Other News Releases in Fashion
A First for Fashion Bug: Stores Open Thanksgiving Day
DKNY JEANS Launches Exclusive Collection With HSN for St. Jude Children's Research Hospital's Thanks and Giving(R) Campaign
Retailer Vanity Inc. Partners With COTTON. FROM BLUE TO GREEN.(R) to Collect 100,000 Pairs of Jeans
Other News Releases in Earnings
Escalon(R) Reports First Quarter Fiscal 2010 Results
Electronic Game Card, Inc. Files 10-Q for Period Ending September 30, 2009
Wolverine Tube Reports 2009 Third Quarter Results
Journalists and Bloggers
Visit PR Newswire for Journalists for releases, photos, ProfNet experts, and customized feeds just for Media.
View and download archived video content distributed by MultiVu on The Digital Center.
Chico's FAS, Inc. Announces First Quarter E.P.S. of $0.08 Net of Non-Cash Charges of $0.03
-- Quarter-end inventories decreased 13% per selling square foot
-- Cash and marketable securities were
(Logo: http://www.newscom.com/cgi-bin/prnh/20080211/CHICOSLOGO)
Fiscal 2009 First Quarter Financial Results
For the first quarter ended
The first quarter 2009 results include non-cash impairment charges totaling approximately
Excluding these charges, the Company's first quarter net income approximated
Sales
Net sales for the thirteen-week period ended
Gross Margin
Gross margin for the fiscal 2009 first quarter increased from
Selling, General and Administrative Expenses
Selling, general and administrative expenses ("SG&A") for the fiscal 2009 first quarter decreased from
Store operating expenses for the fiscal 2009 first quarter decreased by
Marketing costs for the first quarter fiscal 2009 decreased by
Shared services, including headquarters and other non-brand specific expenses, for the 2009 first quarter decreased by
Inventories
Consolidated inventory per selling square foot at the end of the 2009 first quarter was
Cash and Marketable Securities
Cash and marketable securities at the end of the fiscal 2009 first quarter totaled
ABOUT CHICO'S FAS, INC.
The Company is a women's specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items. The Company operates 1,069 specialty stores, including stores in 48 states, the
The Chico's brand currently operates 614 boutique and 40 outlet stores, publishes a catalog during key shopping periods throughout the year, and conducts e-commerce at www.chicos.com.
White House | Black Market currently operates 326 boutique and 16 outlet stores, publishes a catalog highlighting its latest fashions and conducts e-commerce at www.whitehouseblackmarket.com.
Soma Intimates is the Company's developing concept with 72 boutique stores and 1 outlet store today. Soma also publishes a popular catalog for its customers and conducts e-commerce at www.soma.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.
For more detailed information on Chico's FAS, Inc., please go to our corporate website, www.chicosfas.com.
(Financial Tables Follow)
Chico's FAS, Inc.
Consolidated Balance Sheets
(in thousands)
May 2, January 31,
2009 2009
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents $ 95,394 $ 26,549
Marketable securities, at market 229,585 242,153
Receivables 31,387 33,993
Income tax receivable 1,055 11,706
Inventories 145,777 132,413
Prepaid expenses 24,250 21,702
Deferred taxes 16,807 17,859
------ ------
Total Current Assets 544,255 486,375
Property and Equipment:
Land and land improvements 18,763 18,627
Building and building improvements 74,562 74,998
Equipment, furniture and fixtures 376,827 376,218
Leasehold improvements 417,427 418,691
------- -------
Total Property and Equipment 887,579 888,534
Less accumulated depreciation and
amortization (347,764) (327,989)
------- -------
Property and Equipment, Net 539,815 560,545
Other Assets:
Goodwill 96,774 96,774
Other intangible assets 38,930 38,930
Deferred taxes 36,304 38,458
Other assets, net 4,757 5,101
----- -----
Total Other Assets 176,765 179,263
------- -------
$1,260,835 $1,226,183
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 69,114 $ 56,542
Accrued liabilities 102,160 88,446
Current portion of deferred liabilities 1,917 1,748
------- -------
Total Current Liabilities 173,191 146,736
Noncurrent Liabilities:
Deferred liabilities 172,108 177,251
Stockholders' Equity:
Common stock 1,773 1,771
Additional paid-in capital 257,247 258,312
Retained earnings 656,467 641,978
Other accumulated comprehensive income 49 135
------- -------
Total Stockholders' Equity 915,536 902,196
------- -------
$1,260,835 $1,226,183
========= =========
Chico's FAS, Inc.
