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Net sales up at women's clothes retailer Chico's FAS
24 Nov '11
4 min read
Tax Rate
For the 2011 third quarter, the effective tax rate was 37.8% compared to 35.4% for the same period last year. Excluding the impact of certain non-deductible Boston Proper acquisition and integration costs, the 2011 third quarter effective tax rate would have been 36.7%. The effective tax rate was higher in the current quarter compared to last year's third quarter due to a favorable state income tax audit settlement last year.
Inventories
Total inventories at the end of the third quarter were $247 million compared to $179 million for the same period last year. Excluding $17 million of inventory related to Boston Proper, inventories increased $51 million or 29%, of which $18 million was for fourth quarter comparable sales, $14 million for year-over-year new stores, $12 million for earlier receipts and $7 million due to higher average unit costs.
Share Repurchase Program
During the third quarter of 2011, the Company repurchased 4.7 million shares for $60.0 million.
The Company, through its brands – Chico's, White House | Black Market, Soma Intimates, and Boston Proper, is a women's specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items.
For the 2011 third quarter, the effective tax rate was 37.8% compared to 35.4% for the same period last year. Excluding the impact of certain non-deductible Boston Proper acquisition and integration costs, the 2011 third quarter effective tax rate would have been 36.7%. The effective tax rate was higher in the current quarter compared to last year's third quarter due to a favorable state income tax audit settlement last year.
Inventories
Total inventories at the end of the third quarter were $247 million compared to $179 million for the same period last year. Excluding $17 million of inventory related to Boston Proper, inventories increased $51 million or 29%, of which $18 million was for fourth quarter comparable sales, $14 million for year-over-year new stores, $12 million for earlier receipts and $7 million due to higher average unit costs.
Share Repurchase Program
During the third quarter of 2011, the Company repurchased 4.7 million shares for $60.0 million.
The Company, through its brands – Chico's, White House | Black Market, Soma Intimates, and Boston Proper, is a women's specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items.
Chico's FAS Inc
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