FORT MYERS, Fla., Aug. 29,
2018 /PRNewswire/ --
- Reported second quarter EPS of $0.13 per diluted share
- Maintained strong cash flow
- Reaffirms full-year fiscal 2018 outlook
Chico's FAS, Inc. (NYSE: CHS) (the "Company") today announced
its financial results for the fiscal 2018 second quarter ended
August 4, 2018.
For the thirteen weeks ended August 4, 2018 (the "second
quarter"), the Company reported net income of $16.8 million, or $0.13 per diluted share, compared to net income
of $22.7 million, or $0.18 per diluted share, for the thirteen weeks
ended July 29, 2017 ("last year's second quarter").
For the twenty-six weeks ended August 4, 2018, the Company
reported net income of $45.8 million,
or $0.36 per diluted share, compared
to net income of $56.3 million, or
$0.44 per diluted share, for the
twenty-six weeks ended July 29, 2017.
"Second quarter results were in-line with our expectations,
reflecting momentum on our top-line initiatives," said Shelley Broader, CEO and President of the
Company. "New merchandise assortments are resonating with
customers, and innovative advancements to our robust omni-channel
platform are driving increased customer awareness and reactivation.
We remain confident in the opportunities across our brands for
profitable growth and value creation."
Second Quarter Business Highlights:
- The Company's growth initiatives drove improved comparable
sales trends across all brands and fueled a double-digit increase
in its digital sales in the second quarter.
- The Company made considerable progress toward becoming a fully
integrated omni-channel retailer. All front-line stores have been
converted to the new "Locate" tool, enhancing the ability to ship
an in-store order directly to the customer. In addition, the
Company made substantial progress in its roll out of the "Endless
Aisle" tool, which leverages shared inventory for purchase on-line
and ship from store.
- Soma, the Company's intimate apparel brand, successfully
launched Enbliss™, a new innovative bra that offers
superior soft comfort and support. The collection is the latest
addition to the Soma bra wardrobe and has exceeded expectations
with healthy sales, increased customer traffic and
reactivation.
Net Sales
For the second quarter, net sales were $544.7 million compared to $578.6 million in last year's second quarter.
This decrease of 5.9% primarily reflects a comparable sales decline
of 3.2%, the unfavorable impact of the calendar shift due to the
53rd week in fiscal 2017, as well as the impact of 42
net store closures since last year's second quarter. The comparable
sales decline was primarily driven by a decline in transaction
count partially offset by higher average dollar sales.
Comparable Sales
|
|
Thirteen Weeks
Ended
|
|
Twenty-Six Weeks
Ended
|
|
|
August 4, 2018
(1)
|
|
July 29,
2017
|
|
August 4, 2018
(1)
|
|
July 29,
2017
|
Chico's
|
|
(3.8)%
|
|
(9.0)%
|
|
(4.7)%
|
|
(9.4)%
|
White House Black
Market
|
|
(3.5)%
|
|
(10.6)%
|
|
(5.1)%
|
|
(10.1)%
|
Soma
|
|
(0.9)%
|
|
(1.8)%
|
|
(3.2)%
|
|
(0.8)%
|
Total
Company
|
|
(3.2)%
|
|
(8.4)%
|
|
(4.6)%
|
|
(8.4)%
|
|
(1)
Comparable sales for the thirteen and twenty-six weeks ended have
been adjusted to eliminate the impact of the calendar shift due to
the
53rd week in fiscal 2017. Fiscal 2018 comparable sales
represent sales for the thirteen and twenty-six weeks ended August
4, 2018 compared
to sales for the thirteen and twenty-six weeks ended August 5,
2017.
|
Gross Margin
For the second quarter, gross margin was $196.9 million, or 36.1% of net sales, compared
to $209.1 million, or 36.1% of net
sales, in last year's second quarter. Gross margin rate as a
percent of net sales was primarily driven by a 100 basis point
improvement in maintained margin, offset by costs related to
continued expansion of our omni-channel fulfillment programs and
deleverage of store occupancy costs.
Selling, General and Administrative Expenses
For the second quarter, selling, general and administrative
("SG&A") expenses were $174.1
million, or 31.9% of net sales, compared to $173.6 million, or 30.0% of net sales, for last
year's second quarter. This 190 basis point increase primarily
reflects investments in marketing and technology as well as
deleverage of store operating expenses.
