Home / Knowledge / News / Apparel/Garments / Chico's FAS Q1'FY14 net sales up 1.6% to $681.6mn
Chico's FAS Q1'FY14 net sales up 1.6% to $681.6mn
28
May '14
For the thirteen weeks ended May 3, 2014 (the first quarter), the Company reported net income of $39.9 million compared to adjusted net income of $51.7 million for the thirteen weeks ended May 4, 2013, and first quarter 2014 earnings per diluted share of $0.26 compared to adjusted earnings per diluted share of $0.32 in last year's first quarter. 
 
The adjusted first quarter fiscal 2013 results exclude the impact of non-recurring acquisition and integration costs, as presented in the accompanying GAAP to non-GAAP reconciliation. Including the first quarter 2013 impact of non-recurring acquisition and integration costs of $0.6 million after tax, or $0.01 per diluted share, the Company reported first quarter fiscal 2013 net income of $51.1 million, or $0.31 per diluted share.
 
Net Sales
For the first quarter, net sales were a record $681.6 million, an increase of 1.6% compared to $670.7 million in last year's first quarter, primarily reflecting 99 net new stores for a square footage increase of 6.9%, offset by a decrease in comparable sales. Comparable sales for the first quarter decreased 2.6% following flat comparable sales in last year's first quarter, reflecting lower average dollar sale as a result of the impact of a highly promotional environment in response to lower traffic due in part to inclement weather.
 
For the first quarter, the Chico's/Soma Intimates brands' comparable sales increased 0.4% following a 2.8% decrease in last year's first quarter. The Chico's brand experienced a decrease of less than 1% in comparable sales in the first quarter compared to a mid-single digit decrease in last year's first quarter, and the Soma Intimates brand experienced a high-single digit comparable sales increase in the first quarter compared to a mid-single digit increase in last year's first quarter. The White House | Black Market brand's comparable sales decreased 8.6% following a 6.4% increase in last year's first quarter.
 
Gross Margin
For the first quarter, gross margin was $382.9 million compared to $386.8 million in last year's first quarter. Gross margin was 56.2% of net sales, a 150 basis point decrease from last year's first quarter, primarily reflecting increased promotional activity in response to lower traffic, partially offset by lower incentive compensation as a percent of net sales.
 
Selling, General and Administrative Expenses
For the first quarter, selling, general and administrative expenses ("SG&A") were $319.0 million compared to $304.9 million in last year's first quarter. SG&A was 46.8% of net sales, a 130 basis point increase from last year's first quarter, primarily reflecting sales deleverage of store expenses and the impact of approximately $4 million in investment spending on strategic initiatives, partially offset by lower incentive compensation as a percent of net sales.
 

Chico's FAS

Must ReadView All

Apparel/Garments | On 28th Sep 2016

CMAI inks MoU with Chinese textile trade body CCCT

Indian apex clothing association, the Clothing Manufacturers...

Textiles | On 28th Sep 2016

India sees largest gain on WEF’s Competitiveness Index

India has shown the largest gain made by any country on the World...

Textiles | On 28th Sep 2016

Oerlikon to show new yarns and fibres at ITMA+CITME expo

The Oerlikon Manmade Fibers segment, the world market leader for...

Interviews View All

Akash Khetan
Narayan Tex Fab

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silke Brand-Kirsch
Schlegel und Partner

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

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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
September 2016

September 2016

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

SUBSCRIBE


Browse Our Archives

GO


Advanced Search