Home / Knowledge / News / Apparel/Garments / Net income declines 14.8% at Chico's FAS in Q3 FY'13
Net income declines 14.8% at Chico's FAS in Q3 FY'13
26
Nov '13
Chico's FAS, Inc. announced its financial results for the fiscal 2013 third quarter and thirty-nine weeks ended November 2, 2013.
 
For the third quarter, the Company reported adjusted net income of $35.8 million, a decrease of 14.8% compared to adjusted net income of $42.0 million in last year's third quarter, and adjusted earnings per diluted share of $0.22, a decrease of 12.0% compared to adjusted earnings per diluted share of  $0.25 in last year's third quarter.
 
The adjusted results exclude charges related to Boston Proper non-cash goodwill and trade name impairment in the third quarter of 2013 and non-recurring acquisition and integration costs in the third quarter of 2012, as presented in the accompanying GAAP to non-GAAP reconciliation.
 
Including the impact of non-cash goodwill and trade name impairment charges of $64.3 million after-tax, or $0.40 per diluted share in the third quarter of 2013, the Company reported a net loss of $28.5 million, or a loss of $0.18 per diluted share compared to net income of $41.7 million, or $0.25 per diluted share in last year's third quarter.
 
For the thirty-nine weeks ended November 2, 2013, the Company reported adjusted net income of $131.1 million, a decrease of 12.3% compared to adjusted net income of $149.5 million in the same period last year, and adjusted earnings per diluted share of $0.81, a decrease of 9.0% compared to adjusted earnings per diluted share of $0.89 in the same period last year.
 
Including the impact of Boston Proper non-cash goodwill and trade name impairment charges and non-recurring acquisition and integration costs in 2013, the Company reported net income of $66.2 million, or $0.41 per diluted share compared to net income of $148.7 million, or $0.89 per diluted share in the same period last year.
 
Net Sales
 
For the third quarter, net sales were $655.6 million, an increase of 3.0% compared to $636.7 million in last year's third quarter, primarily reflecting 115 net new stores for a square footage increase of 8.6%. Comparable sales for the third quarter decreased 1.4% following a 9.9% increase in last year's third quarter, primarily reflecting the cycling of strong comparable sales last year and the impact of lower traffic.
 
The Chico's/Soma Intimates brands' comparable sales decreased 3.3% following an 11.6% increase in last year's third quarter for a two-year stack of up 8.3% and the White House | Black Market brand's comparable sales increased 2.5% on top of a 6.4% increase in last year's third quarter for a two-year stack of up 8.9%.
 
Click here to view full results.
 

Chico's FAS


Must ReadView All

Chinese firm sets up textile-garment chain in Vietnam

Apparel/Garments | On 13th Dec 2017

Chinese firm sets up textile-garment chain in Vietnam

Worldon Vietnam Co. Ltd under the Chinese Shenzhou Group is likely to ...

Courtesy: SATO Global Solutions

Information Technology | On 13th Dec 2017

Sensor networks improve inventory management

Sensor networks like radio frequency identification (RFID) and smart...

CMAI hails review of FTP as 'progressive package'

Apparel/Garments | On 13th Dec 2017

CMAI hails review of FTP as 'progressive package'

The Clothing Manufacturers' Association of India (CMAI) has hailed...

Interviews View All

Kamlesh Vaghela
RK Textiles

Very few machinery manufacturers have R&D units

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kai Poehler
Voith Paper GmbH & Co. KG

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

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

December 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


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