Consolidated Statements of Operations
(Unaudited)
(in thousands, except per share amounts)
Thirteen Weeks Ended
-----------------------
May 2, 2009 May 3, 2008
----------------------------------
Amount % of Amount % of
Sales Sales
-------- ------- -------- -------
Net sales by Chico's/Soma
stores $ 272,506 66.4 $ 285,694 69.8
Net sales by White House |
Black Market stores 116,168 28.3 107,849 26.3
Net sales by
direct-to-consumer 21,969 5.3 16,021 3.9
-------- ------- -------- -------
Net sales 410,643 100.0 409,564 100.0
Cost of goods sold 177,255 43.2 180,762 44.1
-------- ------- -------- -------
Gross margin 233,388 56.8 228,802 55.9
Selling, general and
administrative expenses:
Store operating expenses 160,195 39.0 160,985 39.3
Marketing 17,834 4.3 22,843 5.6
Shared services 25,534 6.2 28,281 6.9
Impairment charges 8,058 2.0 - -
-------- ------- -------- -------
Total selling, general and
administrative expenses 211,621 51.5 212,109 51.8
-------- ------- -------- -------
Income from operations 21,767 5.3 16,693 4.1
Interest income, net 1,022 0.2 2,239 0.5
-------- ------- -------- -------
Income before income taxes 22,789 5.5 18,932 4.6
Income tax provision 8,300 2.0 6,200 1.5
-------- ------- -------- -------
Net income $ 14,489 3.5 $ 12,732 3.1
========== ======= ======== =======
Per share data:
Net income per common
share-basic $ 0.08 $ 0.07
========== =========
Net income per common and
common equivalent
share-diluted $ 0.08 $ 0.07
========== =========
Weighted average common
shares outstanding-basic 177,221 176,368
========== =========
Weighted average common and
common equivalent shares
outstanding-diluted 177,692 176,551
========== =========
Chico's FAS, Inc.
Consolidated Cash Flow Statements
(Unaudited)
(in thousands)
Thirteen Weeks Ended
--------------------
May 2, May 3,
2009 2008
------- -------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $14,489 $12,732
------- -------
Adjustments to reconcile net income to
net cash provided by operating
activities --
Depreciation and amortization, cost
of goods sold 1,645 2,700
Depreciation and amortization, other 22,986 23,517
Deferred tax expense (benefit) 3,206 (4,402)
Stock-based compensation expense, cost
of goods sold 702 1,008
Stock-based compensation expense, other 1,427 2,129
Excess tax benefit from stock-based
compensation - (100)
Impairment of long-lived assets 8,058 -
Deferred rent expense, net 632 2,417
Loss on disposal of property and equipment 750 9
Decrease (increase) in assets -
Receivables, net 2,606 (3,104)
Income tax receivable 10,651 23,973
Inventories (13,364) (16,999)
Prepaid expenses and other (2,204) (1,245)
Increase (decrease) in liabilities -
Accounts payable 12,572 (19,229)
Accrued and other deferred liabilities 4,848 13,001
------- -------
Total adjustments 54,515 23,675
------- -------
Net cash provided by operating
activities 69,004 36,407
------- -------
CASH FLOWS FROM INVESTING ACTIVITIES:
Sales of marketable securities, net 12,482 26,717
Purchases of property and equipment (12,709) (40,063)
------- -------
Net cash used in investing activities (227) (13,346)
------- -------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock 138 163
Excess tax benefit from stock-based
compensation - 100
Repurchase of common stock (70) (103)
------- -------
Net cash provided by financing activities 68 160
------- -------
Net increase in cash and cash
equivalents 68,845 23,221
CASH AND CASH EQUIVALENTS, Beginning of
period 26,549 13,801
------- -------
CASH AND CASH EQUIVALENTS, End of period $95,394 $37,022
======= =======
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 operating results, which exclude impairment and certain other non-recurring 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 first quarter 2009 earnings per diluted share on a GAAP basis to earnings per share on a non-GAAP basis is presented in the table below:
Chico's FAS, Inc.
Non-GAAP to GAAP Reconciliation
Diluted Earnings Per Share (EPS)
13 weeks ended
May 2, 2009
----------------
Diluted EPS on a GAAP basis (as reported) $0.08
Add: Impact of impairment of long-lived
assets 0.03
-----
Non-GAAP Diluted EPS $0.11
=====
Executive Contact:
Robert C. Atkinson
Vice President - Investor Relations
Chico's FAS, Inc.
(239) 274-4199
SOURCE Chico's FAS, Inc.