FORT MYERS, Fla., Nov. 25, 2014 /PRNewswire/ -- Chico's FAS,
Inc. (NYSE: CHS) today announced its financial results for the
fiscal 2014 third quarter and thirty-nine weeks ended
November 1, 2014.
For the thirteen weeks ended November 1, 2014 (the third
quarter), the Company reported net income of $26.5 million compared to adjusted net income of
$35.8 million for the thirteen weeks
ended November 2, 2013, and third quarter 2014 earnings per
diluted share of $0.17 compared to
adjusted earnings per diluted share of $0.22 in last year's third quarter. Last year,
the adjusted results for the third quarter excluded charges related
to Boston Proper non-cash goodwill and trade name impairment (the
Impairment Charges), as presented in the accompanying GAAP to
non-GAAP reconciliation. Including the impact of the Impairment
Charges, the Company reported a third quarter 2013 net loss of
$28.5 million, or $0.18 per diluted share.
For the thirty-nine weeks ended November 1, 2014, the
Company reported net income of $96.5
million compared to adjusted net income of $131.1 million in the same period last year, and
earnings per diluted share of $0.63
compared to adjusted earnings per diluted share of $0.81 in the same period last year. In fiscal
2013, the adjusted results excluded the Impairment Charges and
non-recurring acquisition and integration costs, as presented in
the accompanying GAAP to non-GAAP reconciliation. Including the
impact of the Impairment Charges and non-recurring acquisition and
integration costs, the Company reported net income of $66.2 million, or $0.41 per diluted share in 2013.
Todd E. Vogensen, Senior Vice
President and Chief Financial Officer, Chico's FAS, said, "In
addition to our brand strategies, fiscal discipline is an important
driver of value creation. We remain focused on inventory
management and ensuring SG&A and capital investments are
aligned with meaningful growth opportunities. We are making
progress on the initiatives discussed at our analyst day to achieve
these objectives and expect the benefits to become more visible in
our results over the coming quarters."
Net Sales
For the third quarter, net sales were $665.6 million, an increase of 1.5% compared to
$655.6 million in last year's third
quarter, primarily reflecting 87 net new stores for a square
footage increase of 5.4%, partially offset by a 1.6% decrease in
comparable sales. The 1.6% decrease in comparable sales for the
third quarter was following a 1.4% decrease in last year's third
quarter, and reflected a decrease in average dollar sale partially
offset by an increase in transaction count.
For the third quarter, the Chico's/Soma Intimates brands'
comparable sales decreased 1.6% following a 3.3% decrease in last
year's third quarter. The Chico's brand experienced a low single
digit decrease in comparable sales in the third quarter compared to
a mid-single digit decrease in last year's third quarter, and the
Soma Intimates brand experienced a mid-single digit comparable
sales increase in the third quarter compared to a high-single digit
increase in last year's third quarter. The White House | Black
Market brand's comparable sales decreased 1.4% following a 2.5%
increase in last year's third quarter.
Gross Margin
For the third quarter, gross margin was $363.8 million compared to $364.0 million in last year's third quarter.
Gross margin was 54.7% of net sales, an 80 basis point decrease
from last year's third quarter, primarily reflecting increased
promotional activity to sell through seasonal merchandise.
Selling, General and Administrative Expenses
For the third quarter, selling, general and administrative
expenses ("SG&A") were $321.6
million compared to $308.5
million in last year's third quarter. SG&A was 48.3% of
net sales, a 120 basis point increase from last year's third
quarter, primarily reflecting sales deleverage of store expenses,
the impact of approximately $5
million in incremental investment spending on strategic
initiatives and cycling the reversal of incentive compensation
in fiscal 2013.
Income Tax Provision
For the third quarter, the effective tax rate was 37.4% compared
to an effective tax rate of (68.7)% in last year's third quarter.
The income tax provision of $11.6
million and effective tax rate of (68.7)% in last year's
third quarter reflects the impact of the Impairment Charges on the
annual effective tax rate. Excluding the tax impact of the
Impairment Charges, the 2013 third quarter effective tax rate would
have been 35.6% compared to an effective tax rate of 37.4% in the
third quarter of fiscal 2014, primarily reflecting federal tax and
refund claims filed in the third quarter of 2013.
