FORT MYERS, Fla., Nov. 21,
2017 /PRNewswire/ --
- Delivered third quarter EPS of $0.13 despite the unfavorable impact of
hurricanes
- Maintained strong cash position and value-focused capital
allocation
Chico's FAS, Inc. (NYSE: CHS) (the "Company") today announced
its financial results for the fiscal 2017 third quarter ended
October 28, 2017.
For the thirteen weeks ended October 28, 2017 (the "third
quarter"), the Company reported net income of $16.7 million, or $0.13 per diluted share, compared to net income
of $23.6 million, or $0.18 per diluted share, for the thirteen weeks
ended October 29, 2016. Results for the third quarter include
the unfavorable impact of hurricanes Harvey, Irma and Maria
(collectively, the "Hurricanes") of approximately $5.0 million after-tax, or $0.04 per diluted share. Results for the third
quarter of 2016 include the unfavorable impact of restructuring and
strategic charges and Boston Proper of $2.8
million after-tax, or $0.02
per diluted share.
For the thirty-nine weeks ended October 28, 2017, the
Company reported net income of $73.0
million, or $0.57 per diluted
share, compared to net income of $77.7
million, or $0.58 per diluted
share, for the thirty-nine weeks ended October 29, 2016.
Results for the thirty-nine weeks ended October 28, 2017
include the unfavorable impact of the Hurricanes of approximately
$5.0 million after-tax, or
$0.04 per diluted share. Results for
the thirty-nine weeks ended October 29, 2016 include the
unfavorable impact of restructuring and strategic charges and
Boston Proper of $15.4 million
after-tax, or $0.12 per diluted
share.
"Results this quarter were in line with our expectations, and we
are pleased with the progress on our strategic initiatives to
better address customer needs and transform our business," said
Shelley Broader, CEO and President.
"The Company's performance shows that we are continuing to benefit
from our organizational changes and our operating efficiency
initiatives. We remain focused on driving top line growth and are
making important improvements across our brands, including the
expansion of special sizes, the broadening of omni-channel
engagement and the creation of alternative sales channels to fuel
growth. I also want to thank our team for their response to the
challenges brought by the hurricanes this past quarter and am
grateful that those impacted remained safe."
Net Sales
For the third quarter, net sales were $532.3 million compared to $596.9 million in last year's third quarter. This
decrease of 10.8% primarily reflects a comparable sales decline of
8.2%, driven by lower average dollar sale and a decline in
transaction count.
The comparable sales calculation excludes the negative impact of
stores closed four or more days.
Comparable Sales
|
|
Thirteen Weeks
Ended
|
|
Thirty-Nine Weeks
Ended
|
|
|
October 28,
2017
|
|
October 29,
2016
|
|
October 28,
2017
|
|
October 29,
2016
|
Chico's
|
|
|
(5.8)%
|
|
|
(5.6)%
|
|
|
(8.3)%
|
|
|
(5.4)%
|
White House Black
Market
|
|
(14.1)%
|
|
(5.5)%
|
|
(11.5)%
|
|
(3.5)%
|
Soma
|
|
(1.7)%
|
|
0.4%
|
|
(1.1)%
|
|
0.6%
|
Total
Company
|
|
(8.2)%
|
|
(4.9)%
|
|
(8.4)%
|
|
(4.0)%
|
Gross Margin
For the third quarter, gross margin was $196.7 million, or 37.0% of net sales, compared
to $230.3 million, or 38.6% of net
sales, in last year's third quarter. This 160 basis point decrease
primarily reflects deleverage of store occupancy costs as a percent
of sales and store impairment charges related to the Hurricanes,
partially offset by an improvement in merchandise
margin.
Selling, General and Administrative Expenses
For the third quarter, selling, general and administrative
expenses ("SG&A") were $171.4
million, or 32.3% of net sales, compared to $188.4 million, or 31.6% of net sales, for last
year's third quarter. This decrease of $16.9
million, or 9.0%, primarily reflects the impact of a
reduction in employee-related costs and marketing spend.
Income Tax Expense
For the third quarter, the effective tax rate was 32.9% compared
to 22.9% for last year's third quarter. The third quarter effective
tax rate of 32.9% includes a 430 basis point tax benefit related to
income tax credits. The third quarter of 2016
effective tax rate of 22.9% was favorably impacted by the
disposition of Boston Proper's stock and the recognition of income
tax credits.
