CHS Chicos FAS Inc

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•	Slowing square footage growth, including announcing plans to close approximately 170 to 175 stores through 2017. These actions are expected to result in $65 million of cost savings, with approximately $20 million achieved in 2015, and improved store productivity over time.

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Implementing an organizational realignment to better allocate our resources to long-term growth opportunities, resulting in a 12% reduction of our headquarters and field management employee base, generating $38 million of annualized savings. While a difficult decision given the impact on these employees, an efficient and focused organization is necessary for sustained success, particularly in competitive and promotional industries like retail.

•	Reducing capital expenditures by 40% in fiscal 2015 compared to our prior three-year average.

•	Divesting non-core brand operations, including Boston Proper, resulting in a 100 basis increase in our operating margins.

•	Implementation of a new point-of-sale system to over 1,500 of our stores this year, laying the foundation for further omni-channel capabilities; and

•	Development of a new Client Book iPad application for our associates, which allows them to access our wealth of customer purchase history, enabling more personalized service.

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•	Evolving the customer experience to better integrate the digital and physical retail environments and to enable a more agile supply chain;

•	Strengthening the position of each brand, including articulating and executing against a clear role in the marketplace for each brand and its related merchandise, leveraging the connection we have with our loyal customers, attracting new customers, and continuing to deliver unparalleled service;

•	Leveraging actionable retail science by using Chico’s FAS’s vast amounts of data to develop algorithms and predictive analytics that enable real-time decision-making and improve how we go to market, stock product, and interact with customers; and

•	Sharpening our financial principles to drive further cost savings across the company through the shared service model, the combination and negotiation of contracts, a more effective use of marketing dollars and modernizing processes, among other areas.

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