FORT MYERS, Fla., Nov. 24, 2015 /PRNewswire/ -- Chico's FAS,
Inc. (NYSE: CHS) today announced its financial results for the
fiscal 2015 third quarter and thirty-nine weeks ended
October 31, 2015.
For the thirteen weeks ended October 31, 2015 ("the third
quarter"), the Company reported adjusted net income of $17.7 million compared to adjusted net income of
$28.9 million for the thirteen weeks
ended November 1, 2014, and third quarter 2015 adjusted
earnings per diluted share of $0.13
compared to adjusted earnings per diluted share of $0.19 in last year's third quarter. During the
third quarter we signed a non-binding letter of intent to sell the
Boston Proper direct-to-consumer ("DTC") business. The third
quarter adjusted results exclude net charges of $0.22 per diluted share in 2015 and $0.02 per diluted share in last year's third
quarter 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 third quarter 2015 net loss of
$11.6 million, or $0.09 per diluted share, compared to net income
of $26.5 million, or $0.17 per diluted share, in last year's third
quarter.
For the thirty-nine weeks ended October 31, 2015, the
Company reported adjusted net income of $99.7 million compared to adjusted net income of
$101.2 million for the thirty-nine
weeks ended November 1, 2014, and adjusted earnings per
diluted share of $0.70 compared to
adjusted earnings per diluted share of $0.66 in the same period last year. The adjusted
results exclude Net Charges of $0.54
per diluted share in 2015 and $0.03
per diluted share in the same period last year, as presented in the
accompanying GAAP to Non-GAAP Reconciliation. Including the impact
of the Net Charges, the Company reported net income of $23.0 million, or $0.16 per diluted share, in 2015 compared to net
income of $96.5 million, or
$0.63 per diluted share, in the same
period last year.
Net Sales
For the third quarter, net sales were $641.2 million, a decrease of 3.7% compared to
$665.6 million in last year's third
quarter, primarily reflecting a 3.3% decrease in comparable sales
and a 0.8% net decrease in selling square footage. The 3.3%
decrease in comparable sales for the third quarter follows a 1.6%
decrease in last year's third quarter, and reflects a decrease in
average dollar sale and transaction count.
Comparable Sales
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
October 31,
2015
|
|
November 1,
2014
|
|
October 31,
2015
|
|
November 1,
2014
|
Chico's
|
(2.1)
|
%
|
|
(0.9)
|
%
|
|
(4.7)
|
%
|
|
(2.6)
|
%
|
White House | Black
Market
|
(0.8)
|
%
|
|
(4.0)
|
%
|
|
(2.0)
|
%
|
|
(1.4)
|
%
|
Soma
|
3.6
|
%
|
|
5.7
|
%
|
|
(0.9)
|
%
|
|
3.7
|
%
|
Total
Company
|
(1.0)
|
%
|
|
(1.3)
|
%
|
|
(3.3)
|
%
|
|
(1.6)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Margin
For the third quarter, gross margin was $350.5 million compared to $363.8 million in last year's third quarter.
Gross margin was 54.7% of net sales in the third quarter, in line
with the same period last year.
Selling, General and Administrative Expenses
For the third quarter, selling, general and administrative
expenses ("SG&A") were $327.6
million compared to $321.6
million in last year's third quarter. SG&A was 51.1% of
net sales, a 280 basis point increase from last year's third
quarter, primarily reflecting sales deleverage as well as an
increase in store occupancy and point-of-sale implementation
costs.
Restructuring and Strategic Charges
For the third quarter, the Company recorded pre-tax
restructuring and strategic charges of $3.1
million, primarily consisting of lease termination charges
for the Boston Proper stores. On an after-tax basis, the third
quarter impact of these charges was $1.9
million, or $0.01 per diluted
share.
Impairment Charges
For the third quarter of fiscal 2015, based on market
indications of value, the Company determined that certain Boston
Proper intangibles were impaired and recorded $45.5
million in pre-tax, non-cash trade name and customer
relationship impairment charges. On an after-tax basis, third
quarter impairment charges were $23.9
million, or $0.18 per diluted
share.
