Chico's FAS, Inc.

Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

(239) 277-6200
(Registrant’s Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)

On August 27, 2003, Chico’s FAS, Inc. issued a press release announcing its second quarter earnings. A copy of the press release is furnished as an Exhibit to this Report on Form 8-K (Exhibit 99.1). The information contained in this Report on Form 8-K is furnished pursuant to Item 12 (Results of Operations and Financial Condition).

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EX-99.1 3 g84727exv99w1.htm EX-99.1 AUGUST 27, 2003 PRESS RELEASE Ex-99.1 August 27, 2003 Press Release

Chico’s FAS, Inc. Announces Record Second Quarter and
Six Month Revenues and Earnings

Fort Myers, FL — August 27, 2003 - Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the second quarter and six months ended August 2, 2003.

Net sales for the second quarter ended August 2, 2003 increased 38.7% to a record $173.4 million from $125.1 million for the second quarter ended August 3, 2002. Net income rose 49.3% to $24.5 million, or $0.28 a diluted share, compared to net income of $16.4 million, or $0.19 a diluted share, in the prior year’s second quarter. Comparable store sales for the Company-owned stores increased 14.6% for the thirteen week period ended August 2, 2003 compared to the same thirteen week period last year.

For the six months ended August 2, 2003, net sales increased 34.0% to a record $342.4 million from $255.5 million for the prior year’s six months ended August 3, 2002. Net income rose 32.3% to $47.8 million, or $0.55 a diluted share, compared to net income of $36.2 million, or $0.42 a diluted share in the prior period. Comparable store sales for Company-owned stores increased 11.2% for the twenty-six week period compared to the same twenty-six week period last year.

Scott A. Edmonds, Chico’s President and COO commented, “We focused on our summer transitional line this year and it paid off in a stronger initial markup and a lower year-over-year markdown rate as reflected in our 62% gross margin in the second quarter of this year. This resulted in our best ever second quarter operating margin of 22.6%, which for the first time has exceeded the first quarter. We believe that these results underscore the ongoing appeal of our concept, our fresh merchandise strategy and our excellent marketing strategies.”

“As we look forward to the third quarter, we are excited about the tone of our early Fall selling season and encouraged by the results so far in August. Further, we are looking forward to closing on our acquisition of The White House, Inc., a proven national retail concept with 105

stores that we believe will ultimately support at least as many locations as Chico’s. Once this deal is completed, it will provide new opportunities for growth, should help us to leverage our existing operations and has the potential to bring tremendous long-term value to our shareholders.”

Chico’s sells exclusively designed, private-label women’s clothing and related accessories. The Company operates 418 women’s specialty stores, under the name of Chico’s and Pazo, in 42 states and the District of Columbia. The Company owns 375 Chico’s front-line stores, 21 Chico’s outlet stores and 10 Pazo stores; franchisees own and operate 12 Chico’s stores.

Certain statements contained herein, including without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the Company or future results or events constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known or unknown risks, including, but not limited to, general economic and business conditions, and conditions in the specialty retail industry. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. Users of forward-looking statements are encouraged to review the Company’s latest annual report on Form 10-K, its filings on Form 10-Q, management’s discussion and analysis in the Company’s latest annual report to stockholders, the Company’s filings on Form 8-K, and other federal securities law filings for a description of other important factors that may affect the Company’s business, results of operations and financial condition. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.

For more detailed information, please call (877) 424-4267 to listen to Chico’s monthly
sales information and investor relations line

A copy of a slide show addressing Chico’s recent financial results and current plans
for expansion is available on the Chico’s website at www.chicos.com in the investor relations
section

Additional investor information on Chico’s FAS, Inc. is available free of charge on the Chico’s
website at www.chicos.com in the investor relations section


				August 2,			February 1,
				2003			2003

ASSETS
Current Assets:
	Cash and cash equivalents			$	11,241,131		$	8,753,089
	Marketable securities, at market				130,160,523			91,195,175
	Receivables				3,672,923			2,226,068
	Inventories				49,404,055			44,907,504
	Prepaid expenses				6,889,313			6,222,526
	Deferred taxes				7,830,000			7,125,000

		*Total Current Assets*			209,197,945			160,429,362

Property and Equipment:
	Land and land improvements				5,308,840			5,166,394
	Building and building improvements				22,147,849			19,667,654
	Equipment, furniture and fixtures				83,690,157			71,769,250
	Leasehold improvements				88,866,616			78,792,080

			*Total Property and Equipment*		200,013,462			175,395,378
	Less accumulated depreciation and amortization				(45,740,685	)		(36,686,235	)

		*Property and Equipment, Net*			154,272,777			138,709,143

Other Assets:
	Deferred taxes				1,031,000			92,000
	Other assets, net				4,368,804			2,313,242

		*Total Other Assets*			5,399,804			2,405,242

				$	368,870,526		$	301,543,747

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
	Accounts payable			$	31,129,044		$	28,488,471
	Accrued liabilities				29,186,860			26,200,081
	Current portion of deferred liabilities				191,866			171,217

		*Total Current Liabilities*			60,507,770			54,859,769

Noncurrent Liabilities:
	Deferred liabilities				8,675,811			6,550,856

		*Total Noncurrent Liabilities*			8,675,811			6,550,856

Stockholders’ Equity:
	Common stock				863,981			852,823
	Additional paid-in capital				75,786,661			63,985,702
	Retained earnings				222,943,105			175,109,145
	Accumulated other comprehensive income				93,198			185,452

