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Chico's FAS, Inc. Reports Second Quarter Results

08/30/2016

Executing on Initiatives to Reduce Costs and Enhance Operating Efficiency
- Announces organizational redesign expected to generate approximately $25 million in annualized savings and make the company more nimble and responsive to evolving customers' needs
- Organizational redesign combined with previously announced cost-reduction and operating efficiency initiatives increases expected annualized savings to $90 million to $110 million, or approximately 4% of 2015 net sales
- GAAP earnings per share of $0.17; Non-GAAP earnings per share of $0.25
- Updates fiscal 2016 outlook

FORT MYERS, Fla., Aug. 30, 2016 /PRNewswire/ -- Chico's FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2016 second quarter and twenty-six weeks ended July 30, 2016.

Chico's Logo

For the thirteen weeks ended July 30, 2016 ("the second quarter"), the Company reported net income of $23.0 million, or $0.17 per diluted share, compared to net income of $2.1 million, or $0.02 per diluted share, for the thirteen weeks ended August 1, 2015. The Company reported second quarter 2016 adjusted net income of $33.3 million, or $0.25 adjusted earnings per diluted share, compared to adjusted net income of $37.6 million, or $0.26 adjusted earnings per diluted share, in last year's second quarter. The adjusted results exclude EPS charges of $0.08 in 2016 related to restructuring and strategic charges, and $0.24 in 2015 related to Boston Proper non-cash goodwill and trade name impairment charges, restructuring and strategic charges and Boston Proper operating results, as presented in the accompanying GAAP to non-GAAP reconciliation.

For the twenty-six weeks ended July 30, 2016, the Company reported net income of $54.1 million, or $0.41 per diluted share, compared to net income of $34.6 million, or $0.24 per diluted share, for the twenty-six weeks ended August 1, 2015. The Company reported adjusted net income of $66.7 million, or $0.50 adjusted earnings per diluted share, compared to adjusted net income of $82.1 million, or $0.57 adjusted earnings per diluted share, in 2015. The adjusted results exclude EPS charges of $0.09 in 2016 related to restructuring and strategic charges and $0.33 in 2015 related to Boston Proper non-cash goodwill and trade name impairment charges, restructuring and strategic charges and Boston Proper operating results, as presented in the accompanying GAAP to non-GAAP reconciliation.

Shelley Broader, CEO and President, said, "We are pleased with our second quarter performance which reflected continued progress in our efforts to transform our company to win in the future. The initiatives we announced last quarter are already driving cost savings and improving our operating efficiency. In addition, we believe that the organizational redesign announced today will enable us to be more nimble and responsive to our customers' evolving needs. We expect that the more streamlined organizational structure combined with the other cost reduction and operating efficiency initiatives, will result in a strong, scalable foundation, that is well-positioned for long-term, profitable growth and value creation."

Cost Reduction and Operating Efficiency Initiatives

During the second quarter, the Company made progress on the cost reduction and operating efficiency initiatives announced in May 2016 to improve its supply chain, optimize marketing expenses and reduce non-merchandise procurement expenses.

The organizational redesign announced today clarified roles, responsibilities and processes across the Company's brands and shared service center. Though new positions were created in key areas such as digital and business analytics, the Company reduced total corporate and field leadership headcount by approximately 200, or 13%, in order to create a flatter organization that should be more nimble and responsive to customers' evolving needs. In addition, Cynthia S. Murray, Chico's Brand President, is leaving the Company. A search for her replacement is underway.

These organizational changes are expected to result in approximately $25 million pre-tax annualized savings. In combination with the previously announced initiatives, the Company is estimating a reduction in future annualized costs between $90 million and $110 million, totaling approximately 4% of 2015 net sales.

Net Sales

For the second quarter, net sales were $635.7 million compared to $685.8 million in last year's second quarter. This decrease of 7.3% included $26.3 million related to Boston Proper. When excluding Boston Proper from fiscal 2015, net sales decreased 3.6%, primarily reflecting a decline in comparable sales of 3.1% and closed stores. The 3.1% decrease in comparable sales for the second quarter followed a 0.5% increase in last year's second quarter, and reflected reduced transaction count and slightly lower average dollar sale.

