FORT MYERS, Fla., Aug. 26,
2015 /PRNewswire/ -- Chico's FAS, Inc. (NYSE: CHS) today
announced its financial results for the fiscal 2015 second quarter
and twenty-six weeks ended August 1, 2015, and a plan (the
"Plan") to sell the Boston Proper direct-to-consumer ("DTC")
business and close its existing stores.
For the thirteen weeks ended August 1, 2015 ("the second
quarter"), the Company reported adjusted net income of $35.5 million compared to net income of
$30.1 million for the thirteen weeks
ended August 2, 2014, and second quarter 2015 adjusted
earnings per diluted share of $0.25
compared to earnings per diluted share of $0.20 in last year's second quarter. The second
quarter adjusted results exclude net charges of $0.23 per diluted share in 2015 related to the
Plan to exit Boston Proper and restructuring and strategic charges
(the "Net Charges"), as presented in the accompanying GAAP to
Non-GAAP Reconciliation. Including the impact of the Net Charges,
the Company reported second quarter 2015 net income of $2.1 million, or $0.02 per diluted share.
For the twenty-six weeks ended August 1, 2015, the Company
reported adjusted net income of $77.3
million compared to net income of $70.0 million for the twenty-six weeks ended
August 2, 2014, and adjusted earnings per diluted share of
$0.53 compared to earnings per
diluted share of $0.46 in the same
period last year. The adjusted results exclude Net Charges of
$0.29 per diluted share in 2015, as
presented in the accompanying GAAP to Non-GAAP
Reconciliation. Including the impact of the Net Charges, the
Company reported net income of $34.6
million, or $0.24 per diluted
share in 2015.
Net Sales
For the second quarter, net sales were $680.4 million, an increase of 1.4% compared to
$671.1 million in last year's second
quarter, primarily reflecting 23 net new stores for a square
footage increase of 1.3% and a 0.5% increase in comparable sales.
The 0.5% increase in comparable sales for the second quarter was on
top of a 0.3% increase in last year's second quarter, and reflected
an increase in average dollar sale partially offset by a decrease
in transaction count.
Comparable Sales
|
Twenty-Six Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
August 1,
2015
|
|
August 2,
2014
|
|
August 1,
2015
|
|
August 2,
2014
|
|
Chico's
|
(0.8)
|
%
|
|
(0.1)
|
%
|
|
0.9
|
%
|
|
0.7
|
%
|
|
White House | Black
Market
|
0.0
|
%
|
|
(5.4)
|
%
|
|
(1.9)
|
%
|
|
(1.9)
|
%
|
|
Soma
|
5.7
|
%
|
|
6.7
|
%
|
|
5.1
|
%
|
|
4.7
|
%
|
|
Total
Company
|
0.2
|
%
|
|
(1.2)
|
%
|
|
0.5
|
%
|
|
0.3
|
%
|
Gross Margin
For the second quarter, gross margin was $366.0 million compared to $351.5 million in last year's second quarter.
Gross margin was 53.8% of net sales, a 140 basis point increase
from last year's second quarter, primarily reflecting a decrease in
promotional activity in response to improved inventory management,
and benefits from previously announced cost reduction efforts,
partially offset by an increase in accrued incentive
compensation.
Selling, General and Administrative Expenses
For the second quarter, selling, general and administrative
expenses ("SG&A") were $308.4
million compared to $304.7
million in last year's second quarter. SG&A was 45.3% of
net sales, a 10 basis point decrease from last year's second
quarter, primarily reflecting benefits from previously announced
cost reduction efforts, partially offset by an increase in accrued
incentive compensation and occupancy costs.
Restructuring and Strategic Charges
For the second quarter, the Company recorded pre-tax
restructuring and strategic charges of $16.2
million, primarily related to non-cash property and
equipment impairment charges for the Boston Proper stores. On an
after-tax basis, the second quarter impact of these charges was
$10.1 million, or $0.07 per diluted share.
