CHICO'S FAS, INC. FORT MYERS, Fla., Nov. 24, 2015 /PRNewswire/ -- Chico's FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2015 third quarter and thirty-nine weeks ended October 31, 2015.
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For the thirteen weeks ended October 31, 2015 ("the third quarter"), the Company reported adjusted net income of $17.7 million compared to adjusted net income of $28.9 million for the thirteen weeks ended November 1, 2014, and third quarter 2015 adjusted earnings per diluted share of $0.13 compared to adjusted earnings per diluted share of $0.19 in last year's third quarter. During the third quarter we signed a non-binding letter of intent to sell the Boston Proper direct-to-consumer ("DTC") business. The third quarter adjusted results exclude net charges of $0.22 per diluted share in 2015 and $0.02 per diluted share in last year's third quarter related to 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 a third quarter 2015 net loss of $11.6 million, or $0.09 per diluted share, compared to net income of $26.5 million, or $0.17 per diluted share, in last year's third quarter.
For the thirty-nine weeks ended October 31, 2015, the Company reported adjusted net income of $99.7 million compared to adjusted net income of $101.2 million for the thirty-nine weeks ended November 1, 2014, and adjusted earnings per diluted share of $0.70 compared to adjusted earnings per diluted share of $0.66 in the same period last year. The adjusted results exclude Net Charges of $0.54 per diluted share in 2015 and $0.03 per diluted share in the same period last year, as presented in the accompanying GAAP to Non-GAAP Reconciliation. Including the impact of the Net Charges, the Company reported net income of $23.0 million, or $0.16 per diluted share, in 2015 compared to net income of $96.5 million, or $0.63 per diluted share, in the same period last year.
Net Sales
For the third quarter, net sales were $641.2 million, a decrease of 3.7% compared to $665.6 million in last year's third quarter, primarily reflecting a 3.3% decrease in comparable sales and a 0.8% net decrease in selling square footage. The 3.3% decrease in comparable sales for the third quarter follows a 1.6% decrease in last year's third quarter, and reflects a decrease in average dollar sale and transaction count.
Comparable Sales
Thirty-Nine Weeks Ended Thirteen Weeks Ended
----------------------- --------------------
October 31, November 1, October 31, November 1,
2015 2014 2015 2014
---- ---- ---- ----
Chico's (2.1)% (0.9)% (4.7)% (2.6)%
White House | Black Market (0.8)% (4.0)% (2.0)% (1.4)%
Soma 3.6% 5.7% (0.9)% 3.7%
Total Company (1.0)% (1.3)% (3.3)% (1.6)%
===== ===== ===== =====
Gross Margin
For the third quarter, gross margin was $350.5 million compared to $363.8 million in last year's third quarter. Gross margin was 54.7% of net sales in the third quarter, in line with the same period last year.
Selling, General and Administrative Expenses
For the third quarter, selling, general and administrative expenses ("SG&A") were $327.6 million compared to $321.6 million in last year's third quarter. SG&A was 51.1% of net sales, a 280 basis point increase from last year's third quarter, primarily reflecting sales deleverage as well as an increase in store occupancy and point-of-sale implementation costs.
Restructuring and Strategic Charges
For the third quarter, the Company recorded pre-tax restructuring and strategic charges of $3.1 million, primarily consisting of lease termination charges for the Boston Proper stores. On an after-tax basis, the third quarter impact of these charges was $1.9 million, or $0.01 per diluted share.
Impairment Charges
For the third quarter of fiscal 2015, based on market indications of value, the Company determined that certain Boston Proper intangibles were impaired and recorded $45.5 million in pre-tax, non-cash trade name and customer relationship impairment charges. On an after-tax basis, third quarter impairment charges were $23.9 million, or $0.18 per diluted share.
Income Tax Benefit
Excluding the net tax benefits related to the plan to exit Boston Proper and the tax impact of restructuring and strategic charges, the 2015 third quarter effective tax rate would have been 37.0% compared to an effective tax rate of 37.4% for the same period last year.