Income Tax Expense
For the second quarter, the effective tax rate
was 25.4% compared to 35.1% for last year's second
quarter. The 9.7% reduction in the effective tax rate for
the second quarter was primarily the result of the Tax Cuts
and Jobs Act of 2017, which reduced the U.S. corporate income tax
rate from 35% to 21%. This reduction was partially offset by a 240
basis point increase related to prior year favorable income tax
settlements.
Cash and Marketable Securities
At the end of the second quarter, cash and marketable securities
totaled $239.4 million compared to
$186.2 million at the end of last
year's second quarter. This $53.2
million increase primarily reflects cash generated from
operating activities, partially offset by cash utilized for capital
expenditures, shareholder dividends and share repurchases.
Inventories
At the end of the second quarter, inventories totaled
$224.2 million compared to
$235.2 million at the end of last
year's second quarter. This $10.9
million decrease, or 4.6%, primarily reflects a continued
focus on inventory management and the Company's ability to align
inventory with sales.
Share Repurchase Program
During the second quarter, under its $300.0 million share repurchase program announced
in November 2015, the Company
repurchased 3.5 million shares for $30.8
million, at a weighted average of $8.70 per share. There is $105.4 million remaining for future share
repurchases under the program.
Fiscal 2018 Full-Year and Third Quarter Outlook
The Company is reaffirming its full-year fiscal 2018 outlook as
provided previously in the first quarter earnings press release on
May 30, 2018.
For full-year fiscal 2018, the Company continues to anticipate a
mid-single digit decline in net sales and a low-to-mid single digit
decline in consolidated comparable sales. The Company expects gross
margin rate expansion of approximately 50 basis points over fiscal
2017, which is within the Company's previously provided range of an
expansion of 50 to 70 basis points. The Company anticipates
SG&A expenses to be approximately flat compared to fiscal
2017.
The Company estimates a fiscal 2018 tax rate in the range of 26%
to 28%. In addition, the Company anticipates fiscal 2018 capital
expenditures to be $60 million to
$70 million, primarily driven by
store reinvestments and technology enhancements.
For the third quarter fiscal 2018, both net sales and comparable
sales are expected to decline low-single digits compared to third
quarter fiscal 2017.
The Company expects gross margin rate as a percent of net sales
to increase approximately 50 basis points compared to third quarter
fiscal 2017. The Company also anticipates SG&A expenses to
increase in the range of $8 million
to $10 million compared to third
quarter fiscal 2017 due to continued investment in technology and
marketing.
Fiscal 2017 Third Quarter Hurricane Impact
As a reminder, in the third quarter of fiscal 2017, the Company
was impacted by hurricanes Harvey, Irma and Maria (collectively,
the "Hurricanes"), resulting in reduced operating hours or the
temporary closure of more than 300 stores as well as a decline in
direct to consumer sales. The business interruption of the
Hurricanes had a significant impact on the Company's operations.
The impact to income from operations due to lower net sales,
impairment charges and other incremental Hurricane related expenses
was approximately $10 million. On an
after-tax basis, the Hurricane related impact to net income was
$5 million, or $0.04 per diluted share.
Conference Call Information
The Company is hosting a live conference call on Wednesday,
August 29, 2018 beginning at 8:30 a.m.
EDT to review the operating results for the second quarter.
The conference call is being webcast live over the Internet, which
you may access in the Investors section of the Chico's FAS,
Inc. corporate website, www.chicosfas.com. A replay of
the webcast will remain available online for one year
at http://chicosfas.com/investors/events-and-presentations.
The phone number for the call is
1-877-883-0383. International callers should use
1-412-902-6506. The Elite Entry number, 7706918, is required to
join the conference call. Interested participants should call 10-15
minutes prior to the 8:30 a.m. start
to be placed in queue.
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 and complementary accessories.