Inventories
At the end of the third quarter of 2014, total inventories per
selling square foot increased 1.6%, excluding in-transit
inventories. In-transit inventories increased by $10.0 million, primarily reflecting an increase
in the length of in-transit times for ocean shipments, as well as
delays at West Coast ports.
ABOUT CHICO'S FAS, INC.
The Company, through its brands – Chico's, White House | Black
Market, Soma Intimates, 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 November 1, 2014, the Company operated 1,557 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. Users of
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:
Dave
Slater
Vice President – Investor Relations
Chico's FAS, Inc.
(239) 346-4199
Chico's FAS, Inc.
and Subsidiaries
|
Condensed
Consolidated Statements of Income (Loss)
|
(Unaudited)
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
November 1,
2014
|
|
November 2,
2013
|
|
November 1,
2014
|
|
November 2,
2013
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's/Soma
Intimates
|
$
|
1,290,239
|
|
|
63.9
|
%
|
|
$
|
1,255,214
|
|
|
63.5
|
%
|
|
$
|
418,230
|
|
|
62.9
|
%
|
|
$
|
415,819
|
|
|
63.4
|
%
|
White House | Black
Market
|
655,639
|
|
|
32.5
|
%
|
|
643,688
|
|
|
32.6
|
%
|
|
224,552
|
|
|
33.7
|
%
|
|
218,200
|
|
|
33.3
|
%
|
Boston
Proper
|
72,426
|
|
|
3.6
|
%
|
|
76,902
|
|
|
3.9
|
%
|
|
22,787
|
|
|
3.4
|
%
|
|
21,560
|
|
|
3.3
|
%
|
Total net
sales
|
2,018,304
|
|
|
100.0
|
%
|
|
1,975,804
|
|
|
100.0
|
%
|
|
665,569
|
|
|
100.0
|
%
|
|
655,579
|
|
|
100.0
|
%
|
Cost of goods
sold
|
920,148
|
|
|
45.6
|
%
|
|
868,808
|
|
|
44.0
|
%
|
|
301,776
|
|
|
45.3
|
%
|
|
291,569
|
|
|
44.5
|
%
|
Gross
margin
|
1,098,156
|
|
|
54.4
|
%
|
|
1,106,996
|
|
|
56.0
|
%
|
|
363,793
|
|
|
54.7
|
%
|
|
364,010
|
|
|
55.5
|
%
|
Selling, general and
administrative
expenses
|
945,360
|
|
|
46.8
|
%
|
|
899,689
|
|
|
45.5
|
%
|
|
321,574
|
|
|
48.3
|
%
|
|
308,528
|
|
|
47.1
|
%
|
Goodwill and trade
name impairment
charges
|
—
|
|
|
0.0
|
%
|
|
72,466
|
|
|
3.7
|
%
|
|
—
|
|
|
0.0
|
%
|
|
72,466
|
|
|
11.0
|
%
|
Acquisition and
integration costs
|
—
|
|
|
0.0
|
%
|
|
914
|
|
|
0.0
|
%
|
|
—
|
|
|
0.0
|
%
|
|
—
|
|
|
0.0
|
%
|
Income (loss) from
operations
|
152,796
|
|
|
7.6
|
%
|
|
133,927
|
|
|
6.8
|
%
|
|
42,219
|
|
|
6.4
|
%
|
|
(16,984)
|
|
|
(2.6)
|
%
|
Interest income,
net
|
75
|
|
|
0.0
|
%
|
|
404
|
|
|
0.0
|
%
|
|
44
|
|
|
0.0
|
%
|
|
105
|
|
|
0.0
|
%
|
Income (loss)
before income taxes
|
152,871
|
|
|
7.6
|
%
|
|
134,331
|
|
|
6.8
|
%
|
|
42,263
|
|
|
6.4
|
%
|
|
(16,879)
|
|
|
(2.6)
|
%
|
Income tax
provision
|
56,400
|
|
|
2.8
|
%
|
|
68,100
|
|
|
3.4
|
%
|
|
15,800
|
|
|
2.4
|
%
|
|
11,600
|
|
|
1.7
|
%
|
Net income
(loss)
|
$
|
96,471
|
|
|
4.8
|
%
|
|
$
|
66,231
|
|
|
3.4
|
%
|
|
$
|
26,463
|
|
|
4.0
|
%
|
|
$
|
(28,479)
|
|
|
(4.3)
|
%
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per
common share-
basic
|
$
|
0.63
|
|
|
|
|
|
$
|
0.41
|
|
|
|
|
|
$
|
0.17
|
|
|
|
|
|
$
|
(0.18)
|
|
|
|
|
Net income (loss) per
common and
common equivalent
share–diluted
