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Chico's 6-months net income climbs 35.3%

26
Aug '05
Women's clothier Chico's FAS Inc announced its financial results for the second quarter and six months ended July 30, 2005.

Net sales for the second quarter ended July 30, 2005, increased 34.6 percent to a record $343 million from $255 million for the second quarter ended July 31, 2004. Net income rose 38.4 percent to $49 million, or $0.27 a diluted share, compared to net income of $35 million, or $0.20 a diluted share (as adjusted for the 2 for 1 stock split in February 2005) in the prior year's second quarter. Comparable store sales for the Company-owned stores increased 15.7 percent for the thirteen-week period ended July 30, 2005 compared to the same thirteen-week period last year.

For the six months ended July 30, 2005, net sales increased 31.0 percent to a record $670 million from $512 million for the prior year's six months ended July 31, 2004. Net income rose 35.3 percent to $96 million, or $0.53 a diluted share, compared to net income of $71 million, or $0.40 a diluted share (as adjusted for the 2 for 1 stock split in February 2005) in the prior period. Comparable store sales for the Company-owned stores increased 13.2 percent for the twenty-six week period compared to the same twenty-six week period last year.

The Company also announced that it is planning to open approximately 20 percent net new square footage combined for the Chico's and White House | Black Market brands in fiscal 2006, taking into account approximately 105 to 120 net new Company-owned stores and increased square footage from 30-40 relocations and/or expansions. It is currently anticipated that new Chico's and White House | Black Market stores in 2006, for the most part, will be somewhat larger than the average existing store size for the respective brand. Currently, the Company plans that approximately 60 percent of these new stores will be Chico's stores, with the balance being White House | Black Market stores.


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