 

Comparable Sales








Thirteen Weeks Ended


Twenty-six weeks ended



July 30, 2016


August 1, 2015


July 30, 2016


August 1, 2015

Chico's


(5.1)%


0.9%


(5.3)%


(0.8)%

White House Black Market


(1.3)%


(1.9)%


(2.7)%


0.0%

Soma


0.7%


5.1%


0.6%


5.7%

Total Company


(3.1)%


0.5%


(3.7)%


0.2%

 

Gross Margin

For the second quarter, gross margin was $240.8 million, or 37.9%, compared to $264.7 million, or 38.6%, in last year's second quarter. When excluding Boston Proper from fiscal 2015, gross margin decreased 80 basis points in fiscal 2016 compared to gross margin of $255.3 million, or 38.7% last year. This decrease in gross margin rate primarily reflects sales deleverage of occupancy costs partially offset by a slight increase in merchandise margin rate.

Selling, General and Administrative Expenses

For the second quarter, selling, general and administrative expenses ("SG&A") were $186.6 million, or 29.4%, compared to $207.2 million, or 30.2%, in last year's second quarter. When excluding Boston Proper from fiscal 2015, SG&A decreased $7.9 million in the second quarter of fiscal 2016 compared to $194.5 million, or 29.5% last year. The $7.9 million decrease is primarily due to savings in store labor, stock-based compensation and marketing expenses, and reflects a slight decline in SG&A rate.

Restructuring and Strategic Charges

For the second quarter, the Company recorded pre-tax restructuring and strategic charges of $16.6 million, primarily consisting of severance, proxy solicitation costs, and consulting fees. On an after-tax basis, the second quarter impact of these charges was $10.3 million, or $0.08 per diluted share.

Income Tax Expense

For the second quarter, the effective tax rate was 38.0% compared to the 2015 second quarter effective tax rate of (108.1)%. The 2015 second quarter effective tax rate reflected tax benefits related to the disposition of Boston Proper. Excluding the 2015 tax benefits related to the disposition of Boston Proper, the 2015 second quarter effective tax rate was 37.7%.

Inventories

At the end of the second quarter of 2016, inventories totaled $235.6 million compared to $239.0 million last year. When excluding Boston Proper from fiscal 2015, inventories decreased $1.2 million in the second quarter of fiscal 2016 compared to $236.8 million last year.

Share Repurchase Program

During the second quarter of fiscal 2016, the Company repurchased 1.7 million shares for $19.7 million, at an average of $11.59 per share, under its $300.0 million share repurchase program announced in November 2015, with $203.7 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 the 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 Second Half Outlook Update

The fiscal 2016 second half outlook excludes Boston Proper for comparability purposes. The Company is anticipating a low single-digit comparable sales decline for the second half. The Company expects lower sales to result in a decrease in gross margin rate due to deleverage of store occupancy costs, partially offset by an increase in merchandise margin rate. This decrease is expected to be offset by a decline in SG&A as a percent of sales, resulting from the previously announced cost reduction and operating efficiency initiatives. Total inventory is expected to be in line with 2015 levels.

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 July 30, 2016, the Company operated 1,517 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, the implementation of our previously announced restructuring program and the organizational redesign, and implementation of our program to increase the sales volume and profitability of our existing brands through four previously announced focus areas. These statements may address items such as future sales, gross margin expectations, SG&A expectations (particularly estimated expected savings), operating margin expectations, planned store openings, closings and expansions, future comparable sales, inventory levels, and future 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, they are not guarantees of 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 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, 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 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

(Unaudited)

 (in thousands, except per share amounts)






Thirteen Weeks Ended


Twenty-Six Weeks Ended


July 30, 2016


August 1, 2015


July 30, 2016


August 1, 2015


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales


Amount


% of
Sales

Net sales:
















