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Chico's CEO disappoints with Sept sales results

10
Oct '08
Chico's FAS Inc reported that its net sales for the five-week period ended October 4, 2008, decreased 9.3% to $159.5 million from $175.9 million reported for the five-week period ended October 6, 2007.

Comparable store sales decreased 15.6% for the five-week period ended October 4, 2008 compared to the same five-week period last year ended October 6, 2007.

For the thirty-five weeks ended October 4, 2008, net sales decreased 7.9% to $1.091 billion from $1.184 billion reported for the thirty-five week period ended October 6, 2007.

Comparable store sales decreased 15.9% for the thirty- five week period ended October 4, 2008 compared to the thirty-five week period last year ended October 6, 2007.

Chico's FAS Inc Chairman, President, and CEO, Scott A. Edmonds, commented, "Our disappointing September sales results reflect the deteriorating macro economic environment.

This, combined with the unstable financial markets, has caused us to essentially withdraw our previous earnings outlook for the second half of this year as predictability of future results is extremely difficult at this time.

In order to address this situation, we continue to review every aspect of cost control, including inventory, capital expenditures, headcount, and line-item expense levels, and continue to believe the Company will generate positive free cash flow for the year.

Additionally, we maintain a strong balance sheet with approximately $270 million in cash and marketable securities and no debt."

The Company is a specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items.

The Company operates 1,075 women's specialty stores, including stores in 49 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico operating under the Chico's, White House | Black Market and Soma Intimates names.

The Company has 618 Chico's front-line stores, 41 Chico's outlet stores, 326 White House | Black Market front-line stores, 19 White House | Black Market outlet stores, 70 Soma Intimates front- line stores and 1 Soma Intimates outlet store.

Chico's FAS Inc


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