Income Tax Benefit
Excluding the net tax benefits related to the plan to exit
Boston Proper and the tax impact of restructuring and strategic
charges, the 2015 third quarter effective tax rate would have been
37.0% compared to an effective tax rate of 37.4% for the same
period last year.
Inventories
At the end of the third quarter of 2015, total inventories
totaled $280.0 million, when
including inventory related to the Boston Proper DTC business.
Total inventories decreased 4.8% compared to $294.2 million in last year's third quarter,
primarily reflecting improved inventory management.
Assets and Liabilities Held for Sale
At the end of the third quarter of 2015, current assets included
$41.8 million in assets held for
sale, primarily comprised of $18.3
million in Boston Proper DTC assets and $16.5 million in vacant land. Current liabilities
included $8.5 million in Boston
Proper DTC liabilities held for sale.
ABOUT CHICO'S FAS, INC.
The Company, through its brands – Chico's, White House | Black
Market, Soma, and Boston Proper, 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 October 31, 2015, the Company operated 1,546 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, www.soma.com, and
www.bostonproper.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,
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. 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 Adkins
Vice President – Investor Relations
Chico's FAS, Inc.
(239) 346-4199
Chico's FAS, Inc.
and Subsidiaries
Condensed
Consolidated Statements of Operations
(Unaudited)
(in thousands, except
per share amounts)
|
|
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
October 31,
2015
|
|
November 1,
2014
|
|
October 31,
2015
|
|
November 1,
2014
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's
|
$
|
1,054,367
|
|
|
52.3
|
%
|
|
$
|
1,069,833
|
|
|
53.1
|
%
|
|
$
|
332,033
|
|
|
51.8
|
%
|
|
$
|
347,562
|
|
|
52.3
|
%
|
White House | Black
Market
|
657,082
|
|
|
32.6
|
%
|
|
655,639
|
|
|
32.5
|
%
|
|
220,125
|
|
|
34.3
|
%
|
|
224,552
|
|
|
33.7
|
%
|
Soma
|
238,159
|
|
|
11.8
|
%
|
|
220,406
|
|
|
10.8
|
%
|
|
71,749
|
|
|
11.2
|
%
|
|
70,668
|
|
|
10.6
|
%
|
Boston
Proper
|
65,302
|
|
|
3.3
|
%
|
|
72,426
|
|
|
3.6
|
%
|
|
17,312
|
|
|
2.7
|
%
|
|
22,787
|
|
|
3.4
|
%
|
Total net
sales
|
2,014,910
|
|
|
100.0
|
%
|
|
2,018,304
|
|
|
100.0
|
%
|
|
641,219
|
|
|
100.0
|
%
|
|
665,569
|
|
|
100.0
|
%
|
Cost of goods
sold
|
902,690
|
|
|
44.8
|
%
|
|
920,148
|
|
|
45.6
|
%
|
|
290,737
|
|
|
45.3
|
%
|
|
301,776
|
|
|
45.3
|
%
|
Gross
margin
|
1,112,220
|
|
|
55.2
|
%
|
|
1,098,156
|
|
|
54.4
|
%
|
|
350,482
|
|
|
54.7
|
%
|
|
363,793
|
|
|
54.7
|
%
|
Selling, general and
administrative expenses
|
964,229
|
|
|
47.9
|
%
|
|
945,360
|
|
|
46.8
|
%
|
|
327,575
|
|
|
51.1
|
%
|
|
321,574
|
|
|
48.3
|
%
|
Goodwill and
intangible impairment charges
|
112,455
|
|
|
5.6
|
%
|
|
—
|
|
|
0.0
|
%
|
|
45,514
|
|
|
7.1
|
%
|
|
—
|
|
|
0.0
|
%
|
Restructuring and
strategic charges
|
34,178
|
|
|
1.6
|
%
|
|
—
|
|
|
0.0
|
%
|
|
3,137
|
|
|
0.5
|
%
|
|
—
|
|
|
0.0
|
%
|
Income (loss) from
operations
|
1,358
|
|
|
0.1
|
%
|
|
152,796
|
|
|
7.6
|
%
|
|
(25,744)
|
|
|
(4.0)
|
%
|
|
42,219
|
|
|
6.4
|
%
|
Interest (expense)
income, net
|
(1,421)
|
|
|
