FORT MYERS, Fla., May 16 /PRNewswire-FirstCall/ -- Chico's FAS, Inc.
(NYSE: CHS) announced today the completion of its $100 million stock
repurchase program that was previously announced. The Company repurchased
approximately 3.1 million shares under the $100 million program at an average
cost of $32.46 per share. Chico's also announced today that its Board of
Directors has authorized the repurchase of up to an additional $100 million of
its outstanding common stock over the next twelve months. Consistent with the
recently completed repurchase program, the Board authorization allows shares
to be acquired from time to time on the open market and in private
transactions at prevailing market prices, depending on prevailing market
conditions. The company may terminate or limit the new stock repurchase
program at any time.
(Logo: http://www.newscom.com/cgi-bin/prnh/20030428/CHICOLOGO )
Scott A. Edmonds, President and CEO, commented, "We are pleased to have
been able to complete the $100 million repurchase program. Our Board's
decision to expand our stock repurchase program and repurchase another $100
million in shares underscores our continued confidence in our brands and the
strength of our balance sheet. This decision takes into account our view that
our shares are currently undervalued by the market, and expanding this program
represents an appropriate and best use of the shareholders' money. We believe
that the current stock price does not reflect the strength of several of our
key performance measures and our prospects for future growth. In particular,
the Company continues to generate considerable free cash flow, and is among
the leaders in our industry with sales per square foot in excess of $1,000 in
both our Chico's and WH|BM brands. We continue to post positive same store
sales growth in all brands."
The Company plans to fund the continuation of its 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 Form
10-Q filing.
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 797 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 508 Chico's
front-line stores, 31 Chico's outlet stores, 206 White House | Black Market
front-line stores, 9 White House | Black Market outlet stores, 19 Soma by
Chico's stores, 10 Fitigues front-line stores and 1 Fitigues outlet store;
franchisees own and operate 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 F. Michael Smith
Executive Vice President Vice President
Chief Financial Officer Investor and Community Relations
Chico's FAS, Inc. Chico's FAS, Inc.
(239) 274-4105 (239) 274-4797
SOURCE Chico's FAS, Inc.
-0- 05/16/2006
/CONTACT: Charles J. Kleman, Executive Vice President, 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: http://www.newscom.com/cgi-bin/prnh/20030428/CHICOLOGO /
/Web site: http://www.chicos.com /
(CHS)
CO: Chico's FAS, Inc.
ST: Florida
IN: TEX REA
SU:
AA
-- NYTU072 --
9328 05/16/2006 08:30 EDT http://www.prnewswire.com