Impairment Charges
For the second quarter of fiscal 2015, in connection with the
Plan, the Company determined that certain Boston Proper intangibles
were impaired and recorded $66.9 million in pre-tax,
non-cash goodwill and trade name impairment charges ("Impairment
Charges"), comprised of $48.9 million related to goodwill
and $18.0 million related to the trade name. On an
after-tax basis, second quarter Impairment Charges were
$47.1 million, or $0.33 per diluted share.
Income Tax Benefit
Excluding the tax benefits related to the Plan, the 2015 second
quarter effective tax rate would have been 37.7% compared to an
effective tax rate of 35.5% for the same period last year,
primarily reflecting favorable state tax settlements in fiscal
2014.
Inventories
At the end of the second quarter of 2015, inventories totaled
$250.3 million, when including
inventory related to the Boston Proper DTC business, compared to
$238.1 million in last year's second
quarter. Inventories per selling square foot decreased 5.7%, when
excluding in-transit inventories, primarily reflecting improved
inventory management and lower average unit cost compared to the
second quarter last year. In-transit inventories increased by
$20.3 million, primarily reflecting
longer in-transit times and accelerated shipping dates to
facilitate timely merchandise receipts.
Assets and Liabilities Held for Sale
At the end of the second quarter of 2015, current assets
included $85.9 million in assets held
for sale, primarily comprised of $61.9
million in Boston Proper DTC assets and $16.4 million in vacant land. Current liabilities
included $7.3 million in Boston
Proper DTC liabilities held for sale.
Debt
During the second quarter of fiscal 2015, the Company
repaid $26.5 million borrowed against
the Company's credit facilities. At the end of the quarter, the
Company had $97.2 million in net borrowings outstanding
under its term loan commitment and no borrowings outstanding under
its revolving credit facility.
Accelerated Stock Repurchase Agreements
During the second quarter of fiscal 2015, the Company
received 3.9 million additional shares upon the completion of the
accelerated stock repurchase agreements ("ASR Agreements") entered
into in the first quarter of fiscal 2015. Under the ASR Agreements,
the Company repurchased a total of 14.6 million shares for
$250.0 million.
ABOUT CHICO'S FAS, INC.
The Company, through its brands – Chico's, White House | Black
Market, Soma, 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 August 1, 2015, the Company operated 1,548 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. Investors using
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:
Jennifer
Powers Adkins
Vice President – Investor Relations
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)
|
|
|
Twenty-Six Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
