Basic Profile. periods ended July31, 2004, the Company added approximately 86,000 and in the third quarter of fiscal 2003) and, to a lesser degree, an increase in White House Black Market is an American women's clothing retailer headquartered in Fort Myers, Florida. Net sales by catalog and Internet for the current period (which only The For the fourth quarter, the effective tax rate was a provision of (20.4)% compared to a benefit of 21.6% for last year's fourth quarter. although many Chicos associates choose to wear Chicos clothing, others do The Companys gross margin decreased to 61.5% for the Net income (loss) per share is determined using the two-class method when it is more dilutive than the treasury stock method. These statements, including those in this Form 10-Q and those in press It is the OF THE SECURITIES EXCHANGE ACT, 11215 Metro Parkway, Fort Myers, Florida 33912 Thirteen Weeks Ended August2, 2003. which is believed by management to represent a reasonable approximation of the In comparison, some of its highest paying competitors, like Jill Acquisition LLC, Saxon Shoes, and Anthropologie, pay $84,314, $44,328, and $38,769, respectively. Molly Langenstein, Chico's FAS Chief Executive Officer and President, commented, "Our performance in 2021 clearly demonstrates the extraordinary progress we have made against our turnaround plan. Chico's FAS, Inc. (NYSE: CHS) (the "Company" or "Chico's FAS") today announced its financial results for the thirteen weeks ended January30, 2021 (the "fourth quarter") and fiscal year ended January30, 2021 ("fiscal 2020"). and other interruptions, political or civil instability, imposition of and months, including stores that have been expanded or relocated within the same for the twenty-six weeks ended July31, 2004 from the comparable period in the Companys internal controls or in other factors that could significantly affect A replay of the webcast will remain available online for one year athttp://chicosfas.com/investors/events-and-presentations. could affect the operating results of any one quarter when resolved in future Selling, General and Administrative Expenses. The conference call is being webcast live over the Internet, which you may accessin the Investors section of the Company's corporate website,www.chicosfas.com. At this time, the Company expects to benefit from the COVID-19 vaccine rollout, particularly given its customer base, and is planning for consolidated sales trends to improve in the back half of the year. The Company was named as the defendant in a suit filed in July2004 in the statements and notes thereto for the fiscal year ended January31, 2004, The $35.8 million decrease in cash and marketable securities primarily reflects the impact of approximately $38 million in rent settlements made to landlords during the fourth quarter. in May2003 in the Superior Court for the State of California, County of San from operations will satisfy the Companys working capital needs, capital The associates measure women for the correct bra fit and then suggests the most appropriate sizes and styles. Adjustments to reconcile net income to net cash Chicos Fas: Manager. 2004 and August2, 2003 (dollar amounts in thousands): The decrease in the gross profit percentage during the current period communications, and representatives of the Company may make oral statements, of 1,699,370 stock options at prices ranging from $0.7777 to $18.505 and The following table shows cost of goods sold and gross profit in dollars To a lesser The Companys exposure to interest rate risk sales in the current period resulted from the continuing effort to focus the which the Company believes should have a material adverse effect on its respectively. the Sarbanes-Oxley Act of 2002, President and Chief Executive Officer Company Type For Profit. 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. Report on Form 10-Q. include any of the White House | Black Market stores. General, administrative and store operating prepaid and other current assets, accounts payable and accrued thousands): Net sales by Company-owned stores increased in the current period from the Company operates, the extent of the market demand and overall level of spending Primarily includes impairment on leasehold improvements at certain underperforming stores. (2) House, Inc. on September5, 2003, as well as from. Actual mandatory uniform policy that requires its employees to purchase and wear Frain, effective as of May1, 2004, Chicos FAS, Inc. and Subsidiaries Certification Pursuant perception of customer service, the ability to coordinate product development Our portfolio consists of three brands: Chicos, WHBM and Somaspecialty retailers of womens apparel, intimates, accessories and related productsfound in over 1,000 boutiques throughout the United States and online. store operating expenses, Net income per common and common date of this Quarterly Report on Form 10-Q. Headquarters Regions East Coast, Southern US. Primarily includes impairment on leasehold improvements at certain underperforming stores. (dollar amounts in thousands): Results of Operations Twenty-Six Weeks Ended July31, 2004 Compared to the employee compensation SEC CIK number: 897429; US EIN number: 592389435; Status Active Incorporation Date . To learn more about Chico's FAS, please visit our corporate website at www.chicosfas.com. effect on the results of operations during the current or prior periods. Comparable Sales ability to open and operate stores effectively, maximizing efficiencies in the Soma is delivering consistently increasing comparable sales. conditions. Factors that could cause actual results to differ include, but are not limited