(0.1)
|
%
|
|
75
|
|
|
0.0
|
%
|
|
(466)
|
|
|
(0.1)
|
%
|
|
44
|
|
|
0.0
|
%
|
Income (loss)
before income taxes
|
(63)
|
|
|
0.0
|
%
|
|
152,871
|
|
|
7.6
|
%
|
|
(26,210)
|
|
|
(4.1)
|
%
|
|
42,263
|
|
|
6.4
|
%
|
Income tax (benefit)
provision
|
(23,100)
|
|
|
(1.1)
|
%
|
|
56,400
|
|
|
2.8
|
%
|
|
(14,600)
|
|
|
(2.3)
|
%
|
|
15,800
|
|
|
2.4
|
%
|
Net income
(loss)
|
$
|
23,037
|
|
|
1.1
|
%
|
|
$
|
96,471
|
|
|
4.8
|
%
|
|
$
|
(11,610)
|
|
|
(1.8)
|
%
|
|
$
|
26,463
|
|
|
4.0
|
%
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share-basic
|
$
|
0.16
|
|
|
|
|
$
|
0.63
|
|
|
|
|
$
|
(0.09)
|
|
|
|
|
$
|
0.17
|
|
|
|
Net income (loss) per
common and common equivalent share–diluted
|
$
|
0.16
|
|
|
|
|
$
|
0.63
|
|
|
|
|
$
|
(0.09)
|
|
|
|
|
$
|
0.17
|
|
|
|
Weighted average
common shares outstanding–basic
|
139,386
|
|
|
|
|
148,577
|
|
|
|
|
136,172
|
|
|
|
|
148,564
|
|
|
|
Weighted average
common and common equivalent shares outstanding–diluted
|
139,724
|
|
|
|
|
149,093
|
|
|
|
|
136,172
|
|
|
|
|
149,037
|
|
|
|
Dividends declared
per share
|
$
|
0.2325
|
|
|
|
|
$
|
0.2250
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
Chico's FAS, Inc.
and Subsidiaries
Condensed
Consolidated Balance Sheets
(Unaudited)
(in
thousands)
|
|
|
October 31,
2015
|
|
January 31,
2015
|
|
November 1,
2014
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
91,256
|
|
|
$
|
133,351
|
|
|
$
|
67,172
|
|
Marketable
securities, at fair value
|
47,316
|
|
|
126,561
|
|
|
124,042
|
|
Inventories
|
268,968
|
|
|
235,159
|
|
|
294,234
|
|
Prepaid expenses and
other current assets
|
98,305
|
|
|
51,088
|
|
|
52,062
|
|
Assets held for
sale
|
41,802
|
|
|
16,800
|
|
|
—
|
|
Total Current
Assets
|
547,647
|
|
|
562,959
|
|
|
537,510
|
|
Property and
Equipment, net
|
556,172
|
|
|
606,147
|
|
|
641,187
|
|
Other
Assets:
|
|
|
|
|
|
Goodwill
|
96,774
|
|
|
145,627
|
|
|
171,427
|
|
Other intangible
assets, net
|
38,930
|
|
|
109,538
|
|
|
114,927
|
|
Other assets,
net
|
13,691
|
|
|
14,310
|
|
|
12,897
|
|
Total Other
Assets
|
149,395
|
|
|
269,475
|
|
|
299,251
|
|
|
$
|
1,253,214
|
|
|
$
|
1,438,581
|
|
|
$
|
1,477,948
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
147,526
|
|
|
$
|
144,534
|
|
|
$
|
162,641
|
|
Current
debt
|
10,000
|
|
|
—
|
|
|
—
|
|
Other current and
deferred liabilities
|
140,557
|
|
|
158,396
|
|
|
145,972
|
|
Liabilities held for
sale
|
8,478
|
|
|
—
|
|
|
—
|
|
Total Current
Liabilities
|
306,561
|
|
|
302,930
|
|
|
308,613
|
|
Noncurrent
Liabilities:
|
|
|
|
|
|
Long-term
debt
|
84,702
|
|
|
—
|
|
|
—
|
|
Deferred
liabilities
|
135,390
|
|
|
142,371
|
|
|
146,715
|
|
Deferred
taxes
|
20,385
|
|
|
49,659
|
|
|
42,306
|
|
Total Noncurrent
Liabilities
|
240,477
|
|
|
192,030
|
|
|
189,021
|
|
Stockholders'
Equity:
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
1,394
|
|
|
1,529
|
|
|
1,529
|
|
Additional paid-in
capital
|
429,746
|
|
|
407,275
|
|
|
401,110
|
|
Treasury stock, at
cost
|
(249,854)
|
|
|
—
|
|
|
—
|
|
Retained
earnings
|
524,244
|
|
|
534,255
|
|
|
577,528
|
|
Accumulated other
comprehensive income
|
646
|
|
|
562
|
|
|
147
|
|
Total
Stockholders' Equity
|
706,176
|
|
|
943,621
|
|
|
980,314
|
|
|
$
|
1,253,214
|
|
|
$
|
1,438,581
|
|
|
$
|
1,477,948
|
|
Chico's FAS, Inc.
