Home / Knowledge / News / Apparel/Garments / Chico's FAS' Q1 FY'13 sales increase 3.1%
Chico's FAS' Q1 FY'13 sales increase 3.1%
29
May '13
Chico's FAS, Inc. announced its fiscal 2013 first quarter financial results.

For the first quarter, when excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Company reported net income of $51.7 million, a decrease of 4.2% compared to net income of $54.0 million in last year's first quarter, and earnings per diluted share of $0.32, flat to a record $0.32 per diluted share in last year's first quarter.

Including non-recurring acquisition and integration costs, the Company reported net income of $51.1 million, a decrease of 4.7% compared to net income of $53.6 million in last year's first quarter, and earnings per diluted share of $0.31, a decrease of 3.1% compared to $0.32 per diluted share in last year's first quarter.

Net Sales

For the first quarter, net sales were a record $670.7 million, an increase of 3.1% compared to $650.8 million in last year's first quarter, primarily reflecting 114 net new stores for a square footage increase of 9.0%.

Comparable sales for the first quarter were flat following a 9.6% increase in last year's first quarter, reflecting higher transaction count offset by a decrease in average dollar sale. The comparable sales results primarily reflect the impact of an unusually cool spring and the cycling of strong comparable sales last year.

The Chico's/Soma Intimates brands' comparable sales decreased 2.8% following an 8.8% increase in last year's first quarter for a two-year stack of 6.0% and the White House | Black Market ("WH|BM") brand's comparable sales increased 6.4% following an 11.3% increase in last year's first quarter for a two-year stack of 17.7%.

Gross Margin

For the first quarter, gross margin was $386.8 million compared to $378.6 million in last year's first quarter.  As a percentage of net sales, gross margin was 57.7%, a 50 basis point decrease from last year's first quarter, primarily reflecting higher promotion of seasonal merchandise during an unusually cool spring and investment in new distribution automation partially offset by lower incentive compensation.

Selling, General and Administrative Expenses

For the first quarter, selling, general and administrative expenses ("SG&A") were $304.9 million compared to $291.7 million in last year's first quarter.  As a percentage of net sales, SG&A was 45.5%, a 70 basis point increase from last year's first quarter, primarily reflecting higher occupancy and marketing expenses as a percent of net sales partially offset by lower incentive compensation. 

Inventories

In-store inventory per selling square foot increased approximately 2.3% over the first quarter last year.  At the end of the first quarter, total inventories were $243.5 million compared to $213.7 million at the end of the first quarter last year.

Inventories increased by $29.8 million, or 13.9%, primarily reflecting inventory to support a square footage increase of 9.0%. Excluding the impact of the calendar shift from last fiscal year's 53rd week, inventory increased approximately 9.2% from prior year.

Share Repurchase Program

During the first quarter of fiscal 2013, the Company repurchased 3.4 million shares for $60 million under its $300 million share repurchase program announced in February 2013, with $240 million remaining under the program as of the end of the first quarter.

Chico's FAS

Must ReadView All

Textiles | On 27th Apr 2017

Maharashtra govt working on second textiles policy

The textiles department of the government of Maharashtra is working...

Apparel/Garments | On 27th Apr 2017

EC takes action to make garment sector more sustainable

The European Commission (EC) has presented a set of focused actions...

Textiles | On 27th Apr 2017

Seven new organisations join ZDHC Programme

The Zero Discharge of Hazardous Chemicals (ZDHC) Programme from...

Interviews View All

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Manuj Terapanthi
Texaura

Transparent supply chain and fair trade will boost sustainable market

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X