Chico's FAS Q2 FY20 result: sales $306 mn; net loss $47 mn

Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 39.8 per cent sales decline to $306.2 million in its second quarter (Q2) for fiscal 2020 ended on August 1, 2020 compared to sales of $508.3 million in same period last year. Company incurred a net loss of $46.8 million (Q2 FY19: $2.3 million).

 

Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 39.8 per cent sales decline to $306.2 million in its second quarter (Q2) for fiscal 2020 ended on August 1, 2020 compared to sales of $508.3 million in same period last year. Company incurred a net loss of $46.8 million (Q2 FY19: $2.3 million).#

“Our core strengths, three distinctive brands with new product being well received, a strong digital platform, a differentiated real estate portfolio, our loyal customer base and solid balance sheet position us for success,” Molly Langenstein, chief executive officer and president, Chico's FAS, said in a press release.

 

Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 39.8 per cent sales decline to $306.2 million in its second quarter (Q2) for fiscal 2020 ended on August 1, 2020 compared to sales of $508.3 million in same period last year. Company incurred a net loss of $46.8 million (Q2 FY19: $2.3 million).#

Gross margin for the quarter was $44.8 million ($168.6 million). Selling, general and administrative expenses during Q2 FY20 were $107.3 million ($171.0 million). 

 

Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 39.8 per cent sales decline to $306.2 million in its second quarter (Q2) for fiscal 2020 ended on August 1, 2020 compared to sales of $508.3 million in same period last year. Company incurred a net loss of $46.8 million (Q2 FY19: $2.3 million).#

Sales of Chico’s brand slipped to $139.5 million ($268.9 million). White House Black Market sales were down to $82.2 million ($139.8 million). While Soma brand sales fell to $84.3 million ($99.6 million).

 

Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 39.8 per cent sales decline to $306.2 million in its second quarter (Q2) for fiscal 2020 ended on August 1, 2020 compared to sales of $508.3 million in same period last year. Company incurred a net loss of $46.8 million (Q2 FY19: $2.3 million).#

“Compared to the first quarter, our second quarter digital and store sales trends improved 9.2 per cent,” Langenstein said. “Store and digital conversion rates improved in the second quarter, providing an indicator that our product changes to comfort, casual and easy care fabrics are resonating with customers, giving us confidence our financial and product initiatives combined with relentless customer focus have positioned us to emerge a stronger company. I remain excited and optimistic about the future of Chico's FAS.”