and Subsidiaries
Condensed
Consolidated Cash Flow Statements
(Unaudited)
(in
thousands)
|
|
|
Thirty-Nine Weeks
Ended
|
|
October 31,
2015
|
|
November 1,
2014
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
23,037
|
|
|
$
|
96,471
|
|
Adjustments to
reconcile net income to net cash provided by operating activities
—
|
|
|
|
Goodwill and
intangible impairment charges, pre-tax
|
112,455
|
|
|
—
|
|
Depreciation and
amortization
|
90,266
|
|
|
90,514
|
|
Loss on disposal and
impairment of property and equipment
|
22,609
|
|
|
757
|
|
Deferred tax
benefit
|
(52,623)
|
|
|
(9,204)
|
|
Stock-based
compensation expense
|
20,712
|
|
|
20,041
|
|
Excess tax benefit
from stock-based compensation
|
(2,992)
|
|
|
(1,654)
|
|
Deferred rent and
lease credits
|
(15,018)
|
|
|
(13,754)
|
|
Changes in assets and
liabilities:
|
|
|
|
Inventories
|
(44,811)
|
|
|
(56,089)
|
|
Prepaid expenses and
other assets
|
(27,653)
|
|
|
(5,032)
|
|
Accounts
payable
|
7,377
|
|
|
31,387
|
|
Accrued and other
liabilities
|
(3,300)
|
|
|
27,655
|
|
Net cash provided by
operating activities
|
130,059
|
|
|
181,092
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Purchases of
marketable securities
|
(43,479)
|
|
|
(81,134)
|
|
Proceeds from sale of
marketable securities
|
122,712
|
|
|
73,062
|
|
Purchases of property
and equipment, net
|
(66,595)
|
|
|
(98,084)
|
|
Net cash provided by
(used in) investing activities
|
12,638
|
|
|
(106,156)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Proceeds from
borrowings
|
124,000
|
|
|
—
|
|
Payments on
borrowings
|
(29,000)
|
|
|
—
|
|
Proceeds from
issuance of common stock
|
10,614
|
|
|
5,930
|
|
Excess tax benefit
from stock-based compensation
|
2,992
|
|
|
1,654
|
|
Dividends
paid
|
(32,933)
|
|
|
(34,329)
|
|
Repurchase of common
stock
|
(260,555)
|
|
|
(17,579)
|
|
Net cash used in
financing activities
|
(184,882)
|
|
|
(44,324)
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
90
|
|
|
116
|
|
Net (decrease)
increase in cash and cash equivalents
|
(42,095)
|
|
|
30,728
|
|
Cash and Cash
Equivalents, Beginning of period
|
133,351
|
|
|
36,444
|
|
Cash and Cash
Equivalents, End of period
|
$
|
91,256
|
|
|
$
|
67,172
|
|
Changes in assets and liabilities reflect Boston Proper DTC
assets and liabilities prior to reclassification to held for
sale.