Inventories
At the end of the third quarter of 2015, total inventories totaled $280.0 million, when including inventory related to the Boston Proper DTC business. Total inventories decreased 4.8% compared to $294.2 million in last year's third quarter, primarily reflecting improved inventory management.
Assets and Liabilities Held for Sale
At the end of the third quarter of 2015, current assets included $41.8 million in assets held for sale, primarily comprised of $18.3 million in Boston Proper DTC assets and $16.5 million in vacant land. Current liabilities included $8.5 million in Boston Proper DTC liabilities held for sale.
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 October 31, 2015, the Company operated 1,546 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 Operations
(Unaudited)
(in thousands, except per share amounts)
Thirty-Nine Weeks Ended Thirteen Weeks Ended
----------------------- --------------------
October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014
---------------- ---------------- ---------------- ----------------
Amount % of Amount % of Amount % of Amount % of
Sales Sales Sales Sales
-----
Net sales:
Chico's $1,054,367 52.3% $1,069,833 53.1% $332,033 51.8% $347,562 52.3%
White House | Black Market 657,082 32.6% 655,639 32.5% 220,125 34.3% 224,552 33.7%
Soma 238,159 11.8% 220,406 10.8% 71,749 11.2% 70,668 10.6%
Boston Proper 65,302 3.3% 72,426 3.6% 17,312 2.7% 22,787 3.4%
------ --- ------ --- ------ --- ------ ---
Total net sales 2,014,910 100.0% 2,018,304 100.0% 641,219 100.0% 665,569 100.0%
Cost of goods sold 902,690 44.8% 920,148 45.6% 290,737 45.3% 301,776 45.3%
------- ---- ------- ---- ------- ---- ------- ----
Gross margin 1,112,220 55.2% 1,098,156 54.4% 350,482 54.7% 363,793 54.7%
Selling, general and administrative expenses 964,229 47.9% 945,360 46.8% 327,575 51.1% 321,574 48.3%
Goodwill and intangible impairment charges 112,455 5.6% - 0.0% 45,514 7.1% - 0.0%
Restructuring and strategic charges 34,178 1.6% - 0.0% 3,137 0.5% - 0.0%
--- ---
Income (loss) from operations 1,358 0.1% 152,796 7.6% (25,744) (4.0)% 42,219 6.4%
Interest (expense) income, net (1,421) (0.1)% 75 0.0% (466) (0.1)% 44 0.0%
------ ----- --- --- ---- ----- --- ---
Income (loss) before income taxes (63) 0.0% 152,871 7.6% (26,210) (4.1)% 42,263 6.4%
Income tax (benefit) provision (23,100) (1.1)% 56,400 2.8% (14,600) (2.3)% 15,800 2.4%
------- ----- ------ --- ------- ----- ------ ---
Net income (loss) $23,037 1.1% $96,471 4.8% $(11,610) (1.8)% $26,463 4.0%
======= === ======= === ======== ===== ======= ===
Per share data:
Net income (loss) per common share-basic $0.16 $0.63 $(0.09) $0.17
===== ===== ====== =====
Net income (loss) per common and common equivalent
share-diluted $0.16 $0.63 $(0.09) $0.17
===== ===== ====== =====
Weighted average common shares outstanding-basic 139,386 148,577 136,172 148,564
======= ======= ======= =======
Weighted average common and common equivalent shares
outstanding-diluted 139,724 149,093 136,172 149,037
======= ======= ======= =======
Dividends declared per share $0.2325 $0.2250 $ - $ -
======= ======= === === === ===
Chico's FAS, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Unaudited)
(in thousands)
October 31, 2015 January 31, 2015 November 1, 2014
---------------- ---------------- ----------------
ASSETS
Current Assets:
Cash and cash equivalents $91,256 $133,351 $67,172
Marketable securities, at fair value 47,316 126,561 124,042
Inventories 268,968 235,159 294,234
Prepaid expenses and other current assets 98,305 51,088 52,062
Assets held for sale 41,802 16,800 -
------ ------ ---
Total Current Assets 547,647 562,959 537,510
Property and Equipment, net 556,172 606,147 641,187
Other Assets:
