FORT MYERS, Fla., Feb. 28,
2018 /PRNewswire/ --
- Fourth quarter EPS of $0.22, including $0.08 benefit from U.S. tax reform, compared to
EPS of $0.10 last year
- Gross margin expanded 220 basis points in the fourth
quarter
- Net cash provided by operating activities of $167 million generated $118 million free cash flow in fiscal
2017
Chico's FAS, Inc. (NYSE: CHS) today announced its financial
results for the fiscal 2017 fourth quarter and fiscal year ended
February 3, 2018.
For the fourteen weeks ended February 3, 2018 ("the fourth
quarter"), the Company reported net income of $28.0 million, or $0.22 per diluted share, compared to net income
of $13.5 million, or $0.10 per diluted share, for the thirteen weeks
ended January 28, 2017 ("last year's fourth quarter"). Results
for the fourth quarter include the favorable impact of the Tax Cuts
and Jobs Act of 2017 ("U.S. tax reform") of approximately
$10 million after-tax, or
$0.08 per diluted share, as well as
the benefit of the 53rd week of approximately
$4 million after-tax, or $0.03 per diluted share.
For the fifty-three weeks ended February 3, 2018 ("fiscal
2017"), the Company reported net income of $101.0 million, or $0.79 per diluted share, compared to net income
of $91.2 million, or $0.69 per diluted share, for the fifty-two weeks
ended January 28, 2017 ("fiscal 2016"). Results for fiscal
2017 include the favorable impact of U.S. tax reform of
approximately $10 million after-tax,
or $0.08 per diluted share, as well
as the benefit of the 53rd week of approximately
$4 million after-tax, or $0.03 per diluted share. Results for fiscal 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.
"Our fourth quarter results exceeded expectations and
demonstrate clear progress in the execution of our strategic
initiatives to drive improved performance and value creation," said
Shelley Broader, CEO and President.
"In 2017, we strengthened our brands' positioning, enhanced the
customer experience, maintained financial discipline and built a
solid foundation for our next stage of profitable growth. We are
excited about our sales-driving initiatives for 2018, and we are
confident in our continued success."
Net Sales
For the fourth quarter, net sales were $587.8 million compared to $600.8 million in last year's fourth quarter.
This decrease of 2.2% primarily reflects a comparable sales decline
of 5.2% as well as a decrease in selling square footage in fiscal
2017, partially offset by the $29
million benefit of the 53rd week. The comparable
sales decline consisted of lower average dollar sale and flat
transaction count.
For fiscal 2017, net sales were $2.3
billion compared to $2.5
billion in fiscal 2016. This decrease of 7.8% primarily
reflects a comparable sales decline of 7.7% as well as a decrease
in selling square footage in fiscal 2017, partially offset by the
$29 million benefit of the
53rd week. The comparable sales decline consisted of
lower average dollar sale and a decline in transaction count.
Comparable Sales(1)
|
Thirteen Weeks
Ended
|
|
Fifty-Two Weeks
Ended
|
|
January 27,
2018
|
|
January 28,
2017
|
|
January 27,
2018
|
|
January 28,
2017
|
Chico's
|
|
(3.2)%
|
|
|
(4.8)%
|
|
|
(7.2)%
|
|
|
(5.3)%
|
White House Black
Market
|
|
(9.3)%
|
|
|
(0.6)%
|
|
|
(10.9)%
|
|
|
(2.8)%
|
Soma
|
|
(2.3)%
|
|
|
0.4%
|
|
|
(1.5)%
|
|
|
0.5%
|
Total
Company
|
|
(5.2)%
|
|
|
(2.5)%
|
|
|
(7.7)%
|
|
|
(3.7)%
|
|
(1)
The 53rd week is excluded from comparable sales
calculations.
|
Gross Margin
For the fourth quarter, gross margin was $221.6 million, or 37.7% of net sales, compared
to $213.4 million, or 35.5% of net
sales, in last year's fourth quarter. This 220 basis point increase
primarily reflects a 170 basis point improvement in merchandise
margin driven by lower average unit costs and a reduction in store
occupancy costs.
