Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 45.9 per cent sales decline to $280.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $517.7 million in same period prior year. Company reported a net loss of $178.3 million compared to net income to $2.0 million in Q1 FY19.
Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 45.9 per cent sales decline to $280.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $517.7 million in same period prior year. Company reported a net loss of $178.3 million compared to net income to $2.0 million in Q1 FY19.#
"As we look to the second quarter and the balance of 2020, we believe we will be competitively stronger because of the measures we’ve taken to liquidate our prior season inventory and remove it from our stores and distribution centres,” Molly Langenstein, chief executive office and president elect, 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 45.9 per cent sales decline to $280.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $517.7 million in same period prior year. Company reported a net loss of $178.3 million compared to net income to $2.0 million in Q1 FY19.#
We are encouraged by our strong store re-openings and the accelerated demand in our digital channels, which demonstrate our customers' loyalty to our brands. As a result of the product changes we made in the second half of 2019, we are well-positioned to capitalise on the growth opportunities ahead.”
Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 45.9 per cent sales decline to $280.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $517.7 million in same period prior year. Company reported a net loss of $178.3 million compared to net income to $2.0 million in Q1 FY19.#
Sales of Chico’s brand decreased to $131.4 million (Q1 FY19: $276.7 million). White House Black Market brand sales fell to $83.9 million ($160.9 million). Soma brand sales dropped to $64.9 million ($80.0 million).
Chico's FAS, an omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 45.9 per cent sales decline to $280.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $517.7 million in same period prior year. Company reported a net loss of $178.3 million compared to net income to $2.0 million in Q1 FY19.#
Company reported loss from operations to $254.4 million compared to income from operations of $5.4 million in Q1 FY19. Selling, general and administrative expenses were $130.1 million ($185.4 million).
Fibre2Fashion News Desk (JL)
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