Share Repurchase ProgramDuring the second quarter of fiscal 2012, the Company repurchased 1.8 million shares for $25.6 million under its $200 million share repurchase program announced in November 2011, with $149.4 million remaining under the program as of the end of the second quarter. For the four quarter period ended July 28, 2012, the Company repurchased 9.0 million shares for $110.6 million.
Outlook
Chico's FAS Inc. announced its financial results for the fiscal 2012 second quarter and twenty-six weeks ended July 28, 2012.For the#
As a result of the Company's record first half results, the Company is updating its planning assumptions for fiscal 2012. The new planning assumptions are:
- Net sales of approximately $2.55 billion to $2.6 billion, which includes comparable store growth at a mid-single digit percent;
- Gross margin rate of approximately flat to 2011;
- SG&A expense, as a percentage of net sales, down approximately 50 basis points to 2011;
- One-time acquisition and integration costs for Boston Proper of approximately $4 million pre-tax;
- Effective tax rate of approximately 38%;
- Weighted average diluted shares of approximately 165 million, excluding any potential future impact of share repurchases;
- Inventory increase in-line with sales growth; and
- Capital expenditures of approximately $155 million, reflecting an additional $5 million for Boston Proper initiatives, including new stores in early fiscal 2013 and system integration costs.
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 items.
Chico's FAS Inc