Selling, General and Administrative Expenses
For the fourth quarter, selling, general and administrative
expenses ("SG&A") were $192.0
million, or 32.7% of net sales, compared to $192.0 million, or 31.9% of net sales, for last
year's fourth quarter. SG&A in the fourth quarter reflects a
$13 million decline in store-related
costs and marketing, primarily offset by the impact of the
53rd week.
Income Tax Expense
The fourth quarter effective tax rate was 4.4% which included an
approximate $10 million benefit
resulting from the impact of U.S. tax reform. Excluding the impact
of U.S. tax reform, the fourth quarter effective tax rate was 37.7%
compared to 35.4% for last year's fourth quarter. The fiscal 2017
effective tax rate was 29.7%. Excluding the impact of U.S. tax
reform, the fiscal 2017 effective tax rate was 36.4%.
Inventories
At the end of the fourth quarter, inventories totaled
$233.7 million compared to
$232.4 million at the end of the
fourth quarter last year. Inventories at the end of the fourth
quarter include a $16.5 million
increase due to a change in shipping terms with a supplier in
fiscal 2017. Excluding the impact of the change in shipping terms,
inventories decreased 6.5% reflecting continued inventory
management.
Share Repurchase Program
During the fourth quarter of 2017, under its $300.0 million share repurchase program announced
in November 2015, the Company
repurchased 0.2 million shares for $1.7
million, at a weighted average of $8.66 per share with $136.2 million remaining under the program.
During fiscal 2017, the Company repurchased a total of 2.7 million
shares for $27.4 million, at a
weighted average of $10.16 per
share.
2018 Full-Year Outlook
For fiscal 2018, the Company is anticipating a low single-digit
decline in consolidated comparable sales with comparable sales
performance stronger in the second half of the year compared to the
first half.
The Company expects gross margin expansion in the range of 125
to 150 basis points over fiscal 2017, driven by decreased average
unit costs and planned improvement in promotions. The Company also
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%. The rate includes the benefit of the new 21% federal rate,
partially offset by additional expenses due to changes in the
deductibility of executive compensation and a lower benefit from
state tax deductions.
In addition, the Company anticipates 2018 capital expenditures
to be $70 million to $80 million, primarily driven by store
reinvestments and technology enhancements.
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 February 3, 2018, the Company operated 1,460 stores
in the US and Canada and sold
merchandise through 94 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. 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.
Chico's FAS, Inc. • 11215 Metro Parkway •
Fort Myers, Florida 33966 • (239)
277-6200
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 "2018 Full-Year 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; 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, including sales
initiatives, and organizational redesign; the successful
integration of 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; 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.
and Subsidiaries
|
Condensed
Consolidated Statements of Income
|
(Unaudited)
|
(in thousands, except