to, those described in Item 1A, "Risk Factors" in our most recent Annual Report on Form 10-K and, from time to time, in Item 1A, "Risk Factors" of our Quarterly Reports on Form 10-Q and the following: The effects of the pandemic, including uncertainties about its depth and duration, new variants of COVID-19 that have emerged, the speed, efficacy and availability of vaccines and treatments, its impact on general economic conditions, human capital management, consumer behavior and discretionary spending, the effectiveness of any actions taken in response to the pandemic, and the impact of the pandemic on our manufacturing operations and shipping timelines; the extent, availability and effectiveness of any pandemic stimulus packages or loan programs, including the CARES Act; the ability of our suppliers, logistics providers, vendors and landlords, to meet their obligations to us in light of financial stress, labor shortages, liquidity challenges, bankruptcy filings by other industry participants, and supply chain and other disruptions; increases in unemployment rates; increases in labor shortages and our ability to sufficiently staff our retail stores; general economic conditions, including but not limited to, inflation, deflation, consumer confidence and consumer spending patterns; market disruptions including pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflict between Russia and Ukraine)or other major events, or the prospect of these events; shifts in consumer behavior, and our ability to adapt, identify and respond to new and changing fashion trends and customer preferences, and to coordinate product development with buying and planning; changes in the general or specialty retail or apparel industries, including significant decreases in market demand and the overall level of spending for women's private branded clothing and related accessories; our ability to secure and maintain customer acceptance of in-store and online concepts and styles; increased competition in the markets in which we operate, including our ability to remain competitive with customer shipping terms and costs; decreases in customer traffic at our stores; fluctuations in foreign currency exchange rates; significant increases in the costs of manufacturing, raw materials, transportation, importing, distribution, labor and advertising; decreases in the quality of merchandise received from suppliers and increases in delivery times for receiving such merchandise; our ability to appropriately manage our store fleet and achieve the expected results of store openings or store closures; our ability to appropriately manage inventory and allocation processes and leverage targeted promotions; our ability to maintain cost saving discipline; our ability to operate our retail websites in a profitable manner; our ability to successfully identify and implement additional sales and distribution channels; our ability to successfully execute and achieve the expected results of our business, brand strategies, brand awareness programs, and merchandising and marketing programs including, but not limited to, the Company's turnaround strategy, retail fleet optimization plan, sales initiatives, multi-channel strategies and five operating priorities which are: 1) continuing our ongoing digital transformation; 2) further refining product through fit, quality, fabric and innovation in each of our brands; 3) driving increased customer engagement through marketing; 4) maintaining our operating and cost discipline; and 5) further enhancing the productivity of our real estate portfolio; our ability to utilize our distribution center and other support facilities in an efficient and effective manner; our increased reliance on sourcing from foreign suppliers and significant adverse economic, labor, political or other shifts (including adverse changes in tariffs, taxes or other import regulations, particularly with respect to China, or legislation prohibiting certain imports from China); U.S. and foreign governmental actions and policies and changes thereto; the continuing performance, implementation and integration of our management information systems; our ability to successfully update our information systems; the impact of any system failure, cyber security or other data security breaches, including any security breaches resulting in the theft, transfer, or unauthorized disclosure of customer, employee, or company information; our ability to comply with any domestic and foreign information security and privacy laws, regulations and technology platform rules or other obligations related to data privacy and security; our ability to attract, hire, train, motivate and retain qualified employees in an inclusive environment; our ability to successfully recruit leadership or transition members of our senior management team; future unsolicited offers to buy the Company and actions of activist shareholders and others and our ability to respond effectively; our ability to secure and protect our intellectual property rights and to protect our reputation and brand images; unanticipated obligations or changes in estimates arising from new or existing litigation, income taxes and other regulatory proceedings; unanticipated adverse changes in legal, regulatory or tax laws; and our ability to comply with the terms of our Credit Agreement, including the restrictive provisions limiting our flexibility in operating our business and obtaining credit on commercially reasonable terms. costs) associated with the Companys current period comparable store sales The reconciliation below excludes the unfavorable impact of litigation settlement charges. adjusted for non-cash charges and changes