FORT MYERS, Fla., Feb. 22, 2017 /PRNewswire/ — Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2016 fourth quarter and fiscal year ended January 28, 2017.

For the thirteen weeks ended January 28, 2017 («the fourth quarter»), the Company reported net income of $13.5 million, or $0.10 per diluted share, compared to a net loss of $21.1 million, or $0.16 per diluted share, for the thirteen weeks ended January 30, 2016 («last year’s fourth quarter»). The Company reported adjusted net income of $6.2 million, or $0.05 adjusted earnings per diluted share, in last year’s fourth quarter. The 2015 fourth quarter adjusted results exclude EPS net charges of $0.21 related to restructuring and strategic charges and Boston Proper, as presented in the accompanying GAAP to non-GAAP reconciliation.

For the fifty-two weeks ended January 28, 2017 («fiscal 2016»), the Company reported net income of $91.2 million, or $0.69 per diluted share, compared to net income of $1.9 million, or $0.01 per diluted share, for the fifty-two weeks ended January 30, 2016 («fiscal 2015»). The Company reported fiscal 2016 adjusted net income of $106.7 million, or $0.81 adjusted earnings per diluted share, compared to adjusted net income of $105.9 million, or $0.75 adjusted earnings per diluted share, in fiscal 2015. The adjusted results exclude EPS net charges of $0.12 in fiscal 2016 and $0.74 in fiscal 2015 related to restructuring and strategic charges and Boston Proper, as presented in the accompanying GAAP to non-GAAP reconciliation.

«We are extremely pleased with our results this quarter,» said Shelley Broader, CEO and President. «We drove significant earnings growth, highlighted by gross margin expansion, SG&A leverage, and a substantial increase in operating margin. I am proud of our team and their continuing execution of our strategic initiatives.»

Net Sales

For the fourth quarter, net sales were $600.8 million compared to $631.6 million in last year’s fourth quarter. This decrease of 4.9% included $16.8 million related to Boston Proper last year. When excluding Boston Proper from fiscal 2015, net sales decreased 2.3%, primarily reflecting a decline in comparable sales of 2.5%, comprised of reduced transaction count and an increase in average dollar sale. Fourth quarter average unit retail increased primarily due to a reduction in promotional activity.

For fiscal 2016, net sales were $2.5 billion compared to $2.7 billion in fiscal 2015. This decrease of 6.9% included $87.0 million related to Boston Proper last year. When excluding Boston Proper from fiscal 2015, net sales decreased 3.8%, primarily reflecting a decline in comparable sales of 3.7%, comprised of reduced transaction count and lower average dollar sale.

Comparable Sales

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 28, 2017

January 30, 2016

January 28, 2017

January 30, 2016

Chico’s

(4.8)

%

(1.7)

%

(5.3)

%

(2.0)

%

White House Black Market

(0.6)

%

(7.4)

%

(2.8)

%

(2.5)

%

Soma

0.4

%

2.1

%

0.5

%

3.1

%

Total Company

(2.5)

%

(3.2)

%

(3.7)

%

(1.5)

%

Gross Margin

For the fourth quarter, gross margin was $213.4 million, or 35.5%, compared to $217.4 million, or 34.4%, in last year’s fourth quarter. When excluding Boston Proper from fiscal 2015, gross margin increased 80 basis points in fiscal 2016 compared to gross margin of $213.3 million, or 34.7%, last year. This 80 basis point increase from the 2015 adjusted gross margin rate primarily reflects reduced promotional activity, partially offset by an increase in incentive compensation.

Selling, General and Administrative Expenses

For the fourth quarter, selling, general and administrative expenses («SG&A») were $192.0 million, or 31.9%, compared to $217.2 million, or 34.4% last year. When excluding Boston Proper from fiscal 2015, SG&A decreased $13.6 million, or 150 basis points, compared to $205.6 million, or 33.4%, last year. This $13.6 million decrease is primarily due to a reduction in unproductive marketing spend and improvements in store labor productivity, partially offset by an increase in incentive compensation.

Income Tax Expense

The fourth quarter fiscal 2016 effective tax rate was 35.4%. In the fourth quarter of fiscal 2015, the Company recorded a tax benefit as a result of the impact of restructuring and strategic charges.