Goodwill 96,774 145,627 171,427
Other intangible assets, net 38,930 109,538 114,927
Other assets, net 13,691 14,310 12,897
------ ------ ------
Total Other Assets 149,395 269,475 299,251
------- ------- -------
$1,253,214 $1,438,581 $1,477,948
========== ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $147,526 $144,534 $162,641
Current debt 10,000 - -
Other current and deferred liabilities 140,557 158,396 145,972
Liabilities held for sale 8,478 - -
----- --- ---
Total Current Liabilities 306,561 302,930 308,613
Noncurrent Liabilities:
Long-term debt 84,702 - -
Deferred liabilities 135,390 142,371 146,715
Deferred taxes 20,385 49,659 42,306
------ ------ ------
Total Noncurrent Liabilities 240,477 192,030 189,021
Stockholders' Equity:
Preferred stock - - -
Common stock 1,394 1,529 1,529
Additional paid-in capital 429,746 407,275 401,110
Treasury stock, at cost (249,854) - -
Retained earnings 524,244 534,255 577,528
Accumulated other comprehensive income 646 562 147
--- --- ---
Total Stockholders' Equity 706,176 943,621 980,314
------- ------- -------
$1,253,214 $1,438,581 $1,477,948
========== ========== ==========
Chico's FAS, Inc. and Subsidiaries
Condensed Consolidated Cash Flow Statements
(Unaudited)
(in thousands)
Thirty-Nine Weeks Ended
-----------------------
October 31, 2015 November 1, 2014
---------------- ----------------
Cash Flows From Operating Activities:
Net income $23,037 $96,471
Adjustments to reconcile net income to net cash provided by
operating activities -
Goodwill and intangible impairment charges,
pre-tax 112,455 -
Depreciation and amortization 90,266 90,514
Loss on disposal and impairment of property
and equipment 22,609 757
Deferred tax benefit (52,623) (9,204)
Stock-based compensation expense 20,712 20,041
Excess tax benefit from stock-based
compensation (2,992) (1,654)
Deferred rent and lease credits (15,018) (13,754)
Changes in assets and liabilities:
Inventories (44,811) (56,089)
Prepaid expenses and other assets (27,653) (5,032)
Accounts payable 7,377 31,387
Accrued and other liabilities (3,300) 27,655
------ ------
Net cash provided by operating activities 130,059 181,092
------- -------
Cash Flows From Investing Activities:
Purchases of marketable securities (43,479) (81,134)
Proceeds from sale of marketable securities 122,712 73,062
Purchases of property and equipment, net (66,595) (98,084)
------- -------
Net cash provided by (used in) investing
activities 12,638 (106,156)
------ --------
Cash Flows From Financing Activities:
Proceeds from borrowings 124,000 -
Payments on borrowings (29,000) -
Proceeds from issuance of common stock 10,614 5,930
Excess tax benefit from stock-based
compensation 2,992 1,654
Dividends paid (32,933) (34,329)
Repurchase of common stock (260,555) (17,579)
-------- -------
Net cash used in financing activities (184,882) (44,324)
-------- -------
Effects of exchange rate changes on cash and
cash equivalents 90 116
--- ---
Net (decrease) increase in cash and cash
equivalents (42,095) 30,728
Cash and Cash Equivalents, Beginning of period 133,351 36,444
------- ------
Cash and Cash Equivalents, End of period $91,256 $67,172
======= =======
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 thirty-nine and thirteen weeks ended October 31, 2015 and November 1, 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 operations (in thousands, except per share amounts):
Thirty-Nine Weeks Ended Thirteen Weeks Ended
----------------------- --------------------
October 31, 2015 November 1, 2014 October 31, November 1, 2014
2015
----
Numerator
Net income (loss) $23,037 $96,471 $(11,610) $26,463
Net income and dividends declared allocated to participating
securities (492) (2,648) - (745)
---- ------ --- ----