August 1,
2015
|
|
August 2,
2014
|
|
August 1,
2015
|
|
August 2,
2014
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Net
sales:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Chico's
|
$
|
722,334
|
|
|
52.6
|
%
|
|
$
|
722,271
|
|
|
53.4
|
%
|
|
$
|
353,842
|
|
|
52.0
|
%
|
|
$
|
349,983
|
|
|
52.1
|
%
|
|
White House | Black
Market
|
436,957
|
|
|
31.8
|
%
|
|
431,087
|
|
|
31.9
|
%
|
|
212,437
|
|
|
31.2
|
%
|
|
213,914
|
|
|
31.9
|
%
|
|
Soma
|
166,410
|
|
|
12.1
|
%
|
|
149,738
|
|
|
11.0
|
%
|
|
89,864
|
|
|
13.2
|
%
|
|
81,905
|
|
|
12.2
|
%
|
|
Boston
Proper
|
47,990
|
|
|
3.5
|
%
|
|
49,639
|
|
|
3.7
|
%
|
|
24,209
|
|
|
3.6
|
%
|
|
25,328
|
|
|
3.8
|
%
|
|
Total net
sales
|
1,373,691
|
|
|
100.0
|
%
|
|
1,352,735
|
|
|
100.0
|
%
|
|
680,352
|
|
|
100.0
|
%
|
|
671,130
|
|
|
100.0
|
%
|
|
Cost of goods
sold
|
611,953
|
|
|
44.5
|
%
|
|
618,372
|
|
|
45.7
|
%
|
|
314,384
|
|
|
46.2
|
%
|
|
319,658
|
|
|
47.6
|
%
|
|
Gross
margin
|
761,738
|
|
|
55.5
|
%
|
|
734,363
|
|
|
54.3
|
%
|
|
365,968
|
|
|
53.8
|
%
|
|
351,472
|
|
|
52.4
|
%
|
|
Selling, general and
administrative expenses
|
636,654
|
|
|
46.3
|
%
|
|
623,786
|
|
|
46.1
|
%
|
|
308,437
|
|
|
45.3
|
%
|
|
304,737
|
|
|
45.4
|
%
|
|
Goodwill and trade
name impairment charges
|
66,941
|
|
|
4.9
|
%
|
|
—
|
|
|
0.0
|
%
|
|
66,941
|
|
|
9.8
|
%
|
|
—
|
|
|
0.0
|
%
|
|
Restructuring and
strategic charges
|
31,041
|
|
|
2.3
|
%
|
|
—
|
|
|
0.0
|
%
|
|
16,166
|
|
|
2.4
|
%
|
|
—
|
|
|
0.0
|
%
|
|
Income (loss) from
operations
|
27,102
|
|
|
2.0
|
%
|
|
110,577
|
|
|
8.2
|
%
|
|
(25,576)
|
|
|
(3.7)
|
%
|
|
46,735
|
|
|
7.0
|
%
|
|
Interest (expense)
income, net
|
(955)
|
|
|
(0.1)
|
%
|
|
31
|
|
|
0.0
|
%
|
|
(502)
|
|
|
(0.1)
|
%
|
|
(9)
|
|
|
0.0
|
%
|
|
Income (loss)
before income taxes
|
26,147
|
|
|
1.9
|
%
|
|
110,608
|
|
|
8.2
|
%
|
|
(26,078)
|
|
|
(3.8)
|
%
|
|
46,726
|
|
|
7.0
|
%
|
|
Income tax (benefit)
provision
|
(8,500)
|
|
|
(0.6)
|
%
|
|
40,600
|
|
|
3.0
|
%
|
|
(28,200)
|
|
|
(4.1)
|
%
|
|
16,600
|
|
|
2.5
|
%
|
|
Net
income
|
$
|
34,647
|
|
|
2.5
|
%
|
|
$
|
70,008
|
|
|
5.2
|
%
|
|
$
|
2,122
|
|
|
0.3
|
%
|
|
$
|
30,126
|
|
|
4.5
|
%
|
|
Per share
data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per common
share-basic
|
$
|
0.24
|
|
|
|
|
$
|
0.46
|
|
|
|
|
$
|
0.02
|
|
|
|
|
$
|
0.20
|
|
|
|
|
Net income per common
and common
equivalent
share–diluted
|
$
|
0.24
|
|
|
|
|
$
|
0.46
|
|
|
|
|
$
|
0.02
|
|
|
|
|
$
|
0.20
|
|
|
|
|
Weighted average
common shares
outstanding–basic
|
140,992
|
|
|
|
|
148,584
|
|
|
|
|
138,606
|
|
|
|
|
148,694
|
|
|
|
|
Weighted average
common and common
equivalent shares
outstanding–diluted
|
141,339
|
|
|
|
|
149,127
|
|
|
|
|
138,961
|
|
|
|
|
149,218
|
|
|
|
|
Dividends declared
per share
|
$
|
0.2325
|
|
|
|
|
$
|
0.2250
|
|
|
|
|
$
|
0.0775
|
|
|
|
|
$
|
0.0750
|
|
|
|
|
Chico's FAS, Inc.