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, as
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 thirty-nine and thirteen weeks ended October 31, 2015 and
November 1, 2014, 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):
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
October 31,
2015
|
|
November 1,
2014
|
|
October 31,
2015
|
|
November 1,
2014
|
|
|
|
|
|
|
|
|
Numerator
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
23,037
|
|
|
$
|
96,471
|
|
|
$
|
(11,610)
|
|
|
$
|
26,463
|
|
Net income and
dividends declared allocated to participating securities
|
(492)
|
|
|
(2,648)
|
|
|
—
|
|
|
(745)
|
|
Net income (loss)
available to common shareholders
|
$
|
22,545
|
|
|
$
|
93,823
|
|
|
$
|
(11,610)
|
|
|
$
|
25,718
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
139,386
|
|
|
148,577
|
|
|
136,172
|
|
|
148,564
|
|
Dilutive effect of
non-participating securities
|
338
|
|
|
516
|
|
|
—
|
|
|
473
|
|
Weighted average
common and common equivalent shares outstanding –
diluted
|
139,724
|
|
|
149,093
|
|
|
136,172
|
|
|
149,037
|
|
|
|
|
|
|
|
|
|
Net income per
common share*:
|
|
|
|
|
|
|
|
Basic
|
$
|
0.16
|
|
|
$
|
0.63
|
|
|
$
|
(0.09)
|
|
|
$
|
0.17
|
|
Diluted
|
$
|
0.16
|
|
|
$
|
0.63
|
|
|
$
|
(0.09)
|
|
|
$
|
0.17
|
|
*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 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 (Loss) and Diluted EPS
|
(Unaudited)
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
|
October 31,
2015
|
|
November 1,
2014
|
|
October 31,
2015
|
|
November 1,
2014
|
Net income
(loss):
|
|
|
|
|
|
|
|
|
GAAP
basis
|
|
$
|
23,037
|
|
|
$
|
96,471
|
|
|
$
|
(11,610)
|
|
|
$
|
26,463
|
|
Goodwill and
intangible impairment charges, net of tax
|
|
70,985
|
|
|
—
|
|
|
23,859
|
|
|
—
|
|
Restructuring and
strategic charges, net of tax
|
|
21,225
|
|
|
—
|
|
|
1,948
|
|
|
—
|
|
Tax benefit related
to the expected disposition of Boston Proper's stock
|
|
(23,779)
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Boston Proper
operating loss, net of tax
|
|
8,239
|
|
|
4,756
|
|
|
3,502
|
|
|
2,450
|
|
Non-GAAP adjusted
basis
|
|
$
|
99,707
|
|
|
$
|
101,227
|
|
|
$
|
17,699
|
|
|
$
|
28,913
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per diluted share:
|
|
|
|
|
|
|
|
|
GAAP
basis
|
|
$
|
0.16
|
|
|
$
|
0.63
|
|
|
$
|
(0.09)
|
|
|
$
|
0.17
|
|
Goodwill and
intangible impairment charges, net of tax
|
|
0.50
|
|
|
0.00
|
|
|
0.18
|
|
|
0.00
|
|
Restructuring and
strategic charges, net of tax
|
|
0.15
|
|
|
0.00
|
|
|
0.01
|
|
|
0.00
|
|
Tax benefit related
to the expected disposition of Boston Proper's stock
|
|
(0.17)
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
Boston Proper
operating loss, net of tax
|
|
0.06
|
|
|
0.03
|
|
|
0.03
|
|
|
0.02
|
|
Non-GAAP adjusted
basis
|
|
$
|
0.70
|
|
|
$
|
0.66
|
|
|
$
|
0.13
|
|
|
$
|
0.19
|
|
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 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, when
excluding Boston Proper:
Chico's FAS, Inc.