Net income (loss) available to common shareholders $22,545 $93,823 $(11,610) $25,718
======= ======= ======== =======
Denominator
Weighted average common shares outstanding - basic 139,386 148,577 136,172 148,564
Dilutive effect of non-participating securities 338 516 - 473
--- --- --- ---
Weighted average common and common equivalent shares outstanding
- diluted 139,724 149,093 136,172 149,037
======= ======= ======= =======
Net income per common share*:
Basic $0.16 $0.63 $(0.09) $0.17
===== ===== ====== =====
Diluted $0.16 $0.63 $(0.09) $0.17
===== ===== ====== =====
*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 and results from non-continuing operations, 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 adjusted 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
----------------------- --------------------
October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014
---------------- ---------------- ---------------- ----------------
Net income (loss):
------------------
GAAP basis $23,037 $96,471 $(11,610) $26,463
Goodwill and intangible impairment charges, net of tax 70,985 - 23,859 -
Restructuring and strategic charges, net of tax 21,225 - 1,948 -
Tax benefit related to the expected disposition of Boston
Proper's stock (23,779) - - -
Boston Proper operating loss, net of tax 8,239 4,756 3,502 2,450
----- ----- ----- -----
Non-GAAP adjusted basis $99,707 $101,227 $17,699 $28,913
======= ======== ======= =======
Net income (loss) per diluted share:
------------------------------------
GAAP basis $0.16 $0.63 $(0.09) $0.17
Goodwill and intangible impairment charges, net of tax 0.50 0.00 0.18 0.00
Restructuring and strategic charges, net of tax 0.15 0.00 0.01 0.00
Tax benefit related to the expected disposition of Boston
Proper's stock (0.17) 0.00 0.00 0.00
Boston Proper operating loss, net of tax 0.06 0.03 0.03 0.02
---- ---- ---- ----
Non-GAAP adjusted basis $0.70 $0.66 $0.13 $0.19
===== ===== ===== =====
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 results from non-continuing 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, when excluding Boston Proper:
Chico's FAS, Inc. and Subsidiaries
Reconciliation of Reported to Adjusted Consolidated Financial Data,
Excluding Boston Proper
(Unaudited)
(in thousands)
Selected Consolidated Financial Data,
As Reported
Thirty-Nine Weeks Ended Thirteen Weeks Ended
----------------------- --------------------
October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014
---------------- ---------------- ---------------- ----------------
Amount % of Amount % of Amount % of Amount % of
Sales Sales Sales Sales
-----
Net sales 2,014,910 100.0% 2,018,304 100.0% 641,219 100.0% 665,569 100.0%
Gross margin 1,112,220 55.2% 1,098,156 54.4% 350,482 54.7% 363,793 54.7%
Selling, general
and administrative
expenses 964,229 47.9% 945,360 46.8% 327,575 51.1% 321,574 48.3%
------- ---- ------- ---- ------- ---- ------- ----
Subtotal 147,991 7.3% 152,796 7.6% 22,907 3.6% 42,219 6.4%
======= === ======= === ====== === ====== ===
Boston Proper
Thirty-Nine Weeks Ended Thirteen Weeks Ended
----------------------- --------------------
October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014
---------------- ---------------- ---------------- ----------------
Amount % of Amount % of Amount % of Amount % of
Sales Sales Sales Sales
-----
Net sales 65,303 100.0% 72,426 100.0% 17,312 100.0% 22,787 100.0%
Gross margin 27,227 41.7% 32,949 45.5% 5,826 33.7% 9,380 41.2%
Selling, general
and administrative
expenses 40,495 62.0% 40,609 56.1% 11,466 66.2% 13,325 58.5%
------ ---- ------ ---- ------ ---- ------ ----
Subtotal (13,268) (20.3)% (7,660) (10.6)% (5,640) (32.6)% (3,945) (17.3)%