Inventories
At the end of the third quarter of 2017, inventories totaled
$265.0 million compared to
$261.3 million at the end of the
third quarter last year. Inventories at the end of the third
quarter include a $15.1 million
increase compared to the prior year date due to a change in
shipping terms with a supplier. Excluding the impact of the change
in shipping terms, inventory decreased 4.3%.
Share Repurchase
Program
During the third quarter, under its $300.0 million share repurchase program announced
in November 2015, the Company
repurchased 0.6 million shares for $5.0 million, at a
weighted average of $8.18 per share.
There is $137.9 million remaining for future share
repurchases under the program.
Hurricane
Impact
In the third quarter, the Company was impacted by 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.
Fiscal 2017 4th Quarter Outlook
For the fourth quarter of 2017, the Company expects comparable
sales to be down high single-digits. The fiscal 2017
53rd week is not included in the comparable sales
calculation. Net sales for the 53rd week are expected to
approximate $30 million. The Company
anticipates fourth quarter gross margin rate to be approximately
flat to up slightly compared to last year. The Company also expects
fourth quarter SG&A expenses to decrease compared to last year,
largely offset by costs from the 53rd week.
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 October 28, 2017, the Company operated 1,474 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 and www.soma.com. 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 2017 4th 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," "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; 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, particular strategic
initiatives, and organizational redesign; the integration of our
new 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 impact associated with our shift
to a predominantly FOB shipping structure); new or increased taxes
or tariffs; 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. 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, including management's discussion and analysis therein, its
filings on Form 10-Q, 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. 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.
and Subsidiaries
Condensed
Consolidated Statements of Income
(Unaudited)
(in thousands, except
per share amounts)
|
|
|
|
|
Thirteen Weeks
Ended
|
|
Thirty-Nine Weeks
Ended
|
|
October 28,
2017
|
|
October 29,
2016
|
|
October 28,
2017
|
|
October 29,
2016
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's
|
$
|
284,560
|
|
|
53.5
|
|
|
$
|
312,203
|
|
|
52.3
|
|
|
$
|
896,904
|
|
|
53.0
|
|
|
$
|
995,067
|
|
|
53.0
|
|
White House Black
Market
|
175,265
|
|
|
32.9
|
|
|
210,389
|
|
|
35.2
|
|
|
552,993
|
|
|
32.6
|
|
|
633,420
|
|
|
33.8
|
|
Soma
|
72,462
|
|
|
13.6
|
|
|
74,320
|
|
|
12.5
|
|
|
244,699
|
|
|
14.4
|
|
|
247,134
|
|
|
13.2
|
|
Total net
sales
|
532,287
|
|
|
100.0
|
|
|
596,912
|
|
|
100.0
|
|
|
1,694,596
|
|
|
100.0
|
|
|
1,875,621
|
|
|
100.0
|
|
Cost of goods
sold
|
335,585
|
|
|
63.0
|
|
|
366,618
|
|
|
61.4
|
|
|
1,051,380
|
|
|
62.0
|
|
|
1,142,182
|
|
|
60.9
|
|
Gross
margin
|
196,702
|
|
|
37.0
|
|
|
230,294
|
|
|
38.6
|
|
|
643,216
|
|
|
38.0
|
|
|
733,439
|
|
|
39.1
|
|
Selling, general and
administrative
expenses
|
171,424
|
|
|
32.3
|
|
|
188,350
|
|
|
31.6
|
|
|
527,605
|
|
|
31.2
|
|
|
583,117
|
|
|
31.1
|
|
Restructuring and
strategic charges
|
—
|
|
|
0.0
|
|
|
10,820
|
|
|
1.8
|
|
|
—
|
|
|
0.0
|
|
|
31,027
|
|
|
1.6
|
|
Income from
operations
|
25,278
|
|
|
4.7
|
|
|
31,124
|
|
|
5.2
|
|
|
115,611
|
|
|
6.8
|
|
|
119,295
|
|
|
6.4
|
|
Interest expense,
net
|
(388)
|
|
|
0.0
|
|
|
(526)
|
|
|
(0.1)
|
|
|
(1,286)
|
|
|
(0.1)
|
|
|
(1,474)
|
|
|
(0.1)
|
|
Income before
income taxes
|
24,890
|
|
|
4.7
|
|
|
30,598
|
|
|
5.1
|
|
|
114,325
|
|
|
6.7
|
|
|
117,821
|
|
|
6.3
|
|
Income tax
provision
|
8,200
|
|
|
1.6
|
|
|
7,000
|
|
|
1.1
|
|
|
41,300
|
|
|
2.4
|
|
|
40,100
|
|
|
2.2
|
|
Net
income
|
$
|
16,690
|
|
|
3.1
|
|
|
$
|
23,598
|
|
|
4.0
|
|
|
$
|
73,025
|
|
|
4.3
|
|
|
$
|
77,721
|
|
|
4.1
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share-basic
|
$
|
0.13
|
|
|
|
|
$
|
0.18
|
|
|
|
|
$
|
0.57
|
|
|
|
|
$
|
0.59
|
|
|
|
Net income per common
and common
equivalent share–diluted
|
$
|
0.13
|
|
|
|
|
$
|
0.18
|
|
|
|
|
$
|
0.57
|
|
|
|
|
$
|
0.58
|
|
|
|
Weighted average
common shares
outstanding–basic
|
124,957
|
|
|
|
|
128,753
|
|
|
|
|
125,550
|
|
|
|
|
129,830
|
|
|
|
Weighted average
common and common
equivalent shares outstanding–diluted
|
124,989
|
|
|
|
|
128,996
|
|
|
|
|
125,591
|
|
|
|
|
129,999
|
|
|
|
Dividends declared
per share
|
$
|
—
|
|
|
|
|
$
|
—
|
|
|
|
|
$
|
0.2475
|
|
|
|
|
$
|
0.2400
|
|
|
|
Chico's FAS, Inc.
