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

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