales, a 240 basis point increase from last year's fourth quarter, primarily reflecting sales deleverage as well as an increase in marketing and store occupancy costs. When excluding Boston Proper in fiscal 2015, SG&A was $307.0 million, or 50.1% of net sales.

Restructuring and Strategic Charges

For the fourth quarter, the Company recorded pre-tax restructuring and strategic charges of $14.6 million, primarily reflecting CEO transition costs and the sale of Boston Proper. On an after-tax basis, the fourth quarter restructuring and strategic charges impact was $9.1 million, or $0.07 per diluted share.

Effective Tax Rate

Excluding the tax impact of the Net Charges, the 2015 fourth quarter effective tax rate would have been 14.6% compared to 35.4% in the fourth quarter of 2014, primarily reflecting the impact of favorable tax credits and tax legislation passed in the fourth quarter of 2015 on a lower pre-tax net income.

Inventories

At the end of the fourth quarter of 2015, total inventories were $233.8 million compared to $235.2 million in last year's fourth quarter. When excluding $10.9 million in Boston Proper inventory in fiscal 2014 and an in-transit inventory increase in fiscal 2015 related to the timing of the Chinese New Year, total inventories decreased 0.3% compared to last year's fourth quarter.

Assets Held for Sale

During the fourth quarter of 2015, the Company disposed of the Boston Proper direct-to-consumer business. At the end of the fourth quarter, assets held for sale was comprised of $16.5 million in vacant land, which is under contract.

Share Repurchase Program

During the fourth quarter of fiscal 2015, the Company repurchased 3.7 million shares for $40.0 million under its $300.0 million share repurchase program announced in November 2015, with $260.0 million remaining under the program. During fiscal 2015, the Company repurchased a total of 18.3 million shares for $290.0 million.

2016 Full-Year Outlook

The fiscal 2016 outlook excludes Boston Proper for comparability purposes. The absence of Boston Proper's operational results are expected to benefit fiscal 2016 operating margin by approximately 100 basis points and earnings per share by approximately $0.09.

For the full year of fiscal 2016, the Company is anticipating flat to slightly negative comparable sales, with more opportunity for positive growth in the back half of the year. The Company expects to achieve merchandise margin expansion and slight SG&A leverage, both of which we expect to be offset by a return to targeted levels of incentive compensation, resulting in flat gross margin and SG&A leverage. We anticipate opening approximately 25 stores while closing an additional 50 stores in our efforts to continue our capital allocation and cost reduction initiatives. Total inventory, excluding the impact of in-transit inventory, is expected to remain consistent with 2015 levels.

2016 Annual Meeting

The Company's 2016 Annual Meeting is currently scheduled to be held on June 16, 2016.

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 January 30, 2016, the Company operated 1,518 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  Certain statements contained herein may contain certain "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 future success of our store concepts. These statements may address items such as future sales, gross margin expectations, SG&A expectations, operating margin expectations, planned store openings, closings and expansions, future comparable sales, and inventory levels. These 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. Such forward-looking statements involve known or unknown risks, including, but not limited to, general economic and business conditions, conditions in the specialty retail industry, the availability of quality store sites, the ability to successfully execute our business strategies, the ability to achieve the results of our restructuring program, and the integration of our new management team. 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. 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)



Fifty-Two Weeks Ended


Thirteen Weeks Ended


January 30, 2016


January 31, 2015


January 30, 2016


January 31, 2015


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales

Net sales:
















Chico's

$

1,358,168



51.4

%


$

1,379,863



51.6

%


$

303,801



48.4

%


$

310,030



47.2

%

White House Black Market

871,437



33.0

%


888,371



33.2

%


214,355



34.2

%


232,732



35.4

%

Soma

331,732



12.5

%


311,174



11.6

%


93,573



14.9

%


90,768



13.8

%

Boston Proper

80,972



3.1

%


95,803



3.6

%


15,671



2.5

%


23,377



3.6

%

Total net sales

2,642,309



100.0

%


2,675,211



100.0

%


627,400



100.0

%


656,907



100.0

%

Cost of goods sold

1,211,552



45.9

%


1,248,889



46.7

%


308,863



49.2

%


328,741



50.0

%

Gross margin

1,430,757



54.1

%


1,426,322



53.3

%


318,537



50.8

%


328,166



50.0

%

Selling, general and administrative expenses

1,282,585



48.5

%


1,263,134



47.2

%


318,356



50.8

%


317,774



48.4

%

Goodwill and trade name impairment charges

112,455



4.3

%


30,100



1.2

%




0.0

%


30,100



4.6

%

Restructuring and strategic charges

48,801



1.8

%


16,745



0.6

%


14,623



2.3

%


16,745



2.5

%

Income (loss) from operations

(13,084)