and Subsidiaries
|
Reconciliation of
Reported to Adjusted Consolidated Financial Data,
Excluding Boston Proper
|
(Unaudited)
|
(in
thousands)
|
|
|
Selected
Consolidated Financial Data,
As Reported
|
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
October 31,
2015
|
|
November 1,
2014
|
|
October 31,
2015
|
|
November 1,
2014
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net sales
|
2,014,910
|
|
|
100.0
|
%
|
|
2,018,304
|
|
|
100.0
|
%
|
|
641,219
|
|
|
100.0
|
%
|
|
665,569
|
|
|
100.0
|
%
|
Gross
margin
|
1,112,220
|
|
|
55.2
|
%
|
|
1,098,156
|
|
|
54.4
|
%
|
|
350,482
|
|
|
54.7
|
%
|
|
363,793
|
|
|
54.7
|
%
|
Selling, general and
administrative expenses
|
964,229
|
|
|
47.9
|
%
|
|
945,360
|
|
|
46.8
|
%
|
|
327,575
|
|
|
51.1
|
%
|
|
321,574
|
|
|
48.3
|
%
|
Subtotal
|
147,991
|
|
|
7.3
|
%
|
|
152,796
|
|
|
7.6
|
%
|
|
22,907
|
|
|
3.6
|
%
|
|
42,219
|
|
|
6.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boston
Proper
|
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
October 31,
2015
|
|
November 1,
2014
|
|
October 31,
2015
|
|
November 1,
2014
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net sales
|
65,303
|
|
|
100.0
|
%
|
|
72,426
|
|
|
100.0
|
%
|
|
17,312
|
|
|
100.0
|
%
|
|
22,787
|
|
|
100.0
|
%
|
Gross
margin
|
27,227
|
|
|
41.7
|
%
|
|
32,949
|
|
|
45.5
|
%
|
|
5,826
|
|
|
33.7
|
%
|
|
9,380
|
|
|
41.2
|
%
|
Selling, general and
administrative expenses
|
40,495
|
|
|
62.0
|
%
|
|
40,609
|
|
|
56.1
|
%
|
|
11,466
|
|
|
66.2
|
%
|
|
13,325
|
|
|
58.5
|
%
|
Subtotal
|
(13,268)
|
|
|
(20.3)
|
%
|
|
(7,660)
|
|
|
(10.6)
|
%
|
|
(5,640)
|
|
|
(32.6)
|
%
|
|
(3,945)
|
|
|
(17.3)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected
Consolidated Financial Data,
Adjusted
|
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
October 31,
2015
|
|
November 1,
2014
|
|
October 31,
2015
|
|
November 1,
2014
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net sales
|
1,949,607
|
|
|
100.0
|
%
|
|
1,945,878
|
|
|
100.0
|
%
|
|
623,907
|
|
|
100.0
|
%
|
|
642,782
|
|
|
100.0
|
%
|
Gross
margin
|
1,084,993
|
|
|
55.7
|
%
|
|
1,065,207
|
|
|
54.7
|
%
|
|
344,656
|
|
|
55.3
|
%
|
|
354,413
|
|
|
55.1
|
%
|
Selling, general and
administrative expenses
|
923,734
|
|
|
47.4
|
%
|
|
904,751
|
|
|
46.5
|
%
|
|
316,109
|
|
|
50.7
|
%
|
|
308,249
|
|
|
47.9
|
%
|
Subtotal
|
161,259
|
|
|
8.3
|
%
|
|
160,456
|
|
|
8.2
|
%
|
|
28,547
|
|
|
4.6
|
%
|
|
46,164
|
|
|
7.2
|
%
|
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Thirteen Weeks Ended
October 31, 2015
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
August 1,
2015
|
|
New Stores
|
|
Closures
|
|
October
31, 2015
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
609
|
|
|
2
|
|
|
(4)
|
|
|
607
|
|
|
|
Chico's
outlets
|
119
|
|
|
2
|
|
|
(2)
|
|
|
119
|
|
|
|
Chico's
Canada
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
|
WH|BM frontline
boutiques
|
435
|
|
|
2
|
|
|
(4)
|
|
|
433
|
|
|
|
WH|BM
outlets
|
71
|
|
|
—
|
|
|
(2)
|
|
|
69
|
|
|
|
WH|BM
Canada
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
|
Soma frontline
boutiques
|
267
|
|
|
6
|
|
|
(2)
|
|
|
271
|
|
|
|
Soma
outlets
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|
Boston Proper
frontline boutiques
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
|
Total Chico's FAS,
Inc.