per share amounts)
|
|
|
|
Fourteen Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
Fifty-Three
Weeks
Ended
|
|
Fifty-Two
Weeks
Ended
|
|
|
February 3,
2018
|
|
January 28,
2017
|
|
February 3,
2018
|
|
January 28,
2017
|
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's
|
|
$
|
290,699
|
|
|
49.4
|
|
|
$
|
290,763
|
|
|
48.4
|
|
|
$
|
1,187,603
|
|
|
52.0
|
|
|
$
|
1,285,830
|
|
|
51.9
|
|
White House Black
Market
|
|
197,919
|
|
|
33.7
|
|
|
212,615
|
|
|
35.4
|
|
|
750,912
|
|
|
32.9
|
|
|
846,035
|
|
|
34.2
|
|
Soma
|
|
99,165
|
|
|
16.9
|
|
|
97,411
|
|
|
16.2
|
|
|
343,864
|
|
|
15.1
|
|
|
344,545
|
|
|
13.9
|
|
Total net
sales
|
|
587,783
|
|
|
100.0
|
|
|
600,789
|
|
|
100.0
|
|
|
2,282,379
|
|
|
100.0
|
|
|
2,476,410
|
|
|
100.0
|
|
Cost of goods
sold
|
|
366,222
|
|
|
62.3
|
|
|
387,392
|
|
|
64.5
|
|
|
1,417,602
|
|
|
62.1
|
|
|
1,529,574
|
|
|
61.8
|
|
Gross
margin
|
|
221,561
|
|
|
37.7
|
|
|
213,397
|
|
|
35.5
|
|
|
864,777
|
|
|
37.9
|
|
|
946,836
|
|
|
38.2
|
|
Selling, general and
administrative expenses
|
|
192,002
|
|
|
32.7
|
|
|
191,990
|
|
|
31.9
|
|
|
719,607
|
|
|
31.5
|
|
|
775,107
|
|
|
31.2
|
|
Restructuring and
strategic charges
|
|
—
|
|
|
0.0
|
|
|
—
|
|
|
0.0
|
|
|
—
|
|
|
0.0
|
|
|
31,027
|
|
|
1.3
|
|
Income from
operations
|
|
29,559
|
|
|
5.0
|
|
|
21,407
|
|
|
3.6
|
|
|
145,170
|
|
|
6.4
|
|
|
140,702
|
|
|
5.7
|
|
Interest expense,
net
|
|
(284)
|
|
|
0.0
|
|
|
(499)
|
|
|
(0.1)
|
|
|
(1,570)
|
|
|
(0.1)
|
|
|
(1,973)
|
|
|
(0.1)
|
|
Income before
income taxes
|
|
29,275
|
|
|
5.0
|
|
|
20,908
|
|
|
3.5
|
|
|
143,600
|
|
|
6.3
|
|
|
138,729
|
|
|
5.6
|
|
Income tax
provision
|
|
1,300
|
|
|
0.2
|
|
|
7,400
|
|
|
1.3
|
|
|
42,600
|
|
|
1.9
|
|
|
47,500
|
|
|
1.9
|
|
Net
income
|
|
$
|
27,975
|
|
|
4.8
|
|
|
$
|
13,508
|
|
|
2.2
|
|
|
$
|
101,000
|
|
|
4.4
|
|
|
$
|
91,229
|
|
|
3.7
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share-basic
|
|
$
|
0.22
|
|
|
|
|
$
|
0.10
|
|
|
|
|
$
|
0.79
|
|
|
|
|
$
|
0.69
|
|
|
|
Net income per common
and common equivalent share–diluted
|
|
$
|
0.22
|
|
|
|
|
$
|
0.10
|
|
|
|
|
$
|
0.79
|
|
|
|
|
$
|
0.69
|
|
|
|
Weighted average
common shares outstanding–basic
|
|
124,747
|
|
|
|
|
126,489
|
|
|
|
|
125,341
|
|
|
|
|
128,995
|
|
|
|
Weighted average
common and common equivalent shares outstanding–diluted
|
|
124,808
|
|
|
|
|
126,905
|
|
|
|
|
125,403
|
|
|
|
|
129,237
|
|
|
|
Dividends declared
per share
|
|
$
|
0.0825
|
|
|
|
|
$
|
0.08
|
|
|
|
|
$
|
0.33
|
|
|
|
|
$
|
0.32
|
|
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(in
thousands)
|
|
|
February 3,
2018
|
|
January 28,
2017
|
|
ASSETS
|
Current
Assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
160,071
|
|
|
$
|
142,135
|
|
Marketable
securities, at fair value
|
60,060
|
|
|
50,370
|
|
Inventories
|
233,726
|
|
|
232,363
|
|
Prepaid expenses and
other current assets
|
60,668
|
|
|
52,758
|
|
Total Current
Assets
|
514,525
|
|
|
477,626
|
|
Property and
Equipment, net
|
421,038
|
|
|
477,185
|
|
Other
Assets:
|
|
|
|
Goodwill
|
96,774
|
|
|
96,774
|
|
Other intangible
assets, net
|
38,930
|
|
|
38,930
|
|
Other assets,
net
|
16,338
|
|
|
18,479
|
|
Total Other
Assets
|
152,042
|
|
|
154,183
|
|
|
$
|
1,087,605
|
|
|
$
|
1,108,994
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
Current
Liabilities:
|
|
|
|
Accounts