As of August 4, 2018, the Company operated 1,440 stores in
the US and Canada and sold
merchandise through 77 franchise locations in Mexico. The Company's merchandise is also
available at www.chicos.com, www.chicosofftherack.com, www.whbm.com
and www.soma.com as well as through third party channels. For more
detailed information on Chico's FAS, Inc., please go to our
corporate website at www.chicosfas.com. The information on our
corporate website is not, and shall not be deemed to be, a part of
this press release or incorporated into our federal securities law
filings.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995
This press release contains "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. These statements, including without limitation
statements made in Ms. Broader's quotes and in the section entitled
"Fiscal 2018 Full-Year and Third Quarter
Outlook," relate to expectations concerning matters that are
not historical fact and may include the words or phrases such as
"will," "should," "expects," "believes," "anticipates," "plans,"
"intends," "estimates," "approximately," "our planning
assumptions," "future outlook," and similar expressions. Except for
historical information, matters discussed in such 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, we cannot
guarantee their accuracy or our future 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,
changes in the general economic and business environment, including
the expected impact of U.S. tax reform; changes in the general or
specialty retail or apparel industries; the availability of quality
store sites; the ability to successfully execute and achieve the
expected results of our business strategies and particular
strategic initiatives, sales initiatives and multi-channel
strategies; customer traffic; our ability to leverage inventory
management and targeted promotions; the successful integration of
the new members of our senior management team; changes in the
political environment that create consumer uncertainty; significant
changes to product import and distribution costs (such as
unexpected consolidation in the freight carrier industry, and the
ability to remain competitive with customer shipping terms and
costs pertaining to product deliveries and returns); new or
increased taxes or tariffs (particularly with respect to
China) that could impact, among
other things, our sourcing from foreign suppliers; significant
shifts in consumer behavior; and those other factors 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 latest annual
report on Form 10-K and in Part II, Item 1A, "Risk Factors" and the
"Forward-Looking Statements" disclosure in Part I, Item 2.
"Management's Discussion and Analysis of Financial Condition and
Results of Operation" of our quarterly reports on Form 10-Q and in
other reports we file with or furnish to the Securities and
Exchange Commission. There can be no assurance that the actual
future results, performance, or achievements expressed or implied
by such forward-looking statements will occur. All 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:
Julie
Lorigan
Vice President – Investor Relations,
Public Relations and Corporate Communications
Chico's FAS, Inc.
(239) 346-4199
Chico's FAS, Inc. • 11215 Metro Parkway •
Fort Myers, Florida 33966 • (239)
277-6200
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
|
|
August 4,
2018
|
|
July 29,
2017
|
|
August 4,
2018
|
|
July 29,
2017
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net
Sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's
|
$
|
286,808
|
|
52.7
|
%
|
|
$
|
302,217
|
|
52.2
|
%
|
|
$
|
587,744
|
|
53.1
|
%
|
|
$
|
612,344
|
|
52.7
|
%
|
White House Black
Market
|
168,938
|
|
31.0