and Subsidiaries
Condensed
Consolidated Balance Sheets
(Unaudited)
(in
thousands)
|
|
|
|
|
October 28,
2017
|
|
January 28,
2017
|
|
October 29,
2016
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
125,646
|
|
|
$
|
142,135
|
|
|
$
|
80,331
|
|
Marketable
securities, at fair value
|
60,411
|
|
|
50,370
|
|
|
50,411
|
|
Inventories
|
265,023
|
|
|
232,363
|
|
|
261,341
|
|
Prepaid expenses and
other current assets
|
48,876
|
|
|
52,758
|
|
|
68,557
|
|
Total Current
Assets
|
499,956
|
|
|
477,626
|
|
|
460,640
|
|
Property and
Equipment, net
|
424,961
|
|
|
477,185
|
|
|
495,587
|
|
Other
Assets:
|
|
|
|
|
|
Goodwill
|
96,774
|
|
|
96,774
|
|
|
96,774
|
|
Other intangible
assets, net
|
38,930
|
|
|
38,930
|
|
|
38,930
|
|
Other assets,
net
|
16,581
|
|
|
18,479
|
|
|
18,382
|
|
Total Other
Assets
|
152,285
|
|
|
154,183
|
|
|
154,086
|
|
|
$
|
1,077,202
|
|
|
$
|
1,108,994
|
|
|
$
|
1,110,313
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
135,004
|
|
|
$
|
116,378
|
|
|
$
|
125,532
|
|
Current
debt
|
15,000
|
|
|
16,250
|
|
|
10,000
|
|
Other current and
deferred liabilities
|
118,495
|
|
|
170,232
|
|
|
148,706
|
|
Total Current
Liabilities
|
268,499
|
|
|
302,860
|
|
|
284,238
|
|
Noncurrent
Liabilities:
|
|
|
|
|
|
Long-term
debt
|
57,335
|
|
|
68,535
|
|
|
74,768
|
|
Deferred
liabilities
|
108,000
|
|
|
118,543
|
|
|
122,848
|
|
Deferred
taxes
|
7,961
|
|
|
9,883
|
|
|
9,320
|
|
Total Noncurrent
Liabilities
|
173,296
|
|
|
196,961
|
|
|
206,936
|
|
Commitments and
Contingencies
|
|
|
|
|
|
Shareholders'
Equity:
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
1,278
|
|
|
1,288
|
|
|
1,301
|
|
Additional paid-in
capital
|
463,502
|
|
|
452,756
|
|
|
445,787
|
|
Treasury stock, at
cost
|
(411,766)
|
|
|
(386,094)
|
|
|
(366,081)
|
|
Retained
earnings
|
582,387
|
|
|
541,251
|
|
|
538,134
|
|
Accumulated other
comprehensive income (loss)
|
6
|
|
|
(28)
|
|
|
(2)
|
|
Total
Shareholders' Equity
|
635,407
|
|
|
609,173
|
|
|
619,139
|
|
|
$
|
1,077,202
|
|
|
$
|
1,108,994
|
|
|
$
|
1,110,313
|
|
Chico's FAS, Inc.
