Home / Knowledge / News / Retail / Chico's FAS net sales down 3% to $484.7 mn in Q3 2019

Chico's FAS net sales down 3% to $484.7 mn in Q3 2019

29
Nov '19
Pic: Chico
Pic: Chico's FAS
Chico's FAS, Inc, reported net sales of $484.7 million for third quarter ending November 2, compared to $499.9 million in last year's third quarter. The decrease of 3 per cent reflects a comparable sales decline of 2.2 per cent as well as impact of 58 net store closures since last year's Q3. The company reported a net loss of $8.1 million for Q3 of 2019.

The comparable sales decline was driven by lower average dollar sale, partially offset by an increase in transaction count. In the third quarter, comparable sales at Soma were up positive double-digits for the second consecutive quarter while Chico's and White House Black Market (WHBM) posted sequential quarter-over-quarter improvement.

For the thirty-nine weeks ending November 2, 2019, the company reported a net loss of $8.4 million, or $0.07 loss per diluted share, compared to net income of $52.3 million, or $0.41 earnings per diluted share, for the thirty-nine weeks ending November 3, 2018.

"Our third quarter results demonstrate that we are gaining traction on our strategic priorities. Comparable sales improved sequentially by 10.4 percentage points at White House Black Market and by 2 points at Chico's, our largest brand. In addition, Soma's comparable sales increased double-digits for the second consecutive quarter. Each of these achievements indicate that the actions being taken are positively impacting results, said Bonnie Brooks, CEO and president of Chico’s FAS.

"Our customers are also responding to our brands' better product, stronger marketing and changes to store presentation. I firmly believe the company's turnaround is on the right track, and we have updated our full-year financial outlook to reflect the positive momentum of our business."

In the third quarter, the company strengthened its product teams and made investments in growth areas, such as digital and customer experience. The company also repositioned some departments, consolidated others, and reduced areas where the company can operate more efficiently with fewer resources.

The company completed the implementation of its Buy On-Line, Pick-up In-Store (BOPIS) capability across all of its brands.

The company is initiating outlook for the fourth quarter of fiscal 2019 and is updating its previously provided full-year fiscal 2019 outlook to reflect improvements in the business.

For the fiscal 2019 fourth quarter compared to the fiscal 2018 fourth quarter, the company anticipates a low single-digit decline in total net sales and consolidated comparable sales. Gross margin as a percent of net sales is expected to be down approximately 100 to 150 basis points.

For full year fiscal 2019 compared to full year fiscal 2018, the company anticipates a mid single-digit decline in total net sales and consolidated comparable sales. Gross margin as a percent of net sales is expected to be down 150 to 200 basis points consistent with previous guidance.

Chico’s FAS, through its brands – Chico's, WHBM, Soma and TellTale, is a leading omni-channel specialty retailer of women's private branded, sophisticated, casual-to-dressy clothing, intimates and complementary accessories.

Fibre2Fashion News Desk (PC)


Must ReadView All

Pic: Shutterstock

Apparel/Garments | On 27th Nov 2020

Bangla RMG units to get loans for COVID safety measures

Bangladeshi garment units will get low-cost funds up to Tk 30 crore...

Pic: Shutterstock

Retail | On 27th Nov 2020

Macy’s Q3 FY20 digital sales grow 27%

Macy’s, a US-based premier omni-channel fashion retailer, reported...

Pic: Shutterstock

Retail | On 27th Nov 2020

L Brands names Martin Waters CEO of Victoria’s Secret

L Brands has announced several key leadership appointments at...

Interviews View All

Textile Industry, Head honchos

Textile Industry
Head honchos

Consumer sentiment will be conservative after lockdown

Anavila Misra, Anavila Collection

Anavila Misra
Anavila Collection

Fashion shows are also encouraging and highlighting sustainable fashion

Smarth Bansal, Colorjet India Limited

Smarth Bansal
Colorjet India Limited

We would like to venture more companies into the Indian market

Abhishek Pachauri,

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Mirella Sardini,

Mirella Sardini

A leading manufacturer of automated machinery and equipment for the...

Uhan Soebiantoro,

Uhan Soebiantoro

Luckytex is an integrated textile manufacturing company founded by...

Ian Russell, Pireta

Ian Russell
Pireta

UK-based Pireta has developed a unique free-form process to add durable,...

Mark Paterson, Technical Absorbents Ltd

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Silvia Venturini Fendi, Fendi s.r.l

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Aditi Somani, Aditi Somani

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Ritu Kumar, Label Ritu Kumar

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


November 2020

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search