======= ====== ====== ====== ====== ====== ====== ======
Selected Consolidated Financial Data,
Adjusted
Thirty-Nine Weeks Ended Thirteen Weeks Ended
----------------------- --------------------
October 31, 2015 November 1, 2014 October 31, 2015 November 1, 2014
---------------- ---------------- ---------------- ----------------
Amount % of Amount % of Amount % of Amount % of
Sales Sales Sales Sales
-----
Net sales 1,949,607 100.0% 1,945,878 100.0% 623,907 100.0% 642,782 100.0%
Gross margin 1,084,993 55.7% 1,065,207 54.7% 344,656 55.3% 354,413 55.1%
Selling, general
and administrative
expenses 923,734 47.4% 904,751 46.5% 316,109 50.7% 308,249 47.9%
------- ---- ------- ---- ------- ---- ------- ----
Subtotal 161,259 8.3% 160,456 8.2% 28,547 4.6% 46,164 7.2%
======= === ======= === ====== === ====== ===
Chico's FAS, Inc. and Subsidiaries
Store Count and Square Footage
Thirteen Weeks Ended October 31, 2015
(Unaudited)
August 1, 2015 New Stores Closures October 31, 2015
-------------- ---------- -------- ----------------
Store count:
Chico's frontline boutiques 609 2 (4) 607
Chico's outlets 119 2 (2) 119
Chico's Canada 4 - - 4
WH|BM frontline boutiques 435 2 (4) 433
WH|BM outlets 71 - (2) 69
WH|BM Canada 6 - - 6
Soma frontline boutiques 267 6 (2) 271
Soma outlets 17 - - 17
Boston Proper frontline boutiques 20 - - 20
Total Chico's FAS, Inc. 1,548 12 (14) 1,546
===== === === =====
August 1, 2015 New Stores Closures Other changes in
SSF October 31, 2015
-------------- ---------- -------- ---------------- ----------------
Net selling square footage (SSF):
Chico's frontline boutiques 1,662,709 5,495 (11,792) 623 1,657,035
Chico's outlets 297,753 4,571 (4,495) 74 297,903
Chico's Canada 9,695 - - - 9,695
WH|BM frontline boutiques 999,010 5,078 (7,565) 760 997,283
WH|BM outlets 148,702 - (3,212) (1,512) 143,978
WH|BM Canada 14,891 - - - 14,891
Soma frontline boutiques 503,744 11,017 (3,410) 191 511,542
Soma outlets 31,672 - - - 31,672
Boston Proper frontline boutiques 34,465 - - - 34,465
Total Chico's FAS, Inc. 3,702,641 26,161 (30,474) 136 3,698,464
========= ====== ======= === =========
As of October 31, 2015 the Company also sold merchandise through 37 international franchise locations.
Chico's FAS, Inc. and Subsidiaries
Store Count and Square Footage
Thirty-Nine Weeks Ended October 31, 2015
(Unaudited)
January 31,
2015 New Stores Closures October 31, 2015
------------ ---------- -------- ----------------
Store count:
Chico's frontline boutiques 613 7 (13) 607
Chico's outlets 118 4 (3) 119
Chico's Canada 3 1 - 4
WH|BM frontline boutiques 441 4 (12) 433
WH|BM outlets 68 3 (2) 69
WH|BM Canada 5 1 - 6
Soma frontline boutiques 263 12 (4) 271
Soma outlets 17 - - 17
Boston Proper frontline boutiques 19 1 - 20
Total Chico's FAS, Inc. 1,547 33 (34) 1,546
===== === === =====
January 31, New Stores Closures Other changes in
2015 SSF October 31, 2015
------------ ---------- -------- ---------------- ----------------
Net selling square footage (SSF):
Chico's frontline boutiques 1,674,640 18,166 (35,089) (682) 1,657,035
Chico's outlets 295,600 8,952 (6,901) 252 297,903
Chico's Canada 7,313 2,382 - - 9,695
WH|BM frontline boutiques 1,010,242 9,915 (24,721) 1,847 997,283
WH|BM outlets 141,900 6,802 (3,212) (1,512) 143,978
WH|BM Canada 12,460 2,431 - - 14,891
Soma frontline boutiques 498,642 22,356 (8,390) (1,066) 511,542
Soma outlets 31,672 - - - 31,672
Boston Proper frontline boutiques 33,035 1,430 - - 34,465
Total Chico's FAS, Inc. 3,705,504 72,434 (78,313) (1,161) 3,698,464
========= ====== ======= ====== =========
As of October 31, 2015 the Company also sold merchandise through 37 international franchise locations.
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SOURCE Chico's FAS, Inc.