and Subsidiaries
Condensed
Consolidated Cash Flow Statements
(Unaudited)
(in
thousands)
|
|
|
|
|
Thirty-Nine Weeks
Ended
|
|
October 28,
2017
|
|
October 29,
2016
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
73,025
|
|
|
$
|
77,721
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
73,968
|
|
|
82,585
|
|
Loss on disposal and
impairment of property and equipment
|
5,204
|
|
|
6,434
|
|
Deferred income
taxes
|
(1,483)
|
|
|
(8,098)
|
|
Stock-based
compensation expense
|
14,739
|
|
|
15,483
|
|
Deferred rent and
lease credits
|
(14,684)
|
|
|
(14,264)
|
|
Changes in assets and
liabilities:
|
|
|
|
Inventories
|
(32,660)
|
|
|
(27,506)
|
|
Prepaid expenses and
other current assets
|
4,506
|
|
|
(6,237)
|
|
Income tax
receivable
|
1,050
|
|
|
25,755
|
|
Accounts
payable
|
18,758
|
|
|
(3,789)
|
|
Accrued and other
liabilities
|
(47,598)
|
|
|
(3,391)
|
|
Net cash provided by
operating activities
|
94,825
|
|
|
144,693
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Purchases of
marketable securities
|
(29,097)
|
|
|
(43,266)
|
|
Proceeds from sale of
marketable securities
|
19,056
|
|
|
43,058
|
|
Purchases of property
and equipment, net
|
(27,128)
|
|
|
(35,663)
|
|
Net cash used in
investing activities
|
(37,169)
|
|
|
(35,871)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Payments on
borrowings
|
(12,500)
|
|
|
(7,500)
|
|
Proceeds from
issuance of common stock
|
2,058
|
|
|
2,363
|
|
Dividends
paid
|
(32,021)
|
|
|
(31,936)
|
|
Repurchase of common
stock
|
(25,697)
|
|
|
(76,334)
|
|
Payments of tax
withholdings related to stock-based awards
|
(6,034)
|
|
|
(4,990)
|
|
Net cash used in
financing activities
|
(74,194)
|
|
|
(118,397)
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
49
|
|
|
(45)
|
|
Net decrease in cash
and cash equivalents
|
(16,489)
|
|
|
(9,620)
|
|
Cash and Cash
Equivalents, Beginning of period
|
142,135
|
|
|
89,951
|
|
Cash and Cash
Equivalents, End of period
|
$
|
125,646
|
|
|
$
|
80,331
|
|
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
weeks and thirty-nine weeks ended October 28, 2017 and
October 29, 2016, 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 operations (in
thousands, except per share amounts):
|
|
Thirteen Weeks
Ended
|
|
Thirty-Nine Weeks
Ended
|
|
|
October 28,
2017
|
|
October 29,
2016
|
|
October 28,
2017
|
|
October 29,
2016
|
|
|
|
|
|
|
|
|
|
Numerator
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
16,690
|
|
|
$
|
23,598
|
|
|
$
|
73,025
|
|
|
$
|
77,721
|
|
Net income and
dividends declared allocated to
participating securities
|
|
(394)
|
|
|
(502)
|
|
|
(1,683)
|
|
|
(1,677)
|
|
Net income available
to common shareholders
|
|
$
|
16,296
|
|
|
$
|
23,096
|
|
|
$
|
71,342
|
|
|
$
|
76,044
|
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding –
basic
|
|
124,957
|
|
|
128,753
|
|
|
125,550
|
|
|
129,830
|
|
Dilutive effect of
non-participating securities
|
|
32
|
|
|
243
|
|
|
41
|
|
|
169
|
|
Weighted average
common and common equivalent
shares outstanding – diluted
|
|
124,989
|
|
|
128,996
|
|
|
125,591
|
|
|
129,999
|
|
|
|
|
|
|
|
|
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.13
|
|
|
$
|
0.18
|
|
|
$
|
0.57
|
|
|
$
|
0.59
|
|
Diluted
|
|
$
|
0.13
|
|
|
$
|
0.18
|
|
|
$
|
0.57
|
|
|
$
|
0.58
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Thirteen Weeks Ended
October 28, 2017
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
July 29,
2017
|
|
New Stores
|
|
Closures
|
|
October 28,
2017
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
578
|
|
|
—
|
|
(2)
|
|
|
576
|
|
|
|
Chico's
outlets
|
117
|
|
|
—
|
|
—
|
|
|
117
|
|
|
|
Chico's
Canada
|
4
|
|
|
—
|
|
—
|
|
|
4
|
|
|
|
WHBM frontline
boutiques
|
415
|
|
|
—
|
|
(3)
|
|
|
412
|
|
|
|
WHBM
outlets
|
70
|
|
|
—
|
|
(1)
|
|
|
69
|
|
|
|
WHBM
Canada
|
6
|
|
|
—
|
|
—
|
|
|
6
|
|
|
|
Soma frontline
boutiques
|
273
|
|
|
—
|
|
(2)
|
|
|
271
|
|
|
|
Soma
outlets
|
19
|
|
|
—
|
|
—
|
|
|
19
|
|
|
|
Total Chico's FAS,
Inc.