Chico's

$

334,160



52.6



$

355,417



51.8



$

682,864



53.4



$

725,276



52.4


White House Black Market

208,038



32.7



213,275



31.1



423,031



33.1



438,717



31.7


Soma

93,534



14.7



90,831



13.2



172,814



13.5



167,998



12.1


Boston Proper



0.0



26,303



3.9





0.0



51,601



3.8


Total net sales

635,732



100.0



685,826



100.0



1,278,709



100.0



1,383,592



100.0


Cost of goods sold

394,922



62.1



421,125



61.4



775,564



60.7



823,273



59.5


Gross margin

240,810



37.9



264,701



38.6



503,145



39.3



560,319



40.5


Selling, general and administrative
expenses

186,626



29.4



207,170



30.2



394,767



30.9



435,235



31.5


Goodwill and intangible impairment
charges



0.0



66,941



9.8





0.0



66,941



4.8


Restructuring and strategic charges

16,556



2.6



16,166



2.3



20,207



1.5



31,041



2.2


Income (loss) from operations

37,628



5.9



(25,576)



(3.7)



88,171



6.9



27,102



2.0


Interest expense, net

(489)



(0.1)



(502)



(0.1)



(948)



(0.1)



(955)



(0.1)


Income (loss) before income taxes

37,139



5.8



(26,078)



(3.8)



87,223



6.8



26,147



1.9


Income tax provision (benefit)

14,100



2.2



(28,200)



(4.1)



33,100



2.6



(8,500)



(0.6)


Net income

$

23,039



3.6



$

2,122



0.3



$

54,123



4.2



$

34,647



2.5


Per share data:
















Net income per common share-basic

$

0.17





$

0.02





$

0.41





$

0.24




Net income per common and common
equivalent share–diluted

$

0.17





$

0.02





$

0.41





$

0.24




Weighted average common shares
outstanding–basic

129,215





138,606





130,406





140,992




Weighted average common and common
equivalent shares outstanding–diluted

129,362





138,961





130,516





141,339




Dividends declared per share

$

0.0800





$

0.0775





$

0.2400





$

0.2325




 

 

 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)








July 30, 2016


January 30, 2016


August 1, 2015







ASSETS






Current Assets:






Cash and cash equivalents

$

100,532



$

89,951



$

109,015


Marketable securities, at fair value

50,612



50,194



47,999


Inventories

235,636



233,834



239,043


Prepaid expenses and other current assets

43,135



45,660



50,190


Income taxes receivable

3,070



29,157



11,482


Assets held for sale

18,667



16,525



85,941


Total Current Assets

451,652



465,321



543,670


Property and Equipment, net

515,088



550,953



563,583


Other Assets:






Goodwill

96,774



96,774



96,774


Other intangible assets, net

38,930



38,930



38,930


Other assets, net

18,989



14,074



22,829


Total Other Assets

154,693



149,778



158,533



$

1,121,433



$

1,166,052



$

1,265,786








LIABILITIES AND STOCKHOLDERS' EQUITY






Current Liabilities:






Accounts payable

$

136,761



$

129,343



$

148,288


Current debt

10,000



10,000



10,000


Other current and deferred liabilities

151,823



158,788



150,433


Liabilities held for sale





7,297


Total Current Liabilities

298,584



298,131



316,018


Noncurrent Liabilities:






Long-term debt

77,252



82,219



87,186


Deferred liabilities

126,377



130,743



138,815


Deferred taxes

9,377



15,171



13,562


Total Noncurrent Liabilities

213,006



228,133



239,563


Stockholders' Equity:






Preferred stock






Common stock

1,320



1,355



1,394


Additional paid-in capital

440,038



435,881



422,387


Treasury stock, at cost

(346,062)



(289,813)



(249,854)


Retained earnings

514,495



492,325



535,613


Accumulated other comprehensive income

52



40



665


Total Stockholders' Equity

609,843



639,788



710,205



$

1,121,433



$

1,166,052



$

1,265,786


 

 

 

Chico's FAS, Inc. and Subsidiaries

Condensed Consolidated Cash Flow Statements

(Unaudited)

 (in thousands)




Twenty-Six Weeks Ended


July 30, 2016


August 1, 2015

Cash Flows From Operating Activities:




Net income

$

54,123



$

34,647


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




Goodwill and intangible impairment charges, pre-tax



66,941


Depreciation and amortization

55,445



61,672


Loss on disposal and impairment of property and equipment

3,542



21,603


Deferred tax benefit

(7,492)