payable
|
$
|
118,253
|
|
|
$
|
116,378
|
|
Current
debt
|
15,000
|
|
|
16,250
|
|
Other current and
deferred liabilities
|
133,715
|
|
|
170,232
|
|
Total Current
Liabilities
|
266,968
|
|
|
302,860
|
|
Noncurrent
Liabilities:
|
|
|
|
Long-term
debt
|
53,601
|
|
|
68,535
|
|
Deferred
liabilities
|
103,282
|
|
|
118,543
|
|
Deferred
taxes
|
7,372
|
|
|
9,883
|
|
Total Noncurrent
Liabilities
|
164,255
|
|
|
196,961
|
|
Shareholders'
Equity:
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
Common
stock
|
1,275
|
|
|
1,288
|
|
Additional paid-in
capital
|
468,806
|
|
|
452,756
|
|
Treasury stock, at
cost
|
(413,465)
|
|
|
(386,094)
|
|
Retained
earnings
|
599,810
|
|
|
541,251
|
|
Accumulated other
comprehensive loss
|
(44)
|
|
|
(28)
|
|
Total
Shareholders' Equity
|
656,382
|
|
|
609,173
|
|
|
$
|
1,087,605
|
|
|
$
|
1,108,994
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Condensed
Consolidated Cash Flow Statements
|
(Unaudited)
|
(in
thousands)
|
|
|
Fifty-Three
Weeks Ended
|
|
Fifty-Two
Weeks Ended
|
|
February 3,
2018
|
|
January 28,
2017
|
Cash Flows From
Operating Activities:
|
|
|
|
Net income
|
$
|
101,000
|
|
|
$
|
91,229
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
96,310
|
|
|
109,251
|
|
Deferred tax
benefit
|
(2,070)
|
|
|
(8,427)
|
|
Stock-based
compensation expense
|
20,678
|
|
|
21,249
|
|
Deferred rent and
lease credits
|
(19,692)
|
|
|
(18,811)
|
|
Loss on disposal and
impairment of property and equipment
|
7,042
|
|
|
10,523
|
|
Changes in assets and
liabilities:
|
|
|
|
Inventories
|
(1,364)
|
|
|
1,472
|
|
Prepaid expenses and
other assets
|
(4,584)
|
|
|
(7,565)
|
|
Income tax
receivable
|
(311)
|
|
|
26,749
|
|
Accounts
payable
|
1,950
|
|
|
(13,015)
|
|
Accrued and other
liabilities
|
(32,086)
|
|
|
18,659
|
|
Net cash provided by
operating activities
|
166,873
|
|
|
231,314
|
|
Cash Flows From
Investing Activities:
|
|
|
|
Purchases of
marketable securities
|
(39,794)
|
|
|
(50,717)
|
|
Proceeds from sale of
marketable securities
|
30,045
|
|
|
50,508
|
|
Purchases of property
and equipment, net
|
(48,530)
|
|
|
(47,836)
|
|
Proceeds from sale of
land
|
—
|
|
|
16,217
|
|
Net cash used in
investing activities
|
(58,279)
|
|
|
(31,828)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
Payments on
borrowings
|
(16,250)
|
|
|
(7,500)
|
|
Proceeds from
issuance of common stock
|
2,127
|
|
|
4,359
|
|
Dividends
paid
|
(42,516)
|
|
|
(42,254)
|
|
Repurchase of common
stock
|
(27,398)
|
|
|
(96,363)
|
|
Payments of tax
withholdings related to stock-based awards
|
(6,740)
|
|
|
(5,515)
|
|
Net cash used in
financing activities
|
(90,777)
|
|
|
(147,273)
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
119
|
|
|
(29)
|
|
Net increase in cash
and cash equivalents
|
17,936
|
|
|
52,184
|
|
Cash and Cash
Equivalents, Beginning of period
|
142,135
|
|
|
89,951
|
|
Cash and Cash
Equivalents, End of period
|
$
|
160,071
|
|
|
$
|
142,135
|
|
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
composed 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 fourteen
and fifty-three weeks ended February 3, 2018 and thirteen and
fifty-two weeks ended January 28, 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 earnings per share shown on the face of the
accompanying condensed consolidated statements of income (in
thousands, except per share amounts):
|
|