Inventories

At the end of the fourth quarter of 2016, inventories totaled $232.4 million compared to $233.8 million last year. The decrease of 0.6% primarily reflected a 4% decrease in on-hand inventory as a result of improved inventory management, partially offset by an increase in in-transit inventory primarily due to product launches scheduled in the first quarter of 2017 and the timing of the Chinese New Year.

Share Repurchase Program

During the fourth quarter of 2016, the Company repurchased 1.6 million shares for $20.0 million, at an average of $12.81 per share, under its $300.0 million share repurchase program announced in November 2015, with $163.6 million remaining under the program. During fiscal 2016, the Company repurchased a total of 8.1 million shares for $96.4 million, at an average of $11.88 per share.

Changes in Presentation

Commencing in the first quarter of fiscal 2016, store occupancy expenses and shipping expenses, historically presented in SG&A, are being presented in Cost of Goods Sold. The Company believes that these costs represent direct costs associated with the sale of its merchandise, and these changes better align the Company with its peers and better reflect how the business operates. Additionally, shipping revenue, historically presented in SG&A, is being presented in Net Sales. These adjustments were made retrospectively and all periods presented conform with this presentation.

2017 Full-Year Outlook

For fiscal 2017, the Company is anticipating a low single-digit percentage decline in comparable sales as the Company continues to rationalize its promotional activity. The Company expects to achieve gross margin leverage for the year, primarily due to reduced promotional activity and savings from the supply chain initiative launched last year. The Company is planning modest SG&A leverage. Overall, the Company is anticipating steady improvement in operating margin that will advance its progress toward its target of double digit operating margin in 2019.

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 January 28, 2017, the Company operated 1,501 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.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Some statements herein may be «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, including but without limitation, statements regarding our plans and objectives, and the success of our organizational redesign and other strategic initiatives aimed at increasing sales volume and profitability through our four established focus areas. These statements may address items such as expectations for future sales, gross margin, SG&A (particularly estimated expected savings), operating margin, inventory levels, and comparable store sales and cash needs. These statements relate to expectations concerning matters that are not historical fact and may include the words or phrases such as «expects,» «believes,» «anticipates,» «plans,» «estimates,» «approximately,» «our planning assumptions,» «future outlook,» and similar expressions. Except for historical information, matters discussed in such oral and written 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 new or increased taxes or tariffs, unexpected consolidation in the freight carrier industry, and unexpected costs and exposure associated with our shift to a predominantly FOB shipping structure rather than a mix of FOB and DDP); 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 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, 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. All written or oral 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:
Jennifer Powers
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)

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 28, 2017

January 30, 2016

January 28, 2017

January 30, 2016

Amount

% of
Sales

Amount

% of
Sales

Amount

% of
Sales

Amount

% of
Sales

Net sales:

Chico’s

$

290,763

48.4

$

305,094

48.3

$

1,285,830

51.9

$

1,363,792

51.3

White House Black Market

212,615

35.4

215,197

34.1

846,035

34.2

874,879

32.9

Soma

97,411

16.2

94,569

15.0

344,545

13.9

334,916

12.6

Boston Proper

0.0

16,750

2.6

0.0

87,048

3.2

Total net sales

600,789

100.0

631,610

100.0

2,476,410

100.0

2,660,635

100.0

Cost of goods sold

387,392

64.5

414,221

65.6

1,529,574

61.8

1,633,764

61.4

Gross margin

213,397

35.5

217,389

34.4

946,836

38.2

1,026,871

38.6

Selling, general and administrative expenses

191,990

31.9

217,208

34.4

775,107

31.2

878,699

33.0

Goodwill and trade name impairment

0.0

0.0

0.0

112,455

4.3

Restructuring and strategic charges

0.0

14,623

2.3

31,027

1.3

48,801

1.8

Income (loss) from operations

21,407

3.6

(14,442)

(2.3)

140,702

5.7

(13,084)

(0.5)

Interest expense, net

(499)

(0.1)

(449)

(0.1)

(1,973)

(0.1)

(1,870)

0.0

Income (loss) before income taxes

20,908

3.5

(14,891)

(2.4)

138,729

5.6

(14,954)

(0.5)

Income tax provision (benefit)

7,400

1.3

6,200

1.0

47,500

1.9

(16,900)

(0.6)

Net income (loss)

$

13,508

2.2

$

(21,091)

(3.4)

$

91,229

3.7

$

1,946

0.1

Per share data:

