CHICO'S FAS, INC. 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 Amount % of Amount % of Amount % of
Sales Sales Sales 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, January 30,
2017 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, January 30,
2017 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, January 30, January 28, January 30,
2017 2016 2017 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, January 30, January 28, January 30,
2017 2016 2017 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, New Stores Closures January 28,
2016 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, New Stores Closures Other
changes in
SSF January 28,
2016 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, New Stores Closures January 28,
2016 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, New Stores Closures Other
changes in
SSF January 28,
2016 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.
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SOURCE Chico's FAS, Inc.