|
|
|
184,396
|
|
31.9
|
|
|
351,586
|
|
31.8
|
|
|
377,728
|
|
32.5
|
|
Soma
|
88,974
|
|
16.3
|
|
|
91,968
|
|
15.9
|
|
|
167,205
|
|
15.1
|
|
|
172,237
|
|
14.8
|
|
Total Net
Sales
|
544,720
|
|
100.0
|
|
|
578,581
|
|
100.0
|
|
|
1,106,535
|
|
100.0
|
|
|
1,162,309
|
|
100.0
|
|
Cost of goods
sold
|
347,853
|
|
63.9
|
|
|
369,480
|
|
63.9
|
|
|
682,800
|
|
61.7
|
|
|
715,795
|
|
61.6
|
|
Gross
Margin
|
196,867
|
|
36.1
|
|
|
209,101
|
|
36.1
|
|
|
423,735
|
|
38.3
|
|
|
446,514
|
|
38.4
|
|
Selling, general and
administrative
expenses
|
174,089
|
|
31.9
|
|
|
173,642
|
|
30.0
|
|
|
360,508
|
|
32.6
|
|
|
356,181
|
|
30.6
|
|
Income from
Operations
|
22,778
|
|
4.2
|
|
|
35,459
|
|
6.1
|
|
|
63,227
|
|
5.7
|
|
|
90,333
|
|
7.8
|
|
Interest expense,
net
|
(310)
|
|
(0.1)
|
|
|
(443)
|
|
0.0
|
|
|
(555)
|
|
0.0
|
|
|
(898)
|
|
(0.1)
|
|
Income before
Income Taxes
|
22,468
|
|
4.1
|
|
|
35,016
|
|
6.1
|
|
|
62,672
|
|
5.7
|
|
|
89,435
|
|
7.7
|
|
Income tax
provision
|
5,700
|
|
1.0
|
|
|
12,300
|
|
2.2
|
|
|
16,900
|
|
1.6
|
|
|
33,100
|
|
2.9
|
|
Net
Income
|
$
|
16,768
|
|
3.1
|
%
|
|
$
|
22,716
|
|
3.9
|
%
|
|
$
|
45,772
|
|
4.1
|
%
|
|
$
|
56,335
|
|
4.8
|
%
|
Per Share
Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share-basic
|
$
|
0.13
|
|
|
|
$
|
0.18
|
|
|
|
$
|
0.36
|
|
|
|
$
|
0.44
|
|
|
Net income per common
and common
equivalent share–diluted
|
$
|
0.13
|
|
|
|
$
|
0.18
|
|
|
|
$
|
0.36
|
|
|
|
$
|
0.44
|
|
|
Weighted average
common shares
outstanding–basic
|
124,730
|
|
|
|
125,643
|
|
|
|
125,003
|
|
|
|
125,847
|
|
|
Weighted average
common and common
equivalent shares outstanding–diluted
|
124,774
|
|
|
|
125,677
|
|
|
|
125,054
|
|
|
|
125,890
|
|
|
Dividends declared
per share
|
$
|
0.0850
|
|
|
|
$
|
0.0825
|
|
|
|
$
|
0.2550
|
|
|
|
$
|
0.2475
|
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(in
thousands)
|
|
|
August 4,
2018
|
|
February 3,
2018
|
|
July 29,
2017
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
177,641
|
|
$
|
160,071
|
|
$
|
135,324
|
Marketable
securities, at fair value
|
61,727
|
|
60,060
|
|
50,878
|
Inventories
|
224,233
|
|
233,726
|
|
235,167
|
Prepaid expenses and
other current assets
|
57,301
|
|
60,668
|
|
49,381
|
Total Current
Assets
|
520,902
|
|
514,525
|
|
470,750
|
Property and
Equipment, net
|
393,525
|
|
421,038
|
|
443,833
|
Other
Assets:
|
|
|
|
|
|
Goodwill
|
96,774
|
|
96,774
|
|
96,774
|
Other intangible
assets, net
|
38,930
|
|
38,930
|
|
38,930
|
Other assets,
net
|
13,327
|
|
16,338
|
|
16,745
|
Total Other
Assets
|
149,031
|
|
152,042
|
|
152,449
|
|
$
|
1,063,458
|
|
$
|
1,087,605
|
|
$
|
1,067,032
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
139,604
|
|
$
|
118,253
|
|
$
|
125,945
|
Current
debt
|
—
|
|
15,000
|
|
15,000
|
Other current and
deferred liabilities
|
119,497
|
|
133,715
|
|
123,137
|
Total Current
Liabilities
|
259,101
|
|
266,968
|
|
264,082
|
Noncurrent
Liabilities:
|
|
|
|
|
|
Long-term
debt
|
61,250
|
|
53,601
|
|
61,068
|
Other noncurrent and
deferred liabilities
|
97,454
|
|
103,282
|
|
112,218
|
Deferred
taxes
|
4,640
|
|
7,372
|
|
11,222
|
Total Noncurrent
Liabilities
|
163,344
|
|
164,255
|
|
184,508
|
Commitments and
Contingencies
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Preferred
stock
|
—
|
|
—
|
|
—
|
Common
stock
|
1,257
|
|
1,275
|
|
1,283
|
Additional paid-in
capital
|
476,480
|
|
468,806
|
|
458,172
|
Treasury stock, at
cost
|
(444,252)
|
|
(413,465)
|
|
(406,776)
|
Retained
earnings
|
607,643
|
|
599,810
|
|
565,650
|
Accumulated other
comprehensive (loss) income
|
(115)
|
|
(44)
|
|
113
|
Total
Shareholders' Equity
|
641,013
|
|
656,382
|
|
618,442
|
|
$
|
1,063,458
|
|
$
|
1,087,605
|
|
$
|
1,067,032
|
Chico's FAS, Inc.
