Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.

 

Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.#

The 0.4 per cent increase in net sales in Q4 reflects comparable sales improvement by 2.2 per cent partially offset by the impact of 77 net store closures since last year's fourth quarter, as company reported. 

 

Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.#

Gross margin in Q4 was $171.4 million or 32.5 per cent of net sales compared to $158.7 million or 30.2 per cent in same period prior year. The company reported a net loss of $12.8 million in full FY19.

 

Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.#

Selling, general and administrative expenses ("SG&A") in Q4 FY19 were $177.0 million or 33.6 per cent of net sales compared to $180.8 million or 34.4 per cent of net sales in same quarter prior year. The $3.9 million decrease reportedly reflected a reduction in employee-related expenses and lower outside consultant costs.

 

Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.#

The company recorded pre-tax accelerated depreciation charges of property and equipment within cost of goods sold of $1.2 million related to its retail fleet optimisation plan. 

 

Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.#

The effective tax rate in the quarter was reportedly a benefit of 21.6 per cent compared to a benefit of 24.5 per cent in same period prior year. The unfavourability in the effective rate compared to last year's fourth quarter reflected a smaller pre-tax loss than projected in Q4 FY19, the benefit of which was partially offset by foreign withholding taxes and state and local income tax liabilities in separate-filing jurisdictions.

 

Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.#

The Chico's FAS initiating outlook for FY20, includes the incremental impact of tariffs while excluding FY19 net charges related to the company's retail fleet optimisation plan and the impact of severance and other related net charges. The outlook excludes the potential impact related to the coronavirus (COVID-19).

 

Chico's FAS, a leading omnichannel specialty retailer of women's private branded, casual-to-dressy clothing and complementary accessories, reported net sales of $527.1 million in fourth quarter (Q4) FY19. For complete FY19 that ended on February 1, 2020 net sales decreased 4.4 per cent to $2.0 billion compared to $2.1 billion in fiscal 2018.#

In the outlook the company reportedly expects: a low single-digit increase in total net sales and consolidated comparable sales; gross margin to increase primarily due to strategic reductions in promotional depth as well as leverage of fixed costs on higher sales; SG&A expenses to increase approximately $10 million, reflecting investments in marketing and a return to target incentive compensation levels, partially offset by ongoing cost management.