|
$
|
0.63
|
|
|
|
|
|
$
|
0.41
|
|
|
|
|
|
$
|
0.17
|
|
|
|
|
|
$
|
(0.18)
|
|
|
|
|
Weighted average
common shares
outstanding–basic
|
148,577
|
|
|
|
|
|
156,662
|
|
|
|
|
|
148,564
|
|
|
|
|
|
155,228
|
|
|
|
|
Weighted average
common and common
equivalent shares
outstanding–diluted
|
149,093
|
|
|
|
|
|
157,604
|
|
|
|
|
|
149,037
|
|
|
|
|
|
155,228
|
|
|
|
|
Dividends declared
per share
|
$
|
0.225
|
|
|
|
|
|
$
|
0.165
|
|
|
|
|
|
$
|
—
|
|
|
|
|
|
$
|
—
|
|
|
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Condensed
Consolidated Balance Sheets
|
(Unaudited)
|
(in
thousands)
|
|
|
|
November 1,
2014
|
|
February 1,
2014
|
|
November 2,
2013
|
|
|
|
|
|
|
|
|
|
ASSETS
|
Current
Assets:
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
67,172
|
|
|
$
|
36,444
|
|
|
$
|
52,524
|
|
Marketable
securities, at fair value
|
124,042
|
|
|
116,002
|
|
|
197,235
|
|
Inventories
|
294,234
|
|
|
238,145
|
|
|
267,430
|
|
Prepaid expenses and
other current assets
|
52,062
|
|
|
50,698
|
|
|
55,835
|
|
Total Current
Assets
|
537,510
|
|
|
441,289
|
|
|
573,024
|
|
Property and
Equipment, net
|
641,187
|
|
|
631,050
|
|
|
635,284
|
|
Other
Assets:
|
|
|
|
|
|
|
|
|
Goodwill
|
171,427
|
|
|
171,427
|
|
|
171,427
|
|
Other intangible
assets, net
|
114,927
|
|
|
118,196
|
|
|
119,269
|
|
Other assets,
net
|
12,897
|
|
|
9,229
|
|
|
9,252
|
|
Total Other
Assets
|
299,251
|
|
|
298,852
|
|
|
299,948
|
|
|
$
|
1,477,948
|
|
|
$
|
1,371,191
|
|
|
$
|
1,508,256
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
Liabilities:
|
|
|
|
|
|
|
|
|
Accounts
payable
|
$
|
162,641
|
|
|
$
|
131,254
|
|
|
$
|
152,698
|
|
Other current and
deferred liabilities
|
145,972
|
|
|
142,073
|
|
|
121,796
|
|
Total Current
Liabilities
|
308,613
|
|
|
273,327
|
|
|
274,494
|
|
Noncurrent
Liabilities:
|
|
|
|
|
|
|
|
|
Deferred
liabilities
|
146,715
|
|
|
138,874
|
|
|
143,991
|
|
Deferred
taxes
|
42,306
|
|
|
49,887
|
|
|
53,338
|
|
Total Noncurrent
Liabilities
|
189,021
|
|
|
188,761
|
|
|
197,329
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
Common
stock
|
1,529
|
|
|
1,522
|
|
|
1,588
|
|
Additional paid-in
capital
|
401,110
|
|
|
382,088
|
|
|
372,325
|
|
Retained
earnings
|
577,528
|
|
|
525,381
|
|
|
662,375
|
|
Accumulated other
comprehensive income
|
147
|
|
|
112
|
|
|
145
|
|
Total
Stockholders' Equity
|
980,314
|
|
|
909,103
|
|
|
1,036,433
|
|
|
$
|
1,477,948
|
|
|
$
|
1,371,191
|
|
|
$
|
1,508,256
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Condensed
Consolidated Cash Flow Statements
|
(Unaudited)
|
(in
thousands)
|
|
|
|
Thirty-Nine Weeks
Ended
|
|
November 1,
2014
|
|
November 2,
2013
|
Cash Flows From
Operating Activities:
|
|
|
|
|
|
Net income
|
$
|
96,471
|
|
|
$
|
66,231
|
|
Adjustments to
reconcile net income to net cash provided by operating activities
—
|
|
|
|
|
|
Goodwill and trade
name impairment charges
|
—
|
|
|
72,466
|
|
Depreciation and
amortization
|
90,514
|
|
|
88,123
|
|
Deferred tax
(benefit) expense
|
(9,204)
|
|
|
6,024
|
|
Stock-based
compensation expense
|
20,041
|
|
|
19,542
|
|