and Subsidiaries
|
|
Condensed
Consolidated Balance Sheets
|
|
(Unaudited)
|
|
(in
thousands)
|
|
|
August 1,
2015
|
|
January 31,
2015
|
|
August 2,
2014
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
$
|
109,015
|
|
|
$
|
133,351
|
|
|
$
|
114,387
|
|
|
Marketable
securities, at fair value
|
47,999
|
|
|
126,561
|
|
|
94,276
|
|
|
Inventories
|
239,043
|
|
|
235,159
|
|
|
238,072
|
|
|
Prepaid expenses and
other current assets
|
68,979
|
|
|
51,088
|
|
|
50,744
|
|
|
Assets held for
sale
|
85,941
|
|
|
16,800
|
|
|
—
|
|
|
Total Current
Assets
|
550,977
|
|
|
562,959
|
|
|
497,479
|
|
|
Property and
Equipment, net
|
563,583
|
|
|
606,147
|
|
|
635,651
|
|
|
Other
Assets:
|
|
|
|
|
|
|
Goodwill
|
96,774
|
|
|
145,627
|
|
|
171,427
|
|
|
Other intangible
assets, net
|
38,930
|
|
|
109,538
|
|
|
116,017
|
|
|
Other assets,
net
|
15,522
|
|
|
14,310
|
|
|
10,828
|
|
|
Total Other
Assets
|
151,226
|
|
|
269,475
|
|
|
298,272
|
|
|
$
|
1,265,786
|
|
|
$
|
1,438,581
|
|
|
$
|
1,431,402
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
$
|
148,288
|
|
|
$
|
144,534
|
|
|
$
|
156,091
|
|
|
Current
debt
|
10,000
|
|
|
—
|
|
|
—
|
|
|
Other current and
deferred liabilities
|
150,433
|
|
|
158,396
|
|
|
140,545
|
|
|
Liabilities held for
sale
|
7,297
|
|
|
—
|
|
|
—
|
|
|
Total Current
Liabilities
|
316,018
|
|
|
302,930
|
|
|
296,636
|
|
|
Noncurrent
Liabilities:
|
|
|
|
|
|
|
Long-term
debt
|
87,186
|
|
|
—
|
|
|
—
|
|
|
Deferred
liabilities
|
138,815
|
|
|
142,371
|
|
|
141,704
|
|
|
Deferred
taxes
|
13,562
|
|
|
49,659
|
|
|
47,441
|
|
|
Total Noncurrent
Liabilities
|
239,563
|
|
|
192,030
|
|
|
189,145
|
|
|
Stockholders'
Equity:
|
|
|
|
|
|
|
Preferred
stock
|
—
|
|
|
—
|
|
|
—
|
|
|
Common
stock
|
1,394
|
|
|
1,529
|
|
|
1,530
|
|
|
Additional paid-in
capital
|
422,387
|
|
|
407,275
|
|
|
393,031
|
|
|
Treasury stock, at
cost
|
(249,854)
|
|
|
—
|
|
|
—
|
|
|
Retained
earnings
|
535,613
|
|
|
534,255
|
|
|
551,003
|
|
|
Accumulated other
comprehensive income
|
665
|
|
|
562
|
|
|
57
|
|
|
Total
Stockholders' Equity
|
710,205
|
|
|
943,621
|
|
|
945,621
|
|
|
$
|
1,265,786
|
|
|
$
|
1,438,581
|
|
|
$
|
1,431,402
|
|
|
Chico's FAS, Inc.
and Subsidiaries
|
|
Condensed
Consolidated Cash Flow Statements
|
|
(Unaudited)
|
|
(in
thousands)
|
|
|
Twenty-Six Weeks
Ended
|
|
August 1,
2015
|
|
August 2,
2014
|
|
Cash Flows From
Operating Activities:
|
|
|
|
|
Net income
|
$
|
34,647
|
|
|
$
|
70,008
|
|
|
Adjustments to
reconcile net income to net cash provided by operating activities
—
|
|
|
|
|
Goodwill and trade
name impairment charges, pre-tax
|
66,941
|
|
|
—
|
|
|
Depreciation and
amortization
|
61,672
|
|
|
60,373
|
|
|
Loss on disposal and
impairment of property and equipment
|
21,603
|
|
|
209
|
|
|
Deferred tax
benefit
|
(39,881)
|
|
|
(4,443)
|
|
|
Stock-based
compensation expense
|
13,657
|
|
|
12,684
|
|
|
Excess tax benefit
from stock-based compensation
|
(2,170)
|
|
|
(1,196)
|
|
|
Deferred rent and
lease credits
|
(9,219)
|
|
|
(9,221)
|
|
|
Changes in assets and
liabilities:
|
|
|
|
|
Inventories
|
(15,165)
|
|
|
73
|
|
|