|
1,548
|
|
|
12
|
|
|
(14)
|
|
|
1,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
August 1,
2015
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
October 31,
2015
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,662,709
|
|
|
5,495
|
|
|
(11,792)
|
|
|
623
|
|
|
1,657,035
|
|
Chico's
outlets
|
297,753
|
|
|
4,571
|
|
|
(4,495)
|
|
|
74
|
|
|
297,903
|
|
Chico's
Canada
|
9,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,695
|
|
WH|BM frontline
boutiques
|
999,010
|
|
|
5,078
|
|
|
(7,565)
|
|
|
760
|
|
|
997,283
|
|
WH|BM
outlets
|
148,702
|
|
|
—
|
|
|
(3,212)
|
|
|
(1,512)
|
|
|
143,978
|
|
WH|BM
Canada
|
14,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,891
|
|
Soma frontline
boutiques
|
503,744
|
|
|
11,017
|
|
|
(3,410)
|
|
|
191
|
|
|
511,542
|
|
Soma
outlets
|
31,672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,672
|
|
Boston Proper
frontline boutiques
|
34,465
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,465
|
|
Total Chico's FAS,
Inc.
|
3,702,641
|
|
|
26,161
|
|
|
(30,474)
|
|
|
136
|
|
|
3,698,464
|
|
As of October 31, 2015 the Company also sold merchandise
through 37 international franchise locations.
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Thirty-Nine Weeks
Ended October 31, 2015
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
2015
|
|
New Stores
|
|
Closures
|
|
October 31,
2015
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
613
|
|
|
7
|
|
|
(13)
|
|
|
607
|
|
|
|
Chico's
outlets
|
118
|
|
|
4
|
|
|
(3)
|
|
|
119
|
|
|
|
Chico's
Canada
|
3
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
|
WH|BM frontline
boutiques
|
441
|
|
|
4
|
|
|
(12)
|
|
|
433
|
|
|
|
WH|BM
outlets
|
68
|
|
|
3
|
|
|
(2)
|
|
|
69
|
|
|
|
WH|BM
Canada
|
5
|
|
|
1
|
|
|
—
|
|
|
6
|
|
|
|
Soma frontline
boutiques
|
263
|
|
|
12
|
|
|
(4)
|
|
|
271
|
|
|
|
Soma
outlets
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|
Boston Proper
frontline boutiques
|
19
|
|
|
1
|
|
|
—
|
|
|
20
|
|
|
|
Total Chico's FAS,
Inc.
|
1,547
|
|
|
33
|
|
|
(34)
|
|
|
1,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
2015
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
October 31,
2015
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,674,640
|
|
|
18,166
|
|
|
(35,089)
|
|
|
(682)
|
|
|
1,657,035
|
|
Chico's
outlets
|
295,600
|
|
|
8,952
|
|
|
(6,901)
|
|
|
252
|
|
|
297,903
|
|
Chico's
Canada
|
7,313
|
|
|
2,382
|
|
|
—
|
|
|
—
|
|
|
9,695
|
|
WH|BM frontline
boutiques
|
1,010,242
|
|
|
9,915
|
|
|
(24,721)
|
|
|
1,847
|
|
|
997,283
|
|
WH|BM
outlets
|
141,900
|
|
|
6,802
|
|
|
(3,212)
|
|
|
(1,512)
|
|
|
143,978
|
|
WH|BM
Canada
|
12,460
|
|
|
2,431
|
|
|
—
|
|
|
—
|
|
|
14,891
|
|
Soma frontline
boutiques
|
498,642
|
|
|
22,356
|
|
|
(8,390)
|
|
|
(1,066)
|
|
|
511,542
|
|
Soma
outlets
|
31,672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,672
|
|
Boston Proper
frontline boutiques
|
33,035
|
|
|
1,430
|
|
|
—
|
|
|
—
|
|
|
34,465
|
|
Total Chico's FAS,
Inc.
|
3,705,504
|
|
|
72,434
|
|
|
(78,313)
|
|
|
(1,161)
|
|
|
3,698,464
|
|
As of October 31, 2015 the Company also sold merchandise
through 37 international franchise locations.
Logo -
http://photos.prnewswire.com/prnh/20110920/FL71045LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/chicos-fas-inc-reports-third-quarter-results-300183690.html
SOURCE Chico's FAS, Inc.