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Chico's FAS Inc declares Q1 earnings

May '06
Chico's FAS Inc announced its financial results for the first quarter ended April 29, 2006.

Net sales for the first quarter ended April 29, 2006, increased 19.8 percent to a record $392 million from $327 million for the first quarter ended April 30, 2005. Net income rose to $52 million, or $0.29 a diluted share, compared to net income of $47 million, or $0.26 a diluted share in the prior year's first quarter.

The effect of the adoption of SFAS 123R for the first quarter of fiscal 2006 was approximately $.02 per diluted share. Comparable store sales for the Company-owned stores increased 6.6 percent for the thirteen-week period ended April 29, 2006 compared to the same thirteen-week period last year.

Scott A. Edmonds, President and CEO, commented, "Chico's FAS, Inc. continues to be one of the most productive and profitable apparel retailers in the industry.

Even after implementing the new stock-based compensation accounting requirements, Chico's still produced an overall operating margin in excess of 20 percent.

We saw solid increases in brand operating margins and our quarterly results are in line with the guidance we provided earlier this month. Both the Chico's and WH|BM brands produced over $1,000 in net sales per selling square foot in fiscal 2005 and we are on pace to do at least the same this year.

We continue to be excited about the growth and expansion opportunities for all of our brands, and our focus and commitment remain on long term growth. We are making important investments in our newer brands as we have transitioned to multiple platforms for growth.

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