Excess tax benefit
from stock-based compensation
|
(1,654)
|
|
|
(1,281)
|
|
Deferred rent and
lease credits
|
(13,754)
|
|
|
(13,299)
|
|
Loss on disposal and
impairment of property and equipment
|
757
|
|
|
1,432
|
|
Changes in assets and
liabilities:
|
|
|
|
|
|
Inventories
|
(56,089)
|
|
|
(60,581)
|
|
Prepaid expenses and
other assets
|
(5,032)
|
|
|
(1,775)
|
|
Accounts
payable
|
31,387
|
|
|
23,311
|
|
Accrued and other
liabilities
|
27,655
|
|
|
(25,087)
|
|
Net cash provided by
operating activities
|
181,092
|
|
|
175,106
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
|
Purchases of
marketable securities
|
(81,134)
|
|
|
(90,669)
|
|
Proceeds from sale of
marketable securities
|
73,062
|
|
|
165,852
|
|
Purchases of property
and equipment, net
|
(98,084)
|
|
|
(113,376)
|
|
Net cash used in
investing activities
|
(106,156)
|
|
|
(38,193)
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
|
Proceeds from
issuance of common stock
|
5,930
|
|
|
10,176
|
|
Excess tax benefit
from stock-based compensation
|
1,654
|
|
|
1,281
|
|
Dividends
paid
|
(34,329)
|
|
|
(26,536)
|
|
Repurchase of common
stock
|
(17,579)
|
|
|
(126,179)
|
|
Net cash used in
financing activities
|
(44,324)
|
|
|
(141,258)
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
116
|
|
|
10
|
|
Net increase
(decrease) in cash and cash equivalents
|
30,728
|
|
|
(4,335)
|
|
Cash and Cash
Equivalents, Beginning of period
|
36,444
|
|
|
56,859
|
|
Cash and Cash
Equivalents, End of period
|
$
|
67,172
|
|
|
$
|
52,524
|
|
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 weeks and thirteen weeks ended November 1,
2014 and November 2, 2013, potential common shares from
non-participating securities were excluded from the computation of
diluted EPS because 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 (loss) (in
thousands, except per share amounts):
|
Thirty-Nine Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
November
1,
2014
|
|
November
2,
2013
|
|
November
1,
2014
|
|
November
2,
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
96,471
|
|
|
$
|
66,231
|
|
|
$
|
26,463
|
|
|
$
|
(28,479)
|
|
Net income and
dividends declared allocated to participating
securities
|
(2,648)
|
|
|
(1,785)
|
|
|
(745)
|
|
|
—
|
|
Net income (loss)
available to common shareholders
|
$
|
93,823
|
|
|
$
|
64,446
|
|
|
$
|
25,718
|
|
|
$
|
(28,479)
|
|
Denominator
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
148,577
|
|
|
156,662
|
|
|
148,564
|
|
|
155,228
|
|
Dilutive effect of
non-participating securities
|
516
|
|
|
942
|
|
|
473
|
|
|
—
|
|
Weighted average
common and common equivalent shares
outstanding –
diluted
|
149,093
|
|
|
157,604
|
|
|
149,037
|
|
|
155,228
|
|
Net income (loss) per
common share*:
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.63
|
|
|
$
|
0.41
|
|
|
$
|
0.17
|
|
|
$
|
(0.18)
|
|
Diluted
|
$
|
0.63
|
|
|
$
|
0.41
|
|
|
$
|
0.17
|
|
|
$
|
(0.18)
|
|
|
*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 non-recurring charges including
goodwill and trade name impairment and acquisition and integration