and Subsidiaries
|
Condensed
Consolidated Cash Flow Statements
|
(Unaudited)
|
(in
thousands)
|
|
|
Twenty-Six Weeks
Ended
|
|
August 4,
2018
|
|
July 29,
2017
|
Cash Flows from
Operating Activities:
|
|
|
|
Net income
|
$
|
45,772
|
|
$
|
56,335
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
45,870
|
|
50,012
|
Loss on disposal and
impairment of property and equipment
|
1,778
|
|
1,183
|
Deferred income
taxes
|
(2,600)
|
|
1,653
|
Share-based
compensation expense
|
10,238
|
|
10,232
|
Deferred rent and
lease credits
|
(10,101)
|
|
(9,345)
|
Changes in assets and
liabilities:
|
|
|
|
Inventories
|
8,669
|
|
(2,804)
|
Prepaid expenses and
other current assets
|
5,864
|
|
5,022
|
Accounts
payable
|
10,440
|
|
(903)
|
Accrued and other
liabilities
|
(16,329)
|
|
(44,076)
|
Net cash provided by
operating activities
|
99,601
|
|
67,309
|
Cash Flows from
Investing Activities:
|
|
|
|
Purchases of
marketable securities
|
(17,315)
|
|
(14,264)
|
Proceeds from sale of
marketable securities
|
15,718
|
|
13,794
|
Purchases of property
and equipment
|
(19,844)
|
|
(18,040)
|
Net cash used in
investing activities
|
(21,441)
|
|
(18,510)
|
Cash Flows from
Financing Activities:
|
|
|
|
Proceeds from
borrowings
|
61,250
|
|
—
|
Payments on
borrowings
|
(68,750)
|
|
(8,750)
|
Proceeds from
issuance of common stock
|
679
|
|
1,095
|
Dividends
paid
|
(22,012)
|
|
(21,467)
|
Repurchase of common
stock
|
(28,443)
|
|
(20,700)
|
Payments of tax
withholdings related to share-based awards
|
(3,226)
|
|
(5,897)
|
Net cash used in
financing activities
|
(60,502)
|
|
(55,719)
|
|
|
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
(88)
|
|
109
|
Net increase
(decrease) in cash and cash equivalents
|
17,570
|
|
(6,811)
|
Cash and Cash
Equivalents, Beginning of period
|
160,071
|
|
142,135
|
Cash and Cash
Equivalents, End of period
|
$
|
177,641
|
|
$
|
135,324
|
Supplemental Detail on Net Income 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
comprised entirely of unvested restricted stock awards and
performance-based restricted stock units ("PSUs") that have met
their relevant performance criteria.
Net income per share is determined using the two-class method
when it is more dilutive than the treasury stock method. Basic net
income per share is computed by dividing net income available to
common shareholders by the weighted-average number of common shares
outstanding during the period, including participating securities.
Diluted net income per share reflects the dilutive effect of
potential common shares from non-participating securities such as
stock options, PSUs and restricted stock units. For the thirteen
and twenty-six weeks ended August 4, 2018 and July 29,
2017, 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 net income per share shown on the face of the
accompanying condensed consolidated statements of income (in
thousands, except per share amounts):
|
|
Thirteen Weeks
Ended
|
|
Twenty-Six Weeks
Ended
|
|
|
August 4,
2018
|
|
July 29,
2017
|
|
August 4,
2018
|
|
July 29,
2017
|
Numerator
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,768
|
|
$
|
22,716
|
|
$
|
45,772
|
|
$
|
56,335
|
Net income and
dividends declared allocated to
participating securities
|
|
(444)
|
|
(537)
|
|
(1,169)
|
|
(1,286)
|
Net income available
to common shareholders
|
|
$
|
16,324
|
|
$
|
22,179
|
|
$
|
44,603
|
|
$
|
55,049
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding –
basic
|
|
124,730
|
|
125,643
|
|
125,003
|
|
125,847
|
Dilutive effect of
non-participating securities
|
|
44
|
|
34
|
|
51
|
|
43
|
Weighted average
common and common equivalent
shares outstanding – diluted
|
|
124,774
|
|
125,677
|
|
125,054
|
|
125,890
|
|
|
|
|
|
|
|
|
|
Net Income per
Share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.13
|
|
$
|
0.18
|
|
$
|
0.36
|
|
$
|
0.44
|
Diluted
|
|
$
|
0.13
|
|
$
|
0.18
|
|
$
|
0.36
|
|
$
|
0.44
|
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Thirteen Weeks Ended
August 4, 2018
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
May 5,
2018
|
|
New
Stores
|
|
Closures
|
|
August 4,
2018
|
|
|
Store
Count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
564
|
|
—
|
|
(3)
|
|
561
|
|
|
Chico's
outlets
|
120
|
|
—
|
|
—
|
|
120
|
|
|
Chico's
Canada
|
4
|
|
—
|
|
—
|
|
4
|
|
|
WHBM frontline
boutiques
|
403
|
|
—
|
|
(5)
|
|
398
|
|
|
WHBM
outlets
|
69
|
|
—
|
|
(2)
|
|
67
|
|
|
WHBM
Canada
|
6
|
|
—
|
|
—
|
|
6
|
|
|
Soma frontline
boutiques
|
266
|
|
—
|
|
(1)
|
|
265
|
|
|
Soma
outlets
|
19
|
|
—
|
|
—
|
|
19
|
|
|
Total Chico's FAS,
Inc.