(39,881)


Stock-based compensation expense

9,623



13,657


Excess tax benefit from stock-based compensation

(220)



(2,170)


Deferred rent and lease credits

(9,523)



(9,219)


Changes in assets and liabilities:




Inventories

(1,802)



(15,165)


Prepaid expenses and accounts receivable

(3,379)



(8,325)


Income tax receivable

26,087



(10,887)


Accounts payable

(3,130)



(3,045)


Accrued and other liabilities

(1,588)



2,254


Net cash provided by operating activities

121,686



112,082


Cash Flows From Investing Activities:




Purchases of marketable securities

(28,708)



(29,460)


Proceeds from sale of marketable securities

28,334



107,994


Purchases of property and equipment, net

(25,231)



(42,836)


Net cash (used in) provided by investing activities

(25,605)



35,698


Cash Flows From Financing Activities:




Proceeds from borrowings



124,000


Payments on borrowings

(5,000)



(26,500)


Proceeds from issuance of common stock

1,272



9,087


Excess tax benefit from stock-based compensation

220



2,170


Dividends paid

(21,405)



(22,160)


Repurchase of common stock

(60,560)



(258,834)


Net cash used in financing activities

(85,473)



(172,237)


Effects of exchange rate changes on cash and cash equivalents

(27)



121


Net increase (decrease) in cash and cash equivalents

10,581



(24,336)


Cash and Cash Equivalents, Beginning of period

89,951



133,351


Cash and Cash Equivalents, End of period

$

100,532



$

109,015


 

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 twenty-six weeks ended July 30, 2016 and August 1, 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


Twenty-Six Weeks Ended



July 30, 2016


August 1, 2015


July 30, 2016


August 1, 2015










Numerator









Net income


$

23,039



$

2,122



$

54,123



$

34,647


Net income and dividends declared allocated to participating
securities


(506)



(28)



(1,155)



(804)


Net income available to common shareholders


$

22,533



$

2,094



$

52,968



$

33,843











Denominator









Weighted average common shares outstanding – basic


129,215



138,606



130,406



140,992


Dilutive effect of non-participating securities


147



355



110



347


Weighted average common and common equivalent shares
outstanding – diluted


129,362



138,961



130,516



141,339











Net income per common share(1)









Basic


$

0.17



$

0.02



$

0.41



$

0.24


Diluted


$

0.17



$

0.02



$

0.41



$

0.24


 

(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 certain charges and results from non-continuing operations, 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 and Diluted EPS

(Unaudited)

(in thousands, except per share amounts)












Thirteen Weeks Ended


Twenty-Six Weeks Ended



July 30, 2016


August 1, 2015


July 30, 2016


August 1, 2015

Net income: (1)









GAAP basis


$

23,039



$

2,122



$

54,123



$

34,647


Goodwill and other intangible impairment charges




47,127





47,127


Restructuring and strategic charges


10,270



10,070



12,538



19,334


Boston Proper operating loss




2,013





4,737


Tax benefit related to the disposition of Boston Proper




(23,779)





(23,779)


Non-GAAP adjusted basis


$

33,309



$

37,553



$

66,661



$

82,066











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









GAAP basis


$

0.17



$

0.02



$

0.41



$

0.24


Goodwill and other intangible impairment charges


0.00



0.33



0.00



0.33


Restructuring and strategic charges


0.08



0.07



0.09



0.13


Boston Proper operating loss


0.00



0.01



0.00



0.04


Tax benefit related to the disposition of Boston Proper


0.00



(0.17)



0.00



(0.17)


Non-GAAP adjusted basis


$

0.25



$

0.26



$

0.50



$

0.57


 

(1) All adjustments to net income 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 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