costs, 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 (loss) and earnings per diluted share on a GAAP basis to
net income and earnings per diluted share on a non-GAAP 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
|
|
|
November
1,
2014
|
|
November
2,
2013
|
|
November
1,
2014
|
|
November
2,
2013
|
Net income
(loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
basis
|
|
$
|
96,471
|
|
|
$
|
66,231
|
|
|
$
|
26,463
|
|
|
$
|
(28,479)
|
|
Add: Impact of
goodwill and trade name impairment
charges, net of
tax
|
|
—
|
|
|
64,266
|
|
|
—
|
|
|
64,266
|
|
Add: Impact of
acquisition and integration costs, net of
tax
|
|
—
|
|
|
577
|
|
|
—
|
|
|
—
|
|
Non-GAAP adjusted
basis
|
|
$
|
96,471
|
|
|
$
|
131,074
|
|
|
$
|
26,463
|
|
|
$
|
35,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
per diluted share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP
basis
|
|
$
|
0.63
|
|
|
$
|
0.41
|
|
|
$
|
0.17
|
|
|
$
|
(0.18)
|
|
Add: Impact of
goodwill and trade name impairment
charges, net of
tax
|
|
0.00
|
|
|
0.40
|
|
|
0.00
|
|
|
0.40
|
|
Add: Impact of
acquisition and integration costs, net of
tax
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
|
0.00
|
|
Non-GAAP adjusted
basis
|
|
$
|
0.63
|
|
|
$
|
0.81
|
|
|
$
|
0.17
|
|
|
$
|
0.22
|
|
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Thirteen Weeks Ended
November 1, 2014
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
8/2/14
|
|
New Stores
|
|
Closures
|
|
As of
11/1/14
|
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
620
|
|
|
3
|
|
|
(2)
|
|
|
621
|
|
|
|
|
Chico's
outlets
|
115
|
|
|
3
|
|
|
—
|
|
|
118
|
|
|
|
|
Chico's
Canada
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
|
|
WH|BM frontline
boutiques
|
441
|
|
|
8
|
|
|
(3)
|
|
|
446
|
|
|
|
|
WH|BM
outlets
|
63
|
|
|
4
|
|
|
—
|
|
|
67
|
|
|
|
|
WH|BM
Canada
|
4
|
|
|
1
|
|
|
—
|
|
|
5
|
|
|
|
|
Soma frontline
boutiques
|
254
|
|
|
10
|
|
|
(1)
|
|
|
263
|
|
|
|
|
Soma
outlets
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|
|
Boston Proper
frontline boutiques
|
11
|
|
|
6
|
|
|
—
|
|
|
17
|
|
|
|
|
Total Chico's FAS,
Inc.*
|
1,525
|
|
|
38
|
|
|
(6)
|
|
|
1,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
8/2/14
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
As of
11/1/14
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,692,561
|
|
|
8,283
|
|
|
(5,398)
|
|
|
(758)
|
|
|
1,694,688
|
|
Chico's
outlets
|
288,979
|
|
|
7,201
|
|
|
—
|
|
|
—
|
|
|
296,180
|
|
Chico's
Canada
|
—
|
|
|
7,313
|
|
|
—
|
|
|
—
|
|
|
7,313
|
|
WH|BM frontline
boutiques
|
1,003,679
|
|
|
19,923
|
|
|
(5,893)
|
|
|
891
|
|
|
1,018,600
|
|
WH|BM
outlets
|
130,709
|
|
|
8,978
|
|
|
—
|
|
|
—
|
|
|
139,687
|
|
WH|BM
Canada
|
10,051
|
|
|
2,409
|
|
|
—
|
|
|
—
|
|
|
12,460
|
|
Soma frontline
boutiques
|
479,185
|
|
|
19,024
|
|
|
(1,923)
|
|
|
823
|
|
|
497,109
|
|
Soma
outlets
|
31,672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,672
|
|
Boston Proper
frontline boutiques
|
18,276
|
|
|
10,871
|
|
|
—
|
|
|
—
|
|
|
29,147
|
|
Total Chico's FAS,
Inc.
