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Q4FY15 adjusted net income surges 27% at Chico's FAS
28 Feb '15
3 min read
For the fourth fiscal quarter ended January 31, 2015, adjusted net income at apparel marketer Chico’s FAS surged 27 per cent from the prior year quarter.
For the reporting quarter, Chico’s posted adjusted net income of $7.5 million compared to $5.9 million for the thirteen weeks ended February 1, 2014.
Correspondingly, fourth quarter of fiscal 2015 adjusted earnings per diluted share was $0.05 as against $0.04 in last fiscal’s fourth quarter.
The fourth quarter adjusted results exclude EPS charges of $0.26 in 2014 and $0.04 in 2013, primarily related to Boston Proper non-cash goodwill and trade name impairment, as well as cost reduction and restructuring initiatives.
Including the impact of the charges, Chico’s reported a fourth quarter net loss of $31.8 million, or $0.21 per diluted share compared to net loss of $0.3 million, or $0.00 per diluted share in prior year quarter.
For the fourth quarter of fiscal 2015, net sales were $656.9 million, an increase of 7.6 per cent from $610.2 million in last fiscal's fourth quarter.
“This primarily reflects 75 net new stores for a square footage increase of 4.5 per cent and a 4.3 per cent increase in comparable sales,” Chico’s said in a press release.
“The 4.3 per cent hike in comparable sales for the fourth quarter was following a 3.4 per cent decrease in the fourth quarter of fiscal 2014 and reflected an increase in transaction count and average dollar sale,” it added.
For the fifty-two weeks ended January 31, 2015, the Company reported adjusted net income of $104.0 million compared to adjusted net income of $137.0 million for the fifty-two weeks ended February 1, 2014.
Adjusted earnings per diluted share totaled to $0.68 as against adjusted earnings per diluted share of $0.85 in fiscal 2014.
“The adjusted results exclude EPS charges of $0.26 in fiscal 2015 and $0.44 in fiscal 2014,” the apparel marketer informed.
Including the impact of the charges, the Company reported fiscal 2015 net income of $64.6 million, or $0.42 per diluted share compared to fiscal 2014 net income of $65.9 million, or $0.41 per diluted share.
For fiscal 2015, net sales were $2.675 billion, an increase of 3.4 per cent compared to $2.586 billion in fiscal 2014.
Comparable sales were flat for fiscal 2015 as against a 1.8 per cent decline in fiscal 2014, and reflected an increase in transaction count offset by a decrease in average dollar sale.
CEO David Dyer said, “The actions we have taken delivered positive comparable sales across all brands, an increase in gross margin dollars and lower inventory levels.”
“While the overall apparel retail environment remains challenging, we expect the new capital allocation and cost reduction initiatives announced today will further strengthen Chico's FAS and its brands," he too added. (AR)
For the reporting quarter, Chico’s posted adjusted net income of $7.5 million compared to $5.9 million for the thirteen weeks ended February 1, 2014.
Correspondingly, fourth quarter of fiscal 2015 adjusted earnings per diluted share was $0.05 as against $0.04 in last fiscal’s fourth quarter.
The fourth quarter adjusted results exclude EPS charges of $0.26 in 2014 and $0.04 in 2013, primarily related to Boston Proper non-cash goodwill and trade name impairment, as well as cost reduction and restructuring initiatives.
Including the impact of the charges, Chico’s reported a fourth quarter net loss of $31.8 million, or $0.21 per diluted share compared to net loss of $0.3 million, or $0.00 per diluted share in prior year quarter.
For the fourth quarter of fiscal 2015, net sales were $656.9 million, an increase of 7.6 per cent from $610.2 million in last fiscal's fourth quarter.
“This primarily reflects 75 net new stores for a square footage increase of 4.5 per cent and a 4.3 per cent increase in comparable sales,” Chico’s said in a press release.
“The 4.3 per cent hike in comparable sales for the fourth quarter was following a 3.4 per cent decrease in the fourth quarter of fiscal 2014 and reflected an increase in transaction count and average dollar sale,” it added.
For the fifty-two weeks ended January 31, 2015, the Company reported adjusted net income of $104.0 million compared to adjusted net income of $137.0 million for the fifty-two weeks ended February 1, 2014.
Adjusted earnings per diluted share totaled to $0.68 as against adjusted earnings per diluted share of $0.85 in fiscal 2014.
“The adjusted results exclude EPS charges of $0.26 in fiscal 2015 and $0.44 in fiscal 2014,” the apparel marketer informed.
Including the impact of the charges, the Company reported fiscal 2015 net income of $64.6 million, or $0.42 per diluted share compared to fiscal 2014 net income of $65.9 million, or $0.41 per diluted share.
For fiscal 2015, net sales were $2.675 billion, an increase of 3.4 per cent compared to $2.586 billion in fiscal 2014.
Comparable sales were flat for fiscal 2015 as against a 1.8 per cent decline in fiscal 2014, and reflected an increase in transaction count offset by a decrease in average dollar sale.
CEO David Dyer said, “The actions we have taken delivered positive comparable sales across all brands, an increase in gross margin dollars and lower inventory levels.”
“While the overall apparel retail environment remains challenging, we expect the new capital allocation and cost reduction initiatives announced today will further strengthen Chico's FAS and its brands," he too added. (AR)
Fibre2fashion News Desk - India
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