Twenty-Six Weeks Ended


August 1, 2015


August 1, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales

$

680,351



100.0



$

1,373,690



100.0


Cost of goods sold

314,383



46.2



611,952



44.5


Gross margin

365,968



53.8



761,738



55.5


Selling, general and administrative expenses

308,437



45.3



636,654



46.3


Subtotal

57,531



8.5



125,084



9.2



Boston Proper










Thirteen Weeks Ended


Twenty-Six Weeks Ended


August 1, 2015


August 1, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales

$

24,209



100.0



$

47,989



100.0


Cost of goods sold

13,286



54.9



26,587



55.4


Gross margin

10,923



45.1



21,402



44.6


Selling, general and administrative expenses

14,163



58.5



29,029



60.5


Subtotal

(3,240)



(13.4)



(7,627)



(15.9)



Adjustments, excluding Boston Proper










Thirteen Weeks Ended


Twenty-Six Weeks Ended


August 1, 2015


August 1, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales(1)

$

3,381



0.5



$

6,290



0.5


Store occupancy expense(2)

95,272



13.9



188,558



13.8


Shipping expense(3)

7,875



1.2



15,794



1.1


Cost of goods sold

103,147



15.1



204,352



14.9


Gross margin

(99,766)



(14.6)



(198,062)



(14.4)


Selling, general and administrative expenses

(99,766)



(14.6)



(198,062)



(14.4)


Subtotal









As Adjusted, Non-GAAP










Thirteen Weeks Ended


Twenty-Six Weeks Ended


August 1, 2015


August 1, 2015


Amount


% of Sales


Amount


% of Sales

Net Sales

$

659,523



100.0



$

1,331,991



100.0


Cost of goods sold

404,244



61.3



789,717



59.3


Gross margin

255,279



38.7



542,274



40.7


Selling, general and administrative expenses

194,508



29.5



409,563



30.7


Subtotal

60,771



9.2



132,711



10.0










(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 July 30, 2016

(Unaudited)












April 30, 2016


New Stores


Closures


July 30,

2016



Store count:










Chico's frontline boutiques

600



1



(2)



599




Chico's outlets

117







117




Chico's Canada

4







4




WHBM frontline boutiques

428



1



(2)



427




WHBM outlets

71







71




WHBM Canada

6







6




Soma frontline boutiques

272



3



(1)



274




Soma outlets

19







19




Total Chico's FAS, Inc.

1,517



5



(5)



1,517

























April 30, 2016


New Stores


Closures


Other

changes in

SSF


July 30,

2016

Net selling square footage (SSF):










Chico's frontline boutiques

1,639,696



2,339



(3,488)



(476)



1,638,071


Chico's outlets

293,646









293,646


Chico's Canada

9,695









9,695


WHBM frontline boutiques

990,054



2,230



(3,688)



4,724



993,320


WHBM outlets

148,457









148,457


WHBM Canada

14,891









14,891


Soma frontline boutiques

514,518



5,450



(1,562)



(412)



517,994


Soma outlets

35,637









35,637


Total Chico's FAS, Inc.

3,646,594



10,019



(8,738)



3,836



3,651,711


 

As of July 30, 2016 the Company also sold merchandise through 78 international franchise locations, comprised of 7 Chico's stand-alone boutiques, 40 Chico's shop-in-shops, and 31 Soma shop-in-shops.

 

Chico's FAS, Inc. and Subsidiaries

Store Count and Square Footage

Twenty-Six Weeks Ended July 30, 2016

(Unaudited)












January 30, 2016


New Stores


Closures


July 30,

2016



Store count:










Chico's frontline boutiques

604



2



(7)



599




Chico's outlets

117







117




Chico's Canada

4







4




WHBM frontline boutiques

429



3



(5)



427




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



12



(13)



1,517

























January 30, 2016


New Stores


Closures


Other

changes in

SSF


July 30,

2016

Net selling square footage (SSF):










Chico's frontline boutiques

1,652,991



5,112



(19,398)



(634)



1,638,071


Chico's outlets

293,646









293,646


Chico's Canada

9,695









9,695


WHBM frontline boutiques

991,164



6,921



(10,300)



5,535



993,320


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



24,886



(31,260)



5,644



3,651,711


 

As of July 30, 2016 the Company also sold merchandise through 78 international franchise locations, comprised of 7 Chico's stand-alone boutiques, 40 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-second-quarter-results-300320407.html

SOURCE Chico's FAS, Inc.

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  • David M. Oliver

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