|
3,655,112
|
|
|
84,002
|
|
|
(13,214)
|
|
|
956
|
|
|
3,726,856
|
|
|
* As of November 1,
2014 the Company also sold merchandise through 16 international
franchise locations.
|
Chico's FAS, Inc.
and Subsidiaries
|
Store Count and
Square Footage
|
Thirty-Nine Weeks
Ended November 1, 2014
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
2/1/14
|
|
New Stores
|
|
Closures
|
|
As of
11/1/14
|
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
611
|
|
|
14
|
|
|
(4)
|
|
|
621
|
|
|
|
|
Chico's
outlets
|
110
|
|
|
10
|
|
|
(2)
|
|
|
118
|
|
|
|
|
Chico's
Canada
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
|
|
WH|BM frontline
boutiques
|
436
|
|
|
17
|
|
|
(7)
|
|
|
446
|
|
|
|
|
WH|BM
outlets
|
59
|
|
|
8
|
|
|
—
|
|
|
67
|
|
|
|
|
WH|BM
Canada
|
3
|
|
|
2
|
|
|
—
|
|
|
5
|
|
|
|
|
Soma frontline
boutiques
|
232
|
|
|
33
|
|
|
(2)
|
|
|
263
|
|
|
|
|
Soma
outlets
|
17
|
|
|
1
|
|
|
(1)
|
|
|
17
|
|
|
|
|
Boston Proper
frontline boutiques
|
4
|
|
|
13
|
|
|
—
|
|
|
17
|
|
|
|
|
Total Chico's FAS,
Inc.*
|
1,472
|
|
|
101
|
|
|
(16)
|
|
|
1,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of
2/1/14
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
As of
11/1/14
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,672,225
|
|
|
36,246
|
|
|
(10,942)
|
|
|
(2,841)
|
|
|
1,694,688
|
|
Chico's
outlets
|
278,223
|
|
|
24,294
|
|
|
(6,337)
|
|
|
—
|
|
|
296,180
|
|
Chico's
Canada
|
—
|
|
|
7,313
|
|
|
—
|
|
|
—
|
|
|
7,313
|
|
WH|BM frontline
boutiques
|
986,708
|
|
|
43,611
|
|
|
(15,338)
|
|
|
3,619
|
|
|
1,018,600
|
|
WH|BM
outlets
|
121,565
|
|
|
18,122
|
|
|
—
|
|
|
—
|
|
|
139,687
|
|
WH|BM
Canada
|
7,987
|
|
|
4,473
|
|
|
—
|
|
|
—
|
|
|
12,460
|
|
Soma frontline
boutiques
|
441,387
|
|
|
60,411
|
|
|
(3,607)
|
|
|
(1,082)
|
|
|
497,109
|
|
Soma
outlets
|
32,682
|
|
|
1,445
|
|
|
(2,346)
|
|
|
(109)
|
|
|
31,672
|
|
Boston Proper
frontline boutiques
|
6,003
|
|
|
23,144
|
|
|
—
|
|
|
—
|
|
|
29,147
|
|
Total Chico's FAS,
Inc.
|
3,546,780
|
|
|
219,059
|
|
|
(38,570)
|
|
|
(413)
|
|
|
3,726,856
|
|
|
* As of November 1,
2014 the Company also sold merchandise through 16 international
franchise locations.
|
Logo -
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SOURCE Chico's FAS, Inc.