FORT MYERS, Fla.,
Sept. 17, 2021 /PRNewswire/ -- Chico's FAS, Inc. (NYSE:
CHS) ("Chico's FAS" or the "Company") today announced that
Patrick J. Guido has been appointed
Chief Financial Officer of the Company, effective September 20, 2021 and will report directly to
Molly Langenstein, Chief Executive
Officer and President of Chico's FAS.
Mr. Guido has more than 20 years of finance and operations
experience and has held numerous executive leadership roles at
premier retail and consumer companies. He most recently served as
Senior Vice President and Chief Financial Officer at Asbury
Automotive Group, Inc., one of the largest automotive retail and
service companies in the U.S. In this role, he helped support
continued growth and financial strength during the COVID-19
pandemic, while also contributing to the development and
implementation of the long-term strategic plan.
Prior to this position, Mr. Guido served as Executive Vice
President and Chief Financial Officer of lululemon athletica inc.,
a multinational designer, distributor and retailer of healthy
lifestyle inspired athletic apparel and accessories. In this role,
he provided financial oversight and business analytics during a
historic growth period at the company, which resulted in a
significant increase in aggregate revenue, strong EPS growth and
substantial increase in share price over two years.
"PJ is a highly accomplished finance executive with deep
knowledge of the retail industry and a proven track
record guiding companies through significant growth periods,"
said Molly Langenstein. "We are
excited about the growth of our company. I am pleased to
welcome PJ to the Chico's FAS team."
"I am incredibly excited to join the Chico's FAS team and
leverage my industry experience to continue strengthening the
Company's financial and operational performance," said Mr. Guido.
"I look forward to partnering with Molly and the rest of the team
to continue capitalizing on Chico's FAS' impressive momentum in its
return to sustainable, profitable growth."
In connection with Mr. Guido's appointment, David Oliver, who has served as Interim Chief
Financial Officer since February
2020, has been reappointed to his prior role of Senior Vice
President Finance – Controller and Chief Accounting Officer.
Ms. Langenstein further commented, "On behalf of the Board and
management team, I want to thank David for his leadership and many
contributions over these past 18 months. We greatly value and
appreciate David's stalwart leadership and guidance during this
critical period in our company and look forward to continuing to
benefit from his talent and financial expertise."
Patrick J. Guido
Mr.
Guido most recently served as Senior Vice President and Chief
Financial Officer of Asbury Automotive Group, Inc. Prior to this
position, Mr. Guido served as Executive Vice President and Chief
Financial Officer of lululemon athletica inc. Before joining
lululemon in 2018, he served a seven-year tenure at VF Corporation,
a global leader in branded lifestyle apparel, footwear and
accessories, as Vice President, Treasury and Corporate Development.
In the role, he was responsible for managing capital allocation
strategies, mitigating global financial risk and executing on
multiple strategic initiatives for the company. Earlier in his
career, Mr. Guido served in roles of increasing responsibilities at
The Home Depot, Inc. and Saks Incorporated. He received his MBA
from Vanderbilt University and holds a
BS from Georgetown University.
ABOUT CHICO'S FAS, INC.
Chico's FAS is a Florida-based fashion company founded in 1983
on Sanibel Island, Fla. The Company reinvented the fashion retail
experience by creating fashion communities anchored by service,
which put the customer at the center of everything we do. As one of
the leading fashion retailers in North
America, Chico's FAS is a company of three unique brands -
Chico's®, WHBM® and Soma® - each thriving in their own white
space, founded by women, led by women, providing solutions that
millions of women say give them confidence and joy.
Our Company has a passion for fashion, and each day, we provide
clothing, shoes and accessories, intimate apparel and expert
styling in our brick-and-mortar boutiques, digital online boutiques
and through StyleConnect™, the Company's proprietary digital
styling tool that enables customers to conveniently shop wherever,
whenever and however they prefer.
As of July 31, 2021, the Company operated 1,284 stores in
the U.S. and sold merchandise through 66 international franchise
locations in Mexico and 2 domestic
franchise airport locations. 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.