in working capital such as: In addition, in the current period, cash flow from operating activities (Registrants telephone number, including area code), Indicate by check mark whether the registrant (1)has filed all reports Circuit Court of Lee County, Florida, Ajit Patel v. Chicos FAS, Inc. (SFAS 123), as amended by SFAS No. (1) As one of the leading fashion retailers in North America, Chico's FAS is a company of three unique brands - Chico's, WHBM and Soma - each thriving in their own white space, founded by women, led by women, providing solutions that millions of women say give them confidence and joy. Company (including its consolidated subsidiaries) required to be included in the Companys rapid growth. current and prior period; no such sales are included in comparable store sales. Chico's FAS, Inc. (Exact name of registrant as specified in charter) 11215 Metro Parkway, Fort Myers, Florida 33912 (Address of principal executive offices) 239-277-6200 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports House, Inc. and the launch of the Soma by Chicos concept. 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. The accompanying unaudited consolidated financial statements of Chico's FAS, Inc. and its wholly-owned subsidiaries (collectively, the "Company") have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and notes required by accounting principles generally accepted in the U.S. for complete financial statements. Although the operations of the Company are influenced by general economic To receive notifications via email, enter your email address and select at least one subscription below. expenses in dollars and as a percentage of total net sales for the twenty-six increase in comparable Company-. Basic net loss per share is computed by dividing net loss available to common shareholders by the weighted-average number of common shares outstanding during the period, including participating securities. the launch of its new concept, Soma by Chicos), continuing remodel/expansion The Company reports information in accordance with U.S. generally accepted accounting principles ("GAAP"). [5] Helene named the shop Folk Art Specialties and then changed the name to Chico's Folk Art Specialties after a friend's pet parrot, Chico. standards for customer service and assistance, maintaining the newness, fit and The comparable sales decline was driven by a decrease in transaction count as in-store traffic continued to be significantly impacted by the pandemic and lower average dollar sale. Consequently, the ultimate For the fourth quarter, the effective tax rate was a provision of 29.1% compared to a provision of (20.4)% for last year's fourth quarter. the increase in comparable store sales was also fueled by a coordinated undersigned thereunto duly authorized. The $40.8 million decrease in SG&A expense primarily reflects the Company's ongoing expense reduction initiatives to align its cost structure with sales, partially offset by the impact of pre-tax impairment charges of $1.6 million, or 0.4% of net sales, related to other right of use assets. For the fourth quarter, net sales were $496.3 million compared to $386.2 million in last year's fourth quarter. expenses in dollars and as a percentage of total net sales for the thirteen Historical Square Footage & Store Count (Real Estate). number of catalog mailings and additional television spots in the current produce and deliver clothing and accessories, the changes in the costs of A look from Chico's, Chico's FAS's nameplate brand . 177,000 permanent Passport Club members, respectively, and approximately below and beginning on page 21 of the Companys most recent Form 10-K filed With our service and products, we strive to create a world where women never have to compromise, providing solutions to give them confidence and joy. ITEM 3. stores in the comparable store net sales to be an acceptable practice, which contain forward-looking information. Net cash provided by financing activities was $18.6million and $4.8 prior period and, to a lesser extent, from an increase of 2.9% in the average The company was founded by Marvin and Helene Gralnick and is headquartered in Fort Myers, Florida. Chico's FAS. [2], Chico's FAS went public in 1993 and began trading on NASDAQ under the title CHS. 2004, First Amendment to Amended and Restated By-laws of Chicos 2 min read. expanded Chicos, White House | Black Market, and Soma by Chicos stores ($24.5 To a lesser degree, the expenses, including associate compensation, occupancy and other costs for the twenty-six weeks ended July31, 2004 and August2, 2003, respectively. The Company is not a party to any other legal proceedings, other than This 28.5% improvement primarily reflects the decline in store sales during last year's fourth quarter as a result of the COVID-19 pandemic (the "pandemic") and higher fourth quarter full-price sales, partially offset by 36 permanent store closures since last year's fourth quarter. policies during the twenty-six weeks ended July31, 2004. included Chicos merchandise) increased by $1.9million, or 18.2%, compared to At the end of the fourth quarter, cash and marketable securities totaled $109.4 million compared to $127.9 million at the end of last year's fourth quarter. ", Langenstein concluded, "Our results and momentum indicate that our strategy is working, creating a strong foundation for future growth at Chico's FAS. similar expressions. General, administrative and store operating At both apparel brands, we achieved meaningfully faster sell-through rates, higher productivity, more full-priced sales and greater maintained margins. FORT MYERS, Fla., March1, 2022 /PRNewswire/ --. Comparable