Fourteen
Weeks Ended
|
|
Thirteen Weeks
Ended
|
|
Fifty-Three
Weeks Ended
|
|
Fifty-Two
Weeks Ended
|
|
|
February 3,
2018
|
|
January 28,
2017
|
|
February 3,
2018
|
|
January 28,
2017
|
Numerator
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
27,975
|
|
|
$
|
13,508
|
|
|
$
|
101,000
|
|
|
$
|
91,229
|
|
Net income and
dividends declared allocated to participating securities
|
|
(617)
|
|
|
(258)
|
|
|
(2,300)
|
|
|
(1,915)
|
|
Net income available
to common shareholders
|
|
$
|
27,358
|
|
|
$
|
13,250
|
|
|
$
|
98,700
|
|
|
$
|
89,314
|
|
Denominator
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
|
124,747
|
|
|
126,489
|
|
|
125,341
|
|
|
128,995
|
|
Dilutive effect of
non-participating securities
|
|
61
|
|
|
416
|
|
|
62
|
|
|
242
|
|
Weighted average
common and common equivalent shares outstanding –
diluted
|
|
124,808
|
|
|
126,905
|
|
|
125,403
|
|
|
129,237
|
|
Net income per
common share:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.22
|
|
|
$
|
0.10
|
|
|
$
|
0.79
|
|
|
$
|
0.69
|
|
Diluted
|
|
$
|
0.22
|
|
|
$
|
0.10
|
|
|
$
|
0.79
|
|
|
$
|
0.69
|
|
Reconciliation of Net Cash Provided by
Operating Activities to Free Cash Flow
(Non-GAAP
Financial Measure)
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 should be considered in addition to, not as a substitute
for, GAAP measures.
Free cash flow is a non-GAAP financial measure which the Company
defines as net cash provided by operating activities less purchases
of property and equipment. We believe free cash flow, when used in
conjunction with GAAP measures, provides investors with a
meaningful analysis of our ability to generate cash for
discretionary and non-discretionary items after deducting purchases
of property and equipment.
Free cash flow is not a measure of financial performance under
GAAP and should be considered in addition to, and not as a
substitute for, operating cash flows or other financial measures
prepared in accordance with GAAP. Our method of determining
non-GAAP financial measures may differ from other companies'
methods and therefore may not be comparable to those used by other
companies.
A reconciliation of net cash provided by operating activities on
a GAAP basis to free cash flow on a non-GAAP basis for the
fifty-three weeks ended February 3, 2018 is presented in the
table below:
Chico's FAS, Inc.
and Subsidiaries
|
Reconciliation of Net
Cash Provided by Operating Activities to Free Cash Flow
|
(Unaudited)
|
(in
thousands)
|
|
|
|
|
|
Fifty-Three Weeks
Ended
|
|
|
February 3,
2018
|
Net cash provided by
operating activities
|
|
$
|
166,873
|
|
Less: Purchases of
property and equipment, net
|
|
(48,530)
|
|
Free cash
flow
|
|
$
|
118,343
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Fourteen Weeks Ended
February 3, 2018
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
October 28,
2017
|
|
New Stores
|
|
Closures
|
|
February 3,
2018
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
576
|
|
—
|
|
(8)
|
|
568
|
|
|
Chico's
outlets
|
117
|
|
4
|
|
(1)
|
|
120
|
|
|
Chico's
Canada
|
4
|
|
—
|
|
—
|
|
4
|
|
|
WHBM frontline
boutiques
|
412
|
|
—
|
|
(8)
|
|
404
|
|
|
WHBM
outlets
|
69
|
|
—
|
|
—
|
|
69
|
|
|
WHBM
Canada
|
6
|
|
—
|
|
—
|
|
6
|
|
|
Soma frontline
boutiques
|
271
|
|
1
|
|
(2)
|
|
270
|
|
|
Soma
outlets
|
19
|
|
—
|
|
—
|
|
19
|
|
|
Total Chico's FAS,
Inc.