(0.5)

%


116,343



4.3

%


(14,442)



(2.3)

%


(36,453)



(5.5)

%

Interest (expense) income, net

(1,870)



0.0

%


98



0.0

%


(449)



(0.1)

%


23



0.0

%

Income (loss) before income taxes

(14,954)



(0.5)

%


116,441



4.3

%


(14,891)



(2.4)

%


(36,430)



(5.5)

%

Income tax (benefit) provision

(16,900)



(0.6)

%


51,800



1.9

%


6,200



1.0

%


(4,600)



(0.7)

%

Net income (loss)

$

1,946



0.1

%


$

64,641



2.4

%


$

(21,091)



(3.4)

%


$

(31,830)



(4.8)

%

Per share data:
















Net income (loss) per common share-basic

$

0.01





$

0.42





$

(0.16)





$

(0.21)




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

$

0.01





$

0.42





$

(0.16)





$

(0.21)




Weighted average common shares outstanding–basic

138,366





148,622





135,275





148,754




Weighted average common and common equivalent shares outstanding–diluted

138,741





149,126





135,275





148,754




Dividends declared per share

$

0.31





$

0.30





$

0.0775





$

0.0750




 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)



January 30, 2016


January 31, 2015





ASSETS

Current Assets:




Cash and cash equivalents

$

89,951



$

133,351


Marketable securities, at fair value

50,194



126,561


Inventories

233,834



235,159


Prepaid expenses and accounts receivable

45,660



45,870


Income tax receivable

29,157



596


Assets held for sale

16,525



16,800


Total Current Assets

465,321



558,337


Property and Equipment, net

550,953



606,147


Other Assets:




Goodwill

96,774



145,627


Other intangible assets, net

38,930



109,538


Other assets, net

14,074



18,932


Total Other Assets

149,778



274,097



$

1,166,052



$

1,438,581



LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:




Accounts payable

$

129,343



$

144,534


Current debt

10,000




Other current and deferred liabilities

158,788



158,396


Total Current Liabilities

298,131



302,930


Noncurrent Liabilities:




Long-term debt

82,219




Deferred liabilities

130,743



142,371


Deferred taxes

15,171



49,659


Total Noncurrent Liabilities

228,133



192,030


Stockholders' Equity:




Preferred stock




Common stock

1,355



1,529


Additional paid-in capital

435,881



407,275


Treasury stock

(289,813)




Retained earnings

492,325



534,255


Accumulated other comprehensive income

40



562


Total Stockholders' Equity

639,788



943,621



$

1,166,052



$

1,438,581


 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Cash Flow Statements

(Unaudited)

(in thousands)



Fifty-Two Weeks Ended


January 30, 2016


January 31, 2015

Cash Flows From Operating Activities:




Net income

$

1,946



$

64,641


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




Goodwill and intangible impairment charges, pre-tax

112,455



30,100


Depreciation and amortization

118,800



122,269


Deferred tax (benefit) expense

(34,415)



(9,598)


Stock-based compensation expense

30,062



26,487


Excess tax benefit from stock-based compensation

(3,084)



(1,981)


Deferred rent and lease credits

(21,741)



(20,017)


Loss on disposal and impairment of property and equipment

23,744



10,085


Changes in assets and liabilities:




Inventories

(6,719)



2,986


Prepaid expenses and other assets

358



(3,341)


Income tax receivable

(28,562)



3,394


Accounts payable

(12,101)



13,280


Accrued and other liabilities

16,248



44,178


Net cash provided by operating activities

196,991



282,483


Cash Flows From Investing Activities:




Purchases of marketable securities

(52,668)



(128,696)


Proceeds from sale of marketable securities

129,000



118,062


Proceeds from sale of Boston Proper net assets

9,000




Purchases of property and equipment, net

(84,841)



(119,817)


Net cash provided by (used in) investing activities

491



(130,451)


Cash Flows From Financing Activities:




Proceeds from borrowings

124,000




Payments on borrowings

(31,500)




Proceeds from issuance of common stock

10,613



6,268


Excess tax benefit from stock-based compensation

3,084



1,981


Dividends paid

(43,729)