|
1,451
|
|
—
|
|
(11)
|
|
1,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 5,
2018
|
|
New
Stores
|
|
Closures
|
|
Other Changes in
SSF
|
|
August 4,
2018
|
Net Selling Square
Footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,542,609
|
|
—
|
|
(8,446)
|
|
(4,926)
|
|
1,529,237
|
Chico's
outlets
|
302,088
|
|
—
|
|
—
|
|
237
|
|
302,325
|
Chico's
Canada
|
9,695
|
|
—
|
|
—
|
|
—
|
|
9,695
|
WHBM frontline
boutiques
|
937,931
|
|
—
|
|
(10,604)
|
|
—
|
|
927,327
|
WHBM
outlets
|
143,963
|
|
—
|
|
(3,614)
|
|
—
|
|
140,349
|
WHBM
Canada
|
14,891
|
|
—
|
|
—
|
|
—
|
|
14,891
|
Soma frontline
boutiques
|
504,654
|
|
—
|
|
(2,174)
|
|
—
|
|
502,480
|
Soma
outlets
|
35,541
|
|
—
|
|
—
|
|
233
|
|
35,774
|
Total Chico's FAS,
Inc.
|
3,491,372
|
|
—
|
|
(24,838)
|
|
(4,456)
|
|
3,462,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of August 4,
2018, the Company also sold merchandise through 77 international
franchise locations.
|
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Twenty-Six Weeks
Ended August 4, 2018
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
February 3,
2018
|
|
New
Stores
|
|
Closures
|
|
August 4,
2018
|
|
|
Store
Count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
568
|
|
—
|
|
(7)
|
|
561
|
|
|
Chico's
outlets
|
120
|
|
—
|
|
—
|
|
120
|
|
|
Chico's
Canada
|
4
|
|
—
|
|
—
|
|
4
|
|
|
WHBM frontline
boutiques
|
404
|
|
—
|
|
(6)
|
|
398
|
|
|
WHBM
outlets
|
69
|
|
—
|
|
(2)
|
|
67
|
|
|
WHBM
Canada
|
6
|
|
—
|
|
—
|
|
6
|
|
|
Soma frontline
boutiques
|
270
|
|
—
|
|
(5)
|
|
265
|
|
|
Soma
outlets
|
19
|
|
—
|
|
—
|
|
19
|
|
|
Total Chico's FAS,
Inc.
|
1,460
|
|
—
|
|
(20)
|
|
1,440
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
February 3,
2018
|
|
New
Stores
|
|
Closures
|
|
Other Changes in
SSF
|
|
August 4,
2018
|
Net Selling Square
Footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,555,671
|
|
—
|
|
(19,904)
|
|
(6,530)
|
|
1,529,237
|
Chico's
outlets
|
302,088
|
|
—
|
|
—
|
|
237
|
|
302,325
|
Chico's
Canada
|
9,695
|
|
—
|
|
—
|
|
—
|
|
9,695
|
WHBM frontline
boutiques
|
939,606
|
|
—
|
|
(12,949)
|
|
670
|
|
927,327
|
WHBM
outlets
|
143,963
|
|
—
|
|
(3,614)
|
|
—
|
|
140,349
|
WHBM
Canada
|
14,891
|
|
—
|
|
—
|
|
—
|
|
14,891
|
Soma frontline
boutiques
|
511,989
|
|
—
|
|
(9,509)
|
|
—
|
|
502,480
|
Soma
outlets
|
35,541
|
|
—
|
|
—
|
|
233
|
|
35,774
|
Total Chico's FAS,
Inc.
|
3,513,444
|
|
—
|
|
(45,976)
|
|
(5,390)
|
|
3,462,078
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of August 4,
2018, the Company also sold merchandise through 77 international
franchise locations.
|
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SOURCE Chico's FAS, Inc.