Net income (loss) per common share-basic

$

0.10

$

(0.16)

$

0.69

$

0.01

Net income (loss) per common and common equivalent share–diluted

$

0.10

$

(0.16)

$

0.69

$

0.01

Weighted average common shares outstanding–basic

126,489

135,275

128,995

138,366

Weighted average common and common equivalent shares outstanding–diluted

126,905

135,275

129,237

138,741

Dividends declared per share

$

0.08

$

0.0775

$

0.32

$

0.31

 

 

Chico’s FAS, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands)

January 28,
2017

January 30,
2016

ASSETS

Current Assets:

Cash and cash equivalents

$

142,135

$

89,951

Marketable securities, at fair value

50,370

50,194

Inventories

232,363

233,834

Prepaid expenses and accounts receivable

50,350

45,660

Income tax receivable

2,408

29,157

Assets held for sale

16,525

Total Current Assets

477,626

465,321

Property and Equipment, net

477,185

550,953

Other Assets:

Goodwill

96,774

96,774

Other intangible assets, net

38,930

38,930

Other assets, net

18,479

14,074

Total Other Assets

154,183

149,778

$

1,108,994

$

1,166,052

     LIABILITIES AND STOCKHOLDERS’ EQUITY

Current Liabilities:

Accounts payable

$

116,378

$

129,343

Current debt

16,250

10,000

Other current and deferred liabilities

170,232

158,788

Total Current Liabilities

302,860

298,131

Noncurrent Liabilities:

Long-term debt

68,535

82,219

Deferred liabilities

118,543

130,743

Deferred taxes

9,883

15,171

Total Noncurrent Liabilities

196,961

228,133

Stockholders’ Equity:

Preferred stock

Common stock

1,288

1,355

Additional paid-in capital

452,756

435,881

Treasury stock, 26,418 shares at January 28, 2017 and 18,307 shares at January 30, 2016

(386,094)

(289,813)

Retained earnings

541,251

492,325

Accumulated other comprehensive (loss) income

(28)

40

Total Stockholders’ Equity

609,173

639,788

$

1,108,994

$

1,166,052

 

 

Chico’s FAS, Inc. and Subsidiaries

Condensed Consolidated Cash Flow Statements

(Unaudited)

 (in thousands)

Fifty-Two Weeks Ended

January 28,
2017

January 30,
2016

Cash Flows From Operating Activities:

Net income

$

91,229

$

1,946

Adjustments to reconcile net income to net cash provided by operating activities —

Goodwill and intangible impairment charges, pre-tax

112,455

Depreciation and amortization

109,251

118,800

Deferred tax benefit

(8,427)

(34,415)

Stock-based compensation expense

21,249

30,062

Excess tax benefit from stock-based compensation

(604)

(3,084)

Deferred rent and lease credits

(18,811)

(21,741)

Loss on disposal and impairment of property and equipment

10,523

23,744

Changes in assets and liabilities:

Inventories

1,472

(6,719)

Prepaid expenses and other assets

(7,565)

358

Income tax receivable

26,749

(28,562)

Accounts payable

(13,015)

(12,101)

Accrued and other liabilities

18,659

16,248

Net cash provided by operating activities

230,710

196,991

Cash Flows From Investing Activities:

Purchases of marketable securities

(50,717)

(52,668)

Proceeds from sale of marketable securities

50,508

129,000

Purchases of property and equipment, net

(47,836)

(84,841)

Proceeds from sale of land

16,217

Proceeds from sale of Boston Proper net assets

9,000

Net cash (used in) provided by investing activities

(31,828)

491

Cash Flows From Financing Activities:

Proceeds from borrowings

124,000

Payments on borrowings

(7,500)

(31,500)

Proceeds from issuance of common stock

4,359

10,613

Excess tax benefit from stock-based compensation

604

3,084

Dividends paid

(42,254)

(43,729)

Repurchase of common stock

(101,878)

(302,849)

Net cash used in financing activities

(146,669)

(240,381)

Effects of exchange rate changes on cash and cash equivalents

(29)

(501)

Net increase (decrease) in cash and cash equivalents

52,184

(43,400)

Cash and Cash Equivalents, Beginning of period

89,951

133,351

Cash and Cash Equivalents, End of period

$

142,135

$

89,951

 

 