|
1,474
|
|
5
|
|
(19)
|
|
1,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
October 28,
2017
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
February 3,
2018
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,577,849
|
|
—
|
|
(22,561)
|
|
383
|
|
1,555,671
|
Chico's
outlets
|
294,257
|
|
9,826
|
|
(2,309)
|
|
314
|
|
302,088
|
Chico's
Canada
|
9,695
|
|
—
|
|
—
|
|
—
|
|
9,695
|
WHBM frontline
boutiques
|
958,030
|
|
—
|
|
(18,424)
|
|
—
|
|
939,606
|
WHBM
outlets
|
143,918
|
|
—
|
|
—
|
|
45
|
|
143,963
|
WHBM
Canada
|
14,891
|
|
—
|
|
—
|
|
—
|
|
14,891
|
Soma frontline
boutiques
|
513,548
|
|
1,693
|
|
(3,252)
|
|
—
|
|
511,989
|
Soma
outlets
|
35,541
|
|
—
|
|
—
|
|
—
|
|
35,541
|
Total Chico's FAS,
Inc.
|
3,547,729
|
|
11,519
|
|
(46,546)
|
|
742
|
|
3,513,444
|
As of February 3, 2018 the Company also sold merchandise
through 94 international franchise locations.
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Fifty-Three Weeks
Ended February 3, 2018
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
January 28,
2017
|
|
New Stores
|
|
Closures
|
|
February 3,
2018
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
587
|
|
—
|
|
(19)
|
|
568
|
|
|
Chico's
outlets
|
116
|
|
5
|
|
(1)
|
|
120
|
|
|
Chico's
Canada
|
4
|
|
—
|
|
—
|
|
4
|
|
|
WHBM frontline
boutiques
|
423
|
|
—
|
|
(19)
|
|
404
|
|
|
WHBM
outlets
|
71
|
|
—
|
|
(2)
|
|
69
|
|
|
WHBM
Canada
|
6
|
|
—
|
|
—
|
|
6
|
|
|
Soma frontline
boutiques
|
275
|
|
2
|
|
(7)
|
|
270
|
|
|
Soma
outlets
|
19
|
|
—
|
|
—
|
|
19
|
|
|
Total Chico's FAS,
Inc.
|
1,501
|
|
7
|
|
(48)
|
|
1,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 28,
2017
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
February 3,
2018
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,606,730
|
|
—
|
|
(47,279)
|
|
(3,780)
|
|
1,555,671
|
Chico's
outlets
|
291,455
|
|
12,163
|
|
(2,309)
|
|
779
|
|
302,088
|
Chico's
Canada
|
9,695
|
|
—
|
|
—
|
|
—
|
|
9,695
|
WHBM frontline
boutiques
|
984,754
|
|
—
|
|
(45,692)
|
|
544
|
|
939,606
|
WHBM
outlets
|
148,457
|
|
—
|
|
(4,316)
|
|
(178)
|
|
143,963
|
WHBM
Canada
|
14,891
|
|
—
|
|
—
|
|
—
|
|
14,891
|
Soma frontline
boutiques
|
519,945
|
|
3,882
|
|
(12,885)
|
|
1,047
|
|
511,989
|
Soma
outlets
|
35,637
|
|
—
|
|
—
|
|
(96)
|
|
35,541
|
Total Chico's FAS,
Inc.
|
3,611,564
|
|
16,045
|
|
(112,481)
|
|
(1,684)
|
|
3,513,444
|
As of February 3, 2018 the Company also sold merchandise
through 94 international franchise locations.
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SOURCE Chico's FAS, Inc.