Prepaid expenses and
other assets
|
(19,212)
|
|
|
(1,645)
|
|
|
Accounts
payable
|
(3,045)
|
|
|
13,346
|
|
|
Accrued and other
liabilities
|
2,254
|
|
|
12,952
|
|
|
Net cash provided by
operating activities
|
112,082
|
|
|
153,140
|
|
|
Cash Flows From
Investing Activities:
|
|
|
|
|
Purchases of
marketable securities
|
(29,460)
|
|
|
(42,700)
|
|
|
Proceeds from sale of
marketable securities
|
107,994
|
|
|
64,407
|
|
|
Purchases of property
and equipment, net
|
(42,836)
|
|
|
(62,966)
|
|
|
Net cash provided by
(used in) investing activities
|
35,698
|
|
|
(41,259)
|
|
|
Cash Flows From
Financing Activities:
|
|
|
|
|
Proceeds from
borrowings
|
124,000
|
|
|
—
|
|
|
Payments on
borrowings
|
(26,500)
|
|
|
—
|
|
|
Proceeds from
issuance of common stock
|
9,087
|
|
|
4,297
|
|
|
Excess tax benefit
from stock-based compensation
|
2,170
|
|
|
1,196
|
|
|
Dividends
paid
|
(22,160)
|
|
|
(22,901)
|
|
|
Repurchase of common
stock
|
(258,834)
|
|
|
(16,527)
|
|
|
Net cash used in
financing activities
|
(172,237)
|
|
|
(33,935)
|
|
|
Effects of exchange
rate changes on cash and cash equivalents
|
121
|
|
|
(3)
|
|
|
Net (decrease)
increase in cash and cash equivalents
|
(24,336)
|
|
|
77,943
|
|
|
Cash and Cash
Equivalents, Beginning of period
|
133,351
|
|
|
36,444
|
|
|
Cash and Cash
Equivalents, End of period
|
$
|
109,015
|
|
|
$
|
114,387
|
|
|
|
|
|
|
|
|
|
|
Changes in assets and
liabilities reflect Boston Proper DTC assets and liabilities
prior to reclassification to held for sale.
|
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 twenty-six and thirteen weeks ended August 1, 2015 and
August 2, 2014, 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):
|
Twenty-Six Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
August 1,
2015
|
|
August 2,
2014
|
|
August 1,
2015
|
|
August 2,
2014
|
|
|
|
|
|
|
|
|
|
Numerator
|
|
|
|
|
|
|
|
|
Net income
|
$
|
34,647
|
|
|
$
|
70,008
|
|
|
$
|
2,122
|
|
|
$
|
30,126
|
|
|
Net income and
dividends declared allocated to participating
securities
|
(804)
|
|
|
(1,902)
|
|
|
(28)
|
|
|
(842)
|
|
|
Net income available
to common shareholders
|
$
|
33,843
|
|
|
$
|
68,106
|
|
|
$
|
2,094
|
|
|
$
|
29,284
|
|
|
|
|
|
|
|
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding – basic
|
140,992
|
|
|
148,584
|
|
|
138,606
|
|
|
148,694
|
|
|
Dilutive effect of
non-participating securities
|
347
|
|
|
543
|
|
|
355
|
|
|
524
|
|
|
Weighted average
common and common equivalent shares
outstanding –
diluted
|
141,339
|
|
|
149,127
|
|
|
138,961
|
|
|
149,218
|
|
|
|
|
|
|
|
|
|
|
Net income per
common share*:
|
|
|
|
|
|
|
|
|
Basic
|
$
|
0.24
|
|
|
$
|
0.46
|
|
|
$
|
0.02
|
|
|
$
|
0.20
|
|
|
Diluted
|
$
|
0.24
|
|
|
$
|
0.46
|
|
|
$
|
0.02
|
|
|
$
|
0.20
|
|
|
|
|
|
*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 charges, 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
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 and Diluted EPS
|
|
(Unaudited)
|
|
(in thousands, except
per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
Twenty-Six Weeks
Ended
|
|
Thirteen Weeks
Ended