(45,773)


Repurchase of common stock

(302,849)



(18,124)


Net cash used in financing activities

(240,381)



(55,648)


Effects of exchange rate changes on cash and cash equivalents

(501)



523


Net (decrease) increase in cash and cash equivalents

(43,400)



96,907


Cash and Cash Equivalents, Beginning of period

133,351



36,444


Cash and Cash Equivalents, End of period

$

89,951



$

133,351


 

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


Fifty-Two Weeks Ended


Thirteen Weeks Ended


January 30, 2016


January 31, 2015


January 30, 2016


January 31, 2015









Numerator








Net income (loss)

$

1,946



$

64,641



$

(21,091)



$

(31,830)


Net income and dividends declared allocated to participating
securities



(1,697)






Net income (loss) available to common shareholders

$

1,946



$

62,944



$

(21,091)



$

(31,830)


Denominator








Weighted average common shares outstanding – basic

138,366



148,622



135,275



148,754


Dilutive effect of non-participating securities

375



504






Weighted average common and common equivalent
shares outstanding – diluted

138,741



149,126



135,275



148,754


Net income (loss) per common share*:








Basic

$

0.01



$

0.42



$

(0.16)



$

(0.21)


Diluted

$

0.01



$

0.42



$

(0.16)



$

(0.21)


*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, which exclude results from non-continuing operations, may provide a more meaningful and comparable measure on which to compare the Company's results of operations between periods.

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 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)












Fifty-Two Weeks Ended


Thirteen Weeks Ended



January 30,

 2016


January 31,

 2015


January 30,

 2016


January 31,

 2015

Net income (loss):









GAAP basis


$

1,946



$

64,641



$

(21,091)



$

(31,830)


Goodwill and intangible impairment charges, net of tax


88,350



28,474



17,365



28,474


Restructuring and strategic charges, net of tax


30,305



10,137



9,081



10,137


Boston Proper operating loss, net of tax


12,904



7,956



4,666



3,409


Tax benefit related to the disposition of Boston Proper


(27,609)





(3,830)




Impact of inventory impairment, net of tax




717





717


Non-GAAP adjusted basis


$

105,896



$

111,925



$

6,191



$

10,907











Net income (loss) per diluted share:









GAAP basis


$

0.01



$

0.42



$

(0.16)



$

(0.21)


Goodwill and intangible impairment charges, net of tax


0.63



0.19



0.13



0.19


Restructuring and strategic charges, net of tax


0.21



0.07



0.07



0.07


Boston Proper operating loss, net of tax


0.09



0.05



0.03



0.02


Tax benefit related to the disposition of Boston Proper


(0.19)



0.00



(0.02)



0.00


Impact of inventory impairment, net of tax


0.00



0.00



0.00



0.00


Non-GAAP adjusted basis


$

0.75



$

0.73



$

0.05



$

0.07


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, which exclude results from non-continuing operations, may provide a more meaningful and comparable 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.

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, when excluding Boston Proper:

Chico's FAS, Inc. and Subsidiaries

Reconciliation of Reported to Consolidated Financial Data,
Excluding Boston Proper

(Unaudited)

(in thousands)



Selected Consolidated Financial Data,
As Reported


Fifty-Two Weeks Ended


Thirteen Weeks Ended


January 30, 2016


January 31, 2015


January 30, 2016


January 31, 2015


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales

Net sales

$  2,642,309



100.0

%


$    2,675,211



100.0

%


$     627,400



100.0

%


$    656,907



100.0

%

Gross margin

1,430,757



54.1

%


1,426,322



53.3

%


318,537



50.8

%


328,166



50.0

%

Selling, general and
administrative expenses

1,282,585



48.5

%


1,263,134



47.2

%


318,356



50.8

%


317,774



48.4

%

Subtotal

$    148,172



5.6

%


$       163,188



6.1

%


$           181



%


$      10,392



1.6

%

















Boston Proper


Fifty-Two Weeks Ended


Thirteen Weeks Ended


January 30, 2016


January 31, 2015


January 30, 2016


January 31, 2015


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales

Net sales

$       80,972



100.0

%


$        95,803



100.0

%


$      15,669



100.0

%


$      23,377



100.0

%

Gross margin

31,109



38.4

%


40,348



42.1

%


3,881



24.8

%


7,399



31.6

%

Selling, general and
administrative expenses

51,889



64.1

%


53,491



55.8

%


11,394



72.7

%


12,882



55.1

%

Subtotal

$     (20,780)



