-- WITH LOGO -- TO BUSINESS AND RETAILING EDITORS:
FORT MYERS, Fla., Nov 17, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Chico's FAS, Inc.
(NYSE: CHS) announced today it has completed the purchase of 105 acres of
property in Fort Myers, Florida, that it plans to use for a new corporate
headquarters site. The total acquisition cost of $37.8 million, which includes
all transaction costs and $5.4 million in road impact fees, was funded from
the Company's existing cash and marketable securities balances.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/CHICOLOGO )
Planning and design of the new headquarters site is already underway and
construction of infrastructure improvements is expected to begin in 2006. The
Company is still evaluating its projected needs for the planned new corporate
headquarters, and as a result, believes it is premature to quantify the
anticipated overall total cost for this project. Nevertheless, the Company
currently intends to use its cash and marketable securities to fund most, if
not all, of the construction and build-out of the project. The Company
believes such available resources will be sufficient to fund the entire
project, and is targeting early 2008 for initial occupancy. The Company is
continuing to evaluate options for its existing headquarters facilities once
the new facilities are built and operational, although a sale or lease of the
facilities will probably prove to be the most viable options.
In addition, the Company announced today it has purchased 19 acres of
improved property adjacent to its distribution center in Winder, Georgia. The
Company believes this property, which includes a 50,000 square foot building,
will allow it to defer for several years any need to build on its current main
distribution facilities. The Company expects to begin using the facility in
the first quarter of fiscal 2006 to accommodate the expansion of the direct to
consumer business for the White House | Black Market and Soma by Chico's
brands. The aggregate cost of this acquisition was $3.1 million, which was
also funded from the Company's existing cash and marketable securities
balances.
Scott A. Edmonds, President and Chief Executive Officer, stated, "The
continued strong growth of our three retail concepts necessitates expansion of
our corporate headquarters and distribution operations. These two property
acquisitions should provide us with the additional office space we will need
to support our growth plans through at least 2012 and should further extend
the time horizon over which the Winder property will be able to service our
distribution needs. We greatly appreciate the support we have received from
the local governments and our associates in making these property acquisitions
possible."
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 751 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 and Soma by Chico's names. The Company owns 495 Chico's front-line
stores, 29 Chico's outlet stores, 194 White House | Black Market front-line
stores, 6 White House | Black Market outlet stores and 14 Soma by Chico's
stores; franchisees own and operate an additional 13 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.
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.
http://www.prnewswire.com
-- WITH LOGO -- TO BUSINESS AND RETAILING EDITORS:
FORT MYERS, Fla., Nov 17, 2005 /PRNewswire-FirstCall via COMTEX News Network/ -- Chico's FAS, Inc.
(NYSE: CHS) announced today it has completed the purchase of 105 acres of
property in Fort Myers, Florida, that it plans to use for a new corporate
headquarters site. The total acquisition cost of $37.8 million, which includes
all transaction costs and $5.4 million in road impact fees, was funded from
the Company's existing cash and marketable securities balances.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/CHICOLOGO )
Planning and design of the new headquarters site is already underway and
construction of infrastructure improvements is expected to begin in 2006. The
Company is still evaluating its projected needs for the planned new corporate
headquarters, and as a result, believes it is premature to quantify the
anticipated overall total cost for this project. Nevertheless, the Company
currently intends to use its cash and marketable securities to fund most, if
not all, of the construction and build-out of the project. The Company
believes such available resources will be sufficient to fund the entire
project, and is targeting early 2008 for initial occupancy. The Company is
continuing to evaluate options for its existing headquarters facilities once
the new facilities are built and operational, although a sale or lease of the
facilities will probably prove to be the most viable options.
In addition, the Company announced today it has purchased 19 acres of
improved property adjacent to its distribution center in Winder, Georgia. The
Company believes this property, which includes a 50,000 square foot building,
will allow it to defer for several years any need to build on its current main
distribution facilities. The Company expects to begin using the facility in
the first quarter of fiscal 2006 to accommodate the expansion of the direct to
consumer business for the White House | Black Market and Soma by Chico's
brands. The aggregate cost of this acquisition was $3.1 million, which was
also funded from the Company's existing cash and marketable securities
balances.
Scott A. Edmonds, President and Chief Executive Officer, stated, "The
continued strong growth of our three retail concepts necessitates expansion of
our corporate headquarters and distribution operations. These two property
acquisitions should provide us with the additional office space we will need
to support our growth plans through at least 2012 and should further extend
the time horizon over which the Winder property will be able to service our
distribution needs. We greatly appreciate the support we have received from
the local governments and our associates in making these property acquisitions
possible."
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 751 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 and Soma by Chico's names. The Company owns 495 Chico's front-line
stores, 29 Chico's outlet stores, 194 White House | Black Market front-line
stores, 6 White House | Black Market outlet stores and 14 Soma by Chico's
stores; franchisees own and operate an additional 13 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.
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.
http://www.prnewswire.com