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 when 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 thirteen weeks and fifty-two weeks ended January 28, 2017 and January 30, 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 earnings per share shown on the face of the accompanying condensed consolidated statements of income (loss) (in thousands, except per share amounts):

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 28,
2017

January 30,
2016

January 28,
2017

January 30,
2016

Numerator

Net income (loss)

$

13,508

$

(21,091)

$

91,229

$

1,946

Net income and dividends declared allocated to participating securities

(258)

(1,915)

Net income (loss) available to common shareholders

$

13,250

$

(21,091)

$

89,314

$

1,946

Denominator

Weighted average common shares outstanding – basic

126,489

135,275

128,995

138,366

Dilutive effect of non-participating securities

416

242

375

Weighted average common and common equivalent shares outstanding – diluted

126,905

135,275

129,237

138,741

Net income (loss) per common share*:

Basic

$

0.10

$

(0.16)

$

0.69

$

0.01

Diluted

$

0.10

$

(0.16)

$

0.69

$

0.01

*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 should be considered in addition to, not as a substitute for, GAAP measures. These non-GAAP measures exclude results related to non-continuing Boston Proper operations as well as certain strategic charges.

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 for the thirteen weeks and fifty-two weeks ended January 28, 2017 and January 30, 2016 is presented in the table below:

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 28,
2017

January 30,
2016

January 28,
2017

January 30,
2016

Net income (loss):

GAAP basis

$

13,508

$

(21,091)

$

91,229

$

1,946

Goodwill and intangible impairment charges, net of tax

17,365

88,350

Restructuring and strategic charges, net of tax

9,081

19,422

30,305

Boston Proper operating loss, net of tax

4,666

12,904

Tax benefit related to the disposition of Boston Proper

(3,830)

(3,979)

(27,609)

Non-GAAP adjusted basis

$

13,508

$

6,191

$

106,672

$

105,896

Net income (loss) per diluted share:

GAAP basis

$

0.10

$

(0.16)

$

0.69

$

0.01

Goodwill and intangible impairment charges, net of tax

0.13

0.63

Restructuring and strategic charges, net of tax

0.07

0.15

0.21

Boston Proper operating loss, net of tax

0.03

0.09

Tax benefit related to the disposition of Boston Proper

(0.02)

(0.03)

(0.19)

Non-GAAP adjusted basis

$

0.10

$

0.05

$

0.81

$

0.75

*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 GAAP. However, to supplement these consolidated financial results, management believes that certain non-GAAP results, which exclude results from non-continuing Boston Proper operations, may provide a more meaningful measure on which to compare the Company’s results of operations between periods.

The tables below present a reconciliation of selected consolidated financial data on a GAAP basis to selected consolidated financial data on a non-GAAP adjusted basis, reflecting certain adjustments as identified in the footnotes to the table and excluding Boston Proper:

Chico’s FAS, Inc. and Subsidiaries

Fiscal 2015 Reconciliation of Reported to Adjusted Selected Non-GAAP Consolidated Financial Data

(Unaudited)

(in thousands)

As Reported

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 30, 2016

January 30, 2016

Amount

% of Sales

Amount

% of Sales

Net Sales

$

627,400

100.0

$

2,642,309

100.0

Cost of goods sold

308,863

49.2

1,211,552

45.9

Gross margin

318,537

50.8

1,430,757

54.1

Selling, general and administrative expenses

318,356

50.7

1,282,585

48.5

Subtotal

181

0.1

148,172

5.6

Boston Proper(4)

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 30, 2016

January 30, 2016

Amount

% of Sales

Amount

% of Sales

Net Sales

$

15,671

100.0

$

80,972

100.0

Cost of goods sold

11,790

75.2

49,863

61.6

Gross margin

3,881

24.8

31,109

38.4

Selling, general and administrative expenses

11,394

72.7

51,889

64.1

Subtotal

(7,513)

(47.9)

(20,780)

(25.7)

Adjustments, excluding Boston Proper

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 30, 2016

January 30, 2016

Amount

% of Sales

Amount

% of Sales

Net Sales(1)

$

3,131

0.5

$

12,249

0.5

Store occupancy expense(2)

95,601

15.2

379,742

14.3

Shipping expense(3)

8,923

1.4

32,427

1.2

Cost of goods sold

104,524

16.6

412,169

15.5

Gross margin

(101,393)

(16.1)