To learn more about Chico's FAS, please visit 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 statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The statements, including
without limitation the quotes from Ms. Langenstein and Mr. Guido,
relate to expectations and projections regarding the Company's
future performance and may include the words "believe," "expect,"
"intend," "continue," "will," "drive," "should," "strategy,"
"potential," "confident" and similar terms. 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 risks and uncertainties that could
cause actual results to differ materially from historical results
or those expressed or implied by such forward-looking statements.
Although we believe our expectations are based on reasonable
estimates and assumptions, 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 actual results to differ
include, but are not limited to: the effects of the pandemic and
uncertainties about its depth and duration, new variants of
COVID-19 that have emerged, and the speed, efficacy and
availability of vaccine and treatment developments, as well as the
impacts to general economic conditions and the economic slowdown
affecting consumer behavior and discretionary spending (during and
after the pandemic) and any temporary store restrictions (including
reduced hours or capacity) due to government mandates; the
effectiveness of store reopenings, cost reduction initiatives, the
extent, availability and effectiveness of any pandemic stimulus
packages or loan programs, including the Coronavirus Aid, Relief,
and Economic Security Act, the ability of our third-party business
partners, including our suppliers, logistics providers, vendors and
landlords, to meet their obligations to us in light of financial
stress, staffing shortages, liquidity challenges, bankruptcy
filings by other industry participants and other disruptions due to
the pandemic, and the impact of the pandemic on our manufacturing
operations in China; our ability
to successfully implement any alternatives that we pursue including
our ability to maintain the cost savings described in this release;
government actions and policies; increases in unemployment rates
and taxes; local, regional, national and international economic
conditions; the risk that natural disasters, public health crises,
political uprisings, uncertainty or unrest, or other catastrophic
events could adversely affect our operations and financial results;
changes in the general economic and business environment; changes
in the general or specialty retail or apparel industries, including
the extent of the market demand and overall level of spending for
women's private branded clothing and related accessories; future
permanent store closures; the effectiveness of our brand
strategies, awareness and marketing programs; the ability to
successfully execute and achieve the expected results of our
business strategies and particular strategic initiatives
(including, but not limited to, the Company's turnaround strategy
and five fiscal 2021 operating priorities which are: continuing our
ongoing digital transformation; further refining product through
fit, quality, fabric and innovation; driving increased customer
engagement through marketing; maintaining our operating and cost
discipline; and further enhancing the productivity of our real
estate portfolio; cyber security or other data or security
breaches; sales initiatives and multi-channel strategies; customer
traffic; our ability to appropriately manage our inventory and
allocation processes; our ability to leverage inventory management
and targeted promotions; the successful recruitment of leadership
and the successful transition of members of our senior management
team; uncertainties regarding future unsolicited offers to buy the
Company and our ability to respond effectively to them as well as
to actions of activist shareholders and others; changes in the
political environment that create consumer uncertainty; the risk
that our investments in merchandise or marketing initiatives may
not deliver the results we anticipate; 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 increases in
costs pertaining to product deliveries and returns, higher freight
costs, product supplier handover delays and extended inbound
transit times); the risks and uncertainties that are related to our
reliance on sourcing from foreign suppliers, including significant
economic labor, political or other shifts (including the impact of
changes in tariffs, taxes or other import regulations, particularly
with respect to China, or
legislation prohibiting certain imports from China); the quality and timeliness of
merchandise received from suppliers; changes in the costs of
manufacturing, raw materials, transportation, distribution, labor
and advertising; new or increased taxes or tariffs that could
impact, among other things, our sourcing from foreign suppliers;
the risk that future legislation may prohibit certain imports from
China; and significant shifts in
consumer behavior. Other risk factors are detailed in the Company's
Annual Report on Form 10-K and, from time to time, the Company's
Quarterly Reports on Form 10-Q and other reports filed with the
Securities and Exchange Commission. These factors should be
considered in evaluating forward-looking statements contained
herein. There can be no assurance that the actual future results,
performance, or achievements expressed or implied by such
forward-looking statements will occur. 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.
MEDIA CONTACT:
Tom
Filandro
ICR, Inc.
(646) 277-1235
tom.filandro@icrinc.com
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SOURCE Chico's FAS, Inc.