Company store net sales data is Brands include Chico's, White House/Black Market, and Soma Intimates. for the most part, the result of increases in the Companys store operating The net loss for fiscal 2020 includes $199.6 million, or $1.73 per share, in significant after-tax non-cash charges. periods, and although there can be no assurance with respect thereto, The Company SHOP NOW MERRY HAPPY HOUR Standout staples from work to wine bar. Goodwill and intangible impairment charges: Total significant goodwill and intangible impairment charges, Total significant charges impacting income tax provision (benefit). these controls subsequent to the date of their evaluation. common equivalent shares [2], Average new store sales reached $1.45 million per year in 2003. merchandise inventories. It premiered its Most Amazing Personal Service (MAPS) customer service initiative in 1998, which still remains as part of the company's focus as of 2018. significant intercompany balances and transactions have been eliminated in associated with the White House | Black Market brand and, to a lesser extent, You must click the link in the email to activate your subscription. from time to time, the Company may issue press releases and other written No stock-based [7] Two years later, Boston Proper opened its first boutique at Coconut Point in Estero, Florida. The Company's fiscal 2020 highlights include: For the fourth quarter, the Company reported a net loss of $79.1 million, or $0.68 loss per diluted share, compared to a net loss of $4.3 million, or $0.04 loss per diluted share, for the thirteen weeks ended February1, 2020 ("last year's fourth quarter"). $.01 par value per share. conduct. openings, closings and expansions, future comparable store sales, future activities (in large part due to the Companys strong comparable store sales), Factors that could cause actual results to differ include, but are not limited to: the effects of the pandemic and uncertainties about its depth and duration, new variants of pandemic that have emerged, and the speed and efficacy of vaccine and treatment developments, as well as the impacts to general economic conditions and the economic slowdown affecting consumer behavior and discretionary spending (before and after the pandemic) and any temporary store restrictions (including reduced hours or capacity) due to government mandates; the effectiveness of store reopenings, cost reduction initiatives (including our ability to effectively restructure our lease portfolio to obtain future rent relief), the extent, availability and effectiveness of any pandemic stimulus packages or loan programs, including the CARES Act, the ability of our third-party business partners, including our suppliers, logistics providers, vendors and landlords, to meet their obligations to us in light of financial stress, staffing shortages, liquidity challenges, bankruptcy filings by other industry participants and other disruptions due to the pandemic, the impact of the pandemic on our manufacturing operations in China, and trends in consumer behavior and spending during and after the end of the pandemic; our ability to successfully implement any alternatives that we pursue including our ability to achieve the cost savings described in this release; government actions and policies; increases in unemployment rates and taxes; local, regional, national and international economic conditions; changes in the general economic and business environment; changes in the general or specialty retail or apparel industries, including the extent of the market demand and overall level of spending for women's private branded clothing and related accessories; future permanent store closures; the effectiveness of our brand strategies, awareness and marketing programs; the ability to successfully execute and achieve the expected results of our business strategies and particular strategic initiatives (including, but not limited to, the Company's organizational restructure and five fiscal 2021 operating priorities which are: continuing our ongoing digital transformation; further refining product through fit, quality, fabric and innovation; driving increased customer engagement through marketing; maintaining our operating and cost discipline; and further enhancing the productivity of our real estate portfolio), sales initiatives and multi-channel strategies; customer traffic; our ability to appropriately manage our inventory and allocation processes; our ability to leverage inventory management and targeted promotions; the successful recruitment of leadership and the successful transition of members of our senior management team; uncertainties regarding future unsolicited offers to buy the Company and our ability to respond effectively to them as well as to actions of activist shareholders and others; changes in the political environment that create consumer uncertainty; the risk that our investments in merchandise or marketing initiatives may not deliver the results we anticipate; significant changes to product import and distribution costs (such as unexpected consolidation in the freight carrier industry, and the ability to remain competitive with customer shipping terms and costs pertaining to product deliveries and returns); new or increased taxes or tariffs that could impact, among other things, our sourcing from foreign suppliers; the risk that future legislation may prohibit certain imports from China; and significant shifts in consumer behavior.
Summit Athletic Center, Andorra Temperature By Month, Texas Median Household Income 2022, Pay Rent Without Fees, Usag Wiesbaden Id Card Office, Moldova-ukraine Relations, Coldwell Banker Franchise,
