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White House | Black Market brand's same store sales up at Chico's
26 Aug '09
5 min read
Store operating expenses for the second quarter of 2009 decreased by $2.8 million, or 210 basis points, primarily as a result of on-going store level cost reduction strategies including payroll, supplies and shipping costs.
Marketing expense for the second quarter 2009 decreased by $0.6 million due to reduced direct mail advertising in the current quarter versus the second quarter of 2008.
Shared services costs, including headquarters and other non-brand specific expenses, for the second quarter of 2009 were flat compared to the prior year's second quarter and includes the impact of the aforementioned performance-based compensation accruals.
Consolidated inventory per selling square foot at the end of the second quarter was $50, reflecting a decrease of approximately 10% compared to $56 at the end of the prior year's second quarter. Quarter-ended inventory decreased $12.6 million or approximately 9% from the prior year's second quarter, while including approximately $5.4 million of incremental inventory in-transit over the prior period. Quarter-ended inventory for the WH|BM brand decreased approximately 18% per selling square foot over the prior year's second quarter while Chico's brand inventory was down 5% and includes the impact of $5.0 million of incremental in-transit inventory.
Cash and marketable securities at the end of the second quarter totaled $377.5 million, approximately $100 million higher than the prior year's second quarter end. Net cash provided from operating activities for the six months ended August 1, 2009 increased by $71.6 million compared to the prior year as a result of an increase in accounts payables and accrued expenses, lower inventory levels and higher cash flow from operations. Additionally, the Company expended $36.2 million in capital expenditures for the first six months in fiscal 2009 versus $69.5 million for the same period last year.
Marketing expense for the second quarter 2009 decreased by $0.6 million due to reduced direct mail advertising in the current quarter versus the second quarter of 2008.
Shared services costs, including headquarters and other non-brand specific expenses, for the second quarter of 2009 were flat compared to the prior year's second quarter and includes the impact of the aforementioned performance-based compensation accruals.
Consolidated inventory per selling square foot at the end of the second quarter was $50, reflecting a decrease of approximately 10% compared to $56 at the end of the prior year's second quarter. Quarter-ended inventory decreased $12.6 million or approximately 9% from the prior year's second quarter, while including approximately $5.4 million of incremental inventory in-transit over the prior period. Quarter-ended inventory for the WH|BM brand decreased approximately 18% per selling square foot over the prior year's second quarter while Chico's brand inventory was down 5% and includes the impact of $5.0 million of incremental in-transit inventory.
Cash and marketable securities at the end of the second quarter totaled $377.5 million, approximately $100 million higher than the prior year's second quarter end. Net cash provided from operating activities for the six months ended August 1, 2009 increased by $71.6 million compared to the prior year as a result of an increase in accounts payables and accrued expenses, lower inventory levels and higher cash flow from operations. Additionally, the Company expended $36.2 million in capital expenditures for the first six months in fiscal 2009 versus $69.5 million for the same period last year.
Chico's FAS Inc
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