Chico’s FAS Inc., a leading omni-channel specialty retailer has announced its financial results for the fiscal 2017 first quarter ended April 29, 2017. During the quarter under review, net sales were US $ 583.7 million compared to US $ 643.0 million in last year’s first quarter. This decrease of 9.2 per cent primarily reflects a decline in comparable sales of 8.7 per cent, driven by lower average dollar sale and a decline in transaction count.
For the first quarter, gross margin was US $ 237.4 million, or 40.7 per cent of net sales, compared to US $ 262.3 million, or 40.8 per cent of net sales, in last year’s first quarter.
Commenting on results, Shelley Broader, CEO and President, said, “In this challenging retail environment, we remain steadfast in executing against our strategic plan to increase profitable sales and long-term earnings. Our flexible and profitable operating model allowed us to drive improvement in our operating income rate and earnings per share compared to last year even though our comparable sales in the quarter were below our expectations.”
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The company, through its brands – Chico’s, White House Black Market, and Soma, is a leading omni-channel specialty retailer of women’s private branded, sophisticated, casual-to-dressy clothing, intimates and complementary accessories.
As of April 29, 2017, the company operated 1,492 stores in the US and Canada and sold merchandise through franchise locations in Mexico.