|
|
|
August 1,
2015
|
|
August 2,
2014
|
|
August 1,
2015
|
|
August 2,
2014
|
|
Net
income:
|
|
|
|
|
|
|
|
|
|
GAAP
basis
|
|
$
|
34,647
|
|
|
$
|
70,008
|
|
|
$
|
2,122
|
|
|
$
|
30,126
|
|
|
Goodwill and trade
name impairment charges, net of tax
|
|
47,127
|
|
|
—
|
|
|
47,127
|
|
|
—
|
|
|
Restructuring and
strategic charges, net of tax
|
|
19,334
|
|
|
—
|
|
|
10,070
|
|
|
—
|
|
|
Tax benefit related
to the expected disposition of Boston
Proper's stock
|
|
(23,779)
|
|
|
—
|
|
|
(23,779)
|
|
|
—
|
|
|
Non-GAAP adjusted
basis
|
|
$
|
77,329
|
|
|
$
|
70,008
|
|
|
$
|
35,540
|
|
|
$
|
30,126
|
|
|
|
|
|
|
|
|
|
|
|
Net income per
diluted share:
|
|
|
|
|
|
|
|
|
|
GAAP
basis
|
|
$
|
0.24
|
|
|
$
|
0.46
|
|
|
$
|
0.02
|
|
|
$
|
0.20
|
|
|
Goodwill and trade
name impairment charges, net of tax
|
|
0.33
|
|
|
0.00
|
|
|
0.33
|
|
|
0.00
|
|
|
Restructuring and
strategic charges, net of tax
|
|
0.13
|
|
|
0.00
|
|
|
0.07
|
|
|
0.00
|
|
|
Tax benefit related
to the expected disposition of Boston
Proper's stock
|
|
(0.17)
|
|
|
0.00
|
|
|
(0.17)
|
|
|
0.00
|
|
|
Non-GAAP adjusted
basis
|
|
$
|
0.53
|
|
|
$
|
0.46
|
|
|
$
|
0.25
|
|
|
$
|
0.20
|
|
|
Chico's FAS, Inc.
and Subsidiaries
|
|
Store Count and
Square Footage
|
|
Thirteen Weeks Ended
August 1, 2015
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
May 2,
2015
|
|
New Stores
|
|
Closures
|
|
August 1,
2015
|
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
612
|
|
|
2
|
|
|
(5)
|
|
|
609
|
|
|
|
|
Chico's
outlets
|
118
|
|
|
1
|
|
|
—
|
|
|
119
|
|
|
|
|
Chico's
Canada
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
|
|
WH|BM frontline
boutiques
|
440
|
|
|
—
|
|
|
(5)
|
|
|
435
|
|
|
|
|
WH|BM
outlets
|
69
|
|
|
2
|
|
|
—
|
|
|
71
|
|
|
|
|
WH|BM
Canada
|
6
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
|
|
Soma frontline
boutiques
|
266
|
|
|
3
|
|
|
(2)
|
|
|
267
|
|
|
|
|
Soma
outlets
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|
|
Boston Proper
frontline boutiques
|
20
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
|
|
Total Chico's FAS,
Inc.
|
1,552
|
|
|
8
|
|
|
(12)
|
|
|
1,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
May 2,
2015
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
August 1,
2015
|
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,673,063
|
|
|
4,864
|
|
|
(13,588)
|
|
|
(1,630)
|
|
|
1,662,709
|
|
|
Chico's
outlets
|
295,600
|
|
|
1,975
|
|
|
—
|
|
|
178
|
|
|
297,753
|
|
|
Chico's
Canada
|
9,695
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,695
|
|
|
WH|BM frontline
boutiques
|
1,009,392
|
|
|
—
|
|
|
(10,382)
|
|
|
—
|
|
|
999,010
|
|
|
WH|BM
outlets
|
144,106
|
|
|
4,596
|
|
|
—
|
|
|
—
|
|
|
148,702
|
|
|
WH|BM
Canada
|
14,891
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,891
|
|
|
Soma frontline
boutiques
|
502,720
|
|
|
6,062
|
|
|
(4,980)
|
|
|
(58)
|
|
|
503,744
|
|
|
Soma
outlets
|
31,672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,672
|
|
|
Boston Proper
frontline boutiques
|
34,465
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,465
|
|
|
Total Chico's FAS,
Inc.