|
1,482
|
|
|
—
|
|
(8)
|
|
|
1,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
July 29,
2017
|
|
New Stores
|
|
Closures
|
|
Other
changes in
SSF
|
|
October 28,
2017
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,581,628
|
|
|
—
|
|
(4,119)
|
|
|
340
|
|
|
1,577,849
|
|
Chico's
outlets
|
294,017
|
|
|
—
|
|
—
|
|
|
240
|
|
|
294,257
|
|
Chico's
Canada
|
9,695
|
|
|
—
|
|
—
|
|
|
—
|
|
|
9,695
|
|
WHBM frontline
boutiques
|
966,759
|
|
|
—
|
|
(8,059)
|
|
|
(670)
|
|
|
958,030
|
|
WHBM
outlets
|
146,149
|
|
|
—
|
|
(1,950)
|
|
|
(281)
|
|
|
143,918
|
|
WHBM
Canada
|
14,891
|
|
|
—
|
|
—
|
|
|
—
|
|
|
14,891
|
|
Soma frontline
boutiques
|
517,254
|
|
|
—
|
|
(3,880)
|
|
|
174
|
|
|
513,548
|
|
Soma
outlets
|
35,637
|
|
|
—
|
|
—
|
|
|
(96)
|
|
|
35,541
|
|
Total Chico's FAS,
Inc.
|
3,566,030
|
|
|
—
|
|
(18,008)
|
|
|
(293)
|
|
|
3,547,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of October 28, 2017, the Company also sold merchandise
through 94 international franchise locations.
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Thirty-Nine Weeks
Ended October 28, 2017
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
January 28,
2017
|
|
New Stores
|
|
Closures
|
|
October 28,
2017
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
587
|
|
|
—
|
|
|
(11)
|
|
|
576
|
|
|
|
Chico's
outlets
|
116
|
|
|
1
|
|
|
—
|
|
|
117
|
|
|
|
Chico's
Canada
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
|
WHBM frontline
boutiques
|
423
|
|
|
—
|
|
|
(11)
|
|
|
412
|
|
|
|
WHBM
outlets
|
71
|
|
|
—
|
|
|
(2)
|
|
|
69
|
|
|
|
WHBM
Canada
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
|
Soma frontline
boutiques
|
275
|
|
|
1
|
|
|
(5)
|
|
|
271
|
|
|
|
Soma
outlets
|
19
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
|
Total Chico's FAS,
Inc.
|
1,501
|
|
|
2
|
|
|
(29)
|
|
|
1,474
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 28,
2017
|
|
New Stores
|
|
Closures
|
|
Other
changes in
SSF
|
|
October 28,
2017
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,606,730
|
|
|
—
|
|
|
(24,718)
|
|
|
(4,163)
|
|
|
1,577,849
|
|
Chico's
outlets
|
291,455
|
|
|
2,337
|
|
|
—
|
|
|
465
|
|
|
294,257
|
|
Chico's
Canada
|
9,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,695
|
|
WHBM frontline
boutiques
|
984,754
|
|
|
—
|
|
|
(27,268)
|
|
|
544
|
|
|
958,030
|
|
WHBM
outlets
|
148,457
|
|
|
—
|
|
|
(4,316)
|
|
|
(223)
|
|
|
143,918
|
|
WHBM
Canada
|
14,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,891
|
|
Soma frontline
boutiques
|
519,945
|
|
|
2,189
|
|
|
(9,633)
|
|
|
1,047
|
|
|
513,548
|
|
Soma
outlets
|
35,637
|
|
|
—
|
|
|
—
|
|
|
(96)
|
|
|
35,541
|
|
Total Chico's FAS,
Inc.
|
3,611,564
|
|
|
4,526
|
|
|
(65,935)
|
|
|
(2,426)
|
|
|
3,547,729
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of October 28, 2017, the Company also sold merchandise
through 94 international franchise locations.
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SOURCE Chico's FAS, Inc.