(399,920)

(15.0)

Selling, general and administrative expenses

(101,393)

(16.1)

(399,920)

(15.0)

Subtotal

As Adjusted, Non-GAAP

Thirteen Weeks Ended

Fifty-Two Weeks Ended

January 30, 2016

January 30, 2016

Amount

% of Sales

Amount

% of Sales

Net Sales

$

614,860

100.0

$

2,573,586

100.0

Cost of goods sold

401,597

65.3

1,573,858

61.2

Gross margin

213,263

34.7

999,728

38.8

Selling, general and administrative expenses

205,569

33.4

830,776

32.3

Subtotal

7,694

1.3

168,952

6.5

(1) Adjustments to net sales represent the correction of an immaterial error in the classification of shipping revenue, which was previously classified within SG&A.

(2) Adjustments to store occupancy expense represent the reclassification of store occupancy expenses, which were previously classified within SG&A.

(3) Adjustments to shipping expense represent a change in accounting policy to present shipping expenses within cost of goods sold, which were previously reported within SG&A.

(4) Boston Proper amounts do not reflect reclassification adjustments for net sales, gross margin and selling, general and administrative expenses.

 

 

Chico’s FAS, Inc. and Subsidiaries

Store Count and Square Footage

Thirteen Weeks Ended January 28, 2017

(Unaudited)

October 29,
2016

New Stores

Closures

January 28,
2017

Store count:

Chico’s frontline boutiques

594

1

(8)

587

Chico’s outlets

117

(1)

116

Chico’s Canada

4

4

WHBM frontline boutiques

425

1

(3)

423

WHBM outlets

71

71

WHBM Canada

6

6

Soma frontline boutiques

274

2

(1)

275

Soma outlets

19

19

Boston Proper frontline boutiques

Total Chico’s FAS, Inc.

1,510

4

(13)

1,501

October 29,
2016

New Stores

Closures

Other changes in SSF

January 28,
2017

Net selling square footage (SSF):

Chico’s frontline boutiques

1,624,232

2,601

(20,103)

1,606,730

Chico’s outlets

293,646

(2,191)

291,455

Chico’s Canada

9,695

9,695

WHBM frontline boutiques

990,269

1,940

(7,455)

984,754

WHBM outlets

148,457

148,457

WHBM Canada

14,891

14,891

Soma frontline boutiques

517,994

3,565

(2,101)

487

519,945

Soma outlets

35,637

35,637

Boston Proper frontline boutiques

Total Chico’s FAS, Inc.

3,634,821

8,106

(31,850)

487

3,611,564

As of January 28, 2017 the Company also sold merchandise through 91 international franchise locations.

 

 

Chico’s FAS, Inc. and Subsidiaries

Store Count and Square Footage

Fifty-Two Weeks Ended January 28, 2017

(Unaudited)

January 30,
2016

New Stores

Closures

January 28,
2017

Store count:

Chico’s frontline boutiques

604

4

(21)

587

Chico’s outlets

117

(1)

116

Chico’s Canada

4

4

WHBM frontline boutiques

429

4

(10)

423

WHBM outlets

71

71

WHBM Canada

6

6

Soma frontline boutiques

269

8

(2)

275

Soma outlets

18

1

19

Boston Proper frontline boutiques

Total Chico’s FAS, Inc.

1,518

17

(34)

1,501

January 30,
2016

New Stores

Closures

Other changes in SSF

January 28,
2017

Net selling square footage (SSF):

Chico’s frontline boutiques

1,652,991

10,157

(56,063)

(355)

1,606,730

Chico’s outlets

293,646

(2,191)

291,455

Chico’s Canada

9,695

9,695

WHBM frontline boutiques

991,164

8,861

(21,002)

5,731

984,754

WHBM outlets

148,457

148,457

WHBM Canada

14,891

14,891

Soma frontline boutiques

507,805

14,573

(3,663)

1,230

519,945

Soma outlets

33,792

1,845

35,637

Boston Proper frontline boutiques

Total Chico’s FAS, Inc.

3,652,441

35,436

(82,919)

6,606

3,611,564

As of January 28, 2017 the Company also sold merchandise through 91 international franchise locations.

 

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/chicos-fas-inc-reports-fourth-quarter-and-fiscal-year-2016-results-300411134.html

SOURCE Chico’s FAS, Inc.