|
3,715,604
|
|
|
17,497
|
|
|
(28,950)
|
|
|
(1,510)
|
|
|
3,702,641
|
|
|
|
As of August 1, 2015
the Company also sold merchandise through 33 international
franchise locations.
|
|
Chico's FAS, Inc.
and Subsidiaries
|
|
Store Count and
Square Footage
|
|
Twenty-Six Weeks
Ended August 1, 2015
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
2015
|
|
New Stores
|
|
Closures
|
|
August 1,
2015
|
|
|
|
Store
count:
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
613
|
|
|
5
|
|
|
(9)
|
|
|
609
|
|
|
|
|
Chico's
outlets
|
118
|
|
|
2
|
|
|
(1)
|
|
|
119
|
|
|
|
|
Chico's
Canada
|
3
|
|
|
1
|
|
|
—
|
|
|
4
|
|
|
|
|
WH|BM frontline
boutiques
|
441
|
|
|
2
|
|
|
(8)
|
|
|
435
|
|
|
|
|
WH|BM
outlets
|
68
|
|
|
3
|
|
|
—
|
|
|
71
|
|
|
|
|
WH|BM
Canada
|
5
|
|
|
1
|
|
|
—
|
|
|
6
|
|
|
|
|
Soma frontline
boutiques
|
263
|
|
|
6
|
|
|
(2)
|
|
|
267
|
|
|
|
|
Soma
outlets
|
17
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
|
|
Boston Proper
frontline boutiques
|
19
|
|
|
1
|
|
|
—
|
|
|
20
|
|
|
|
|
Total Chico's FAS,
Inc.
|
1,547
|
|
|
21
|
|
|
(20)
|
|
|
1,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
January 31,
2015
|
|
New Stores
|
|
Closures
|
|
Other changes in
SSF
|
|
August 1,
2015
|
|
Net selling square
footage (SSF):
|
|
|
|
|
|
|
|
|
|
|
Chico's frontline
boutiques
|
1,674,640
|
|
|
12,671
|
|
|
(23,297)
|
|
|
(1,305)
|
|
|
1,662,709
|
|
|
Chico's
outlets
|
295,600
|
|
|
4,381
|
|
|
(2,406)
|
|
|
178
|
|
|
297,753
|
|
|
Chico's
Canada
|
7,313
|
|
|
2,382
|
|
|
—
|
|
|
—
|
|
|
9,695
|
|
|
WH|BM frontline
boutiques
|
1,010,242
|
|
|
4,837
|
|
|
(17,156)
|
|
|
1,087
|
|
|
999,010
|
|
|
WH|BM
outlets
|
141,900
|
|
|
6,802
|
|
|
—
|
|
|
—
|
|
|
148,702
|
|
|
WH|BM
Canada
|
12,460
|
|
|
2,431
|
|
|
—
|
|
|
—
|
|
|
14,891
|
|
|
Soma frontline
boutiques
|
498,642
|
|
|
11,339
|
|
|
(4,980)
|
|
|
(1,257)
|
|
|
503,744
|
|
|
Soma
outlets
|
31,672
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,672
|
|
|
Boston Proper
frontline boutiques
|
33,035
|
|
|
1,430
|
|
|
—
|
|
|
—
|
|
|
34,465
|
|
|
Total Chico's FAS,
Inc.
|
3,705,504
|
|
|
46,273
|
|
|
(47,839)
|
|
|
(1,297)
|
|
|
3,702,641
|
|
|
|
As of August 1, 2015
the Company also sold merchandise through 33 international
franchise locations.
|
Logo -
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To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/chicos-fas-inc-reports-second-quarter-results-300133188.html
SOURCE Chico's FAS, Inc.