(25.7)

%


$      (13,143)



(13.7)

%


$      (7,513)



(47.9)

%


$      (5,483)



(23.5)

%

































Selected Consolidated Financial Data,
Excluding Boston Proper


Fifty-Two Weeks Ended


Thirteen Weeks Ended


January 30, 2016


January 31, 2015


January 30, 2016


January 31, 2015


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales

Net sales

$    2,561,337



100.0

%


$     2,579,408



100.0

%


$      611,731



100.0

%


$     633,530



100.0

%

Gross margin

1,399,648



54.6

%


1,385,974



53.7

%


314,656



51.4

%


320,767



50.6

%

Selling, general and
administrative expenses

1,230,696



48.0

%


1,209,643



46.9

%


306,962



50.1

%


304,892



48.1

%

Subtotal

$      168,952



6.6

%


$        176,331



6.8

%


$          7,694



1.3

%


$       15,875



2.5

%

 

Chico's FAS, Inc. and Subsidiaries

Store Count and Square Footage

Thirteen Weeks Ended January 30, 2016

(Unaudited)












October 31, 2015


New Stores


Closures


January 30,

 2016



Store count:










Chico's frontline boutiques

607



1



(4)



604




Chico's outlets

119



2



(4)



117




Chico's Canada

4







4




WHBM frontline boutiques

433



1



(5)



429




WHBM outlets

69



2





71




WHBM Canada

6







6




Soma frontline boutiques

271





(2)



269




Soma outlets

17



1





18




Boston Proper frontline boutiques

20





(20)






Total Chico's FAS, Inc.

1,546



7



(35)



1,518















October 31, 2015


New Stores


Closures


Other changes in SSF


January 30,

 2016

Net selling square footage (SSF):










Chico's frontline boutiques

1,657,035



3,168



(7,835)



623



1,652,991


Chico's outlets

297,903



4,788



(9,045)





293,646


Chico's Canada

9,695









9,695


WHBM frontline boutiques

997,283



2,416



(10,617)



2,082



991,164


WHBM outlets

143,978



4,479







148,457


WHBM Canada

14,891









14,891


Soma frontline boutiques

511,542





(4,747)



1,010



507,805


Soma outlets

31,672



2,120







33,792


Boston Proper frontline boutiques

34,465





(34,465)






Total Chico's FAS, Inc.

3,698,464



16,971



(66,709)



3,715



3,652,441


As of January 30, 2016 the Company also sold merchandise through 37 international franchise locations.

 

Chico's FAS, Inc. and Subsidiaries

Store Count and Square Footage

Fifty-Two Weeks Ended January 30, 2016

(Unaudited)












January 31, 2015


New Stores


Closures


January 30,

 2016



Store count:










Chico's frontline boutiques

613



8



(17)



604




Chico's outlets

118



6



(7)



117




Chico's Canada

3



1





4




WHBM frontline boutiques

441



5



(17)



429




WHBM outlets

68



5



(2)



71




WHBM Canada

5



1





6




Soma frontline boutiques

263



12



(6)



269




Soma outlets

17



1





18




Boston Proper frontline boutiques

19



1



(20)






Total Chico's FAS, Inc.

1,547



40



(69)



1,518















January 31, 2015


New Stores


Closures


Other changes in SSF


January 30,

2016

Net selling square footage (SSF):










Chico's frontline boutiques

1,674,640



21,334



(42,924)



(59)



1,652,991


Chico's outlets

295,600



13,740



(15,946)



252



293,646


Chico's Canada

7,313



2,382







9,695


WHBM frontline boutiques

1,010,242



12,331



(35,338)



3,929



991,164


WHBM outlets

141,900



11,281



(3,212)



(1,512)



148,457


WHBM Canada

12,460



2,431







14,891


Soma frontline boutiques

498,642



22,356



(13,137)



(56)



507,805


Soma outlets

31,672



2,120







33,792


Boston Proper frontline boutiques

33,035



1,430



(34,465)






Total Chico's FAS, Inc.

3,705,504



89,405



(145,022)



2,554



3,652,441


As of January 30, 2016 the Company also sold merchandise through 37 international franchise locations.

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-fourth-quarter-and-fiscal-year-2015-results-300225882.html

SOURCE Chico's FAS, Inc.

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Investor Contact

  • David M. Oliver

  • Senior Vice President, Finance - Controller
  • cfo@chicos.com