		*Total Stockholders’ Equity*			299,686,945			240,133,122

				$	368,870,526		$	301,543,747


		Twenty-Six Weeks Ended								Thirteen Weeks Ended

		August 2, 2003				August 3, 2002				August 2, 2003				August 3, 2002

		Amount		% of Sales		Amount		% of Sales		Amount		% of Sales		Amount		% of Sales

Net sales by Company stores		$	328,309,949		95.9	$	245,392,042		96.0	$	166,869,427		96.2	$	120,127,916		96.0
Net sales by catalog & Internet			10,505,541		3.1		7,057,037		2.8		4,822,811		2.8		3,475,111		2.8
Net sales to Franchisees			3,605,583		1.0		3,072,685		1.2		1,744,238		1.0		1,465,096		1.2

	Net sales		342,421,073		100.0		255,521,764		100.0		173,436,476		100.0		125,068,123		100.0
Cost of goods sold			130,522,979		38.1		98,579,159		38.6		65,833,766		38.0		49,589,568		39.7

	Gross profit		211,898,094		61.9		156,942,605		61.4		107,602,710		62.0		75,478,555		60.3
General, administrative and store operating expenses			125,694,379		36.7		92,150,318		36.1		63,410,017		36.5		45,741,110		36.6
Depreciation and amortization			9,602,132		2.8		6,851,997		2.6		4,977,262		2.9		3,543,721		2.8

	Income from operations		76,601,583		22.4		57,940,290		22.7		39,215,431		22.6		26,193,724		20.9
Interest income, net			549,377		0.1		393,281		0.1		246,067		0.1		239,564		0.2

	Income before taxes		77,150,960		22.5		58,333,571		22.8		39,461,498		22.7		26,433,288		21.1
Income tax provision			29,317,000		8.5		22,168,000		8.6		14,995,000		8.6		10,045,000		8.0

	Net income	$	47,833,960		14.0	$	36,165,571		14.2	$	24,466,498		14.1	$	16,388,288		13.1

	Per share data:
Net income per common share—basic		$	0.56			$	0.44			$	0.28			$	0.20

Net income per common & common equivalent share—diluted		$	0.55			$	0.42			$	0.28			$	0.19

Weighted average common shares outstanding—basic			85,741,005				82,177,172				85,969,259				82,468,442

Weighted average common & common equivalent shares outstanding-diluted			87,404,734				85,503,271				87,617,718				85,682,017

Page 4 of 4 GRAPHIC 4 g84727g8472701.gif GRAPHIC begin 644 g84727g8472701.gif M1TE&.#EA;@)'`*(``/___\S,S)F9F69F9C,S,P```````````"'Y!``````` M+`````!N`D<```/_"+K<_C#*2:N]..O-N_]@*(YD:9YHJJYLZ[YP+,]T;=]X MKN]\[__`H'!(9`4(R*1RR6PZG]"H=$JM6J_8K';+[7J_X+!X3"Z;S^AO(%!H MN]_PN'Q.K]OO^+Q^S^_[_X"!@H.$A8:'B(F*BXR-A&N.D9*3E)66EYB9FIN< MG920GJ&BHZ2EIJ>HJ:J/;*NNK["QLK.TM9B@MKFZN[R]OK^3N,##Q,7&Q\BH MPLG,S<[/T-%RR]+5UM?8V:74VKY(W<=+X+SBP-SCM00,K:X$:^\!`W<#\`$" M[U]^@(V"=OSC]X!?$-?&`OX31^^P0,$$#@SD&(&./!N>AP_\_` MC!GUY%O3<0^!A0[L5;3S$23$8.S0Z7*P# MDO0J:)33@2*=FQTZ0@50,D^`GWEV^G&GM.8TK)'.R8PU50%/5&7-LM0*1P`( M-U<;>'V3=@&=N`SFNL5`],V'J@7J\MW(H.\>O!SR&%T`F,[B"HT1;X`Y5E?: MLZ<$-R[P^.SCR3T=&':S]\%]U&+,._&1*,F33;-Z4['+_]E??PE&]R6^A86`K* M!9BG"I#(?J+[]NWGJI]]%/[[^^WQ0$7L^ONZDO\$?#8'7@W99^![P$TB7E?- MJ67;47XU4%)V&1Q1U`=]45B3;Q;T)=UH@`@&`(BA.0?'@A=$V,`<$H"8ED.^ M%9@4!'`4IIB$<4S5GTD0^H'8(D:=MQEV-M:!&(@$*E.=(AQBX%592\8A65^2 M/=GD!7J%8*$_7+7"E0=;WO/-CGR("$!_%)Y%(56`T'8:B@#(L69-=0'HFT,] MXK'863H.,I^/#"R"UP"+984>'BM*>>@I8B$"IP4Q0:F'9'C*%9Z6EXK@(0!A MAE!0181*YZ<$U76&#W=^S!G'FI;"01N1K7979!NSXO%C@V3F,=60=P6:R&)( MY/E47GH*VT:2C$9YR)7_3FYGHJT-](43:B'4Q*IVI#E%*Z:!K31`KL5-4%6: MJSK`JV.H4AM!2>"Y(2"ZUQ5@[%IVX3KJ`B3><2LBI;6";!U](BJ;JXN:TN@A M(]1DZH,#'QNKF1EL2`)=-6KI[7K@ACO!A<^ZFVX?[3J[3K0-*N"0JG0$!12^ M'A%+E\N![$I?O8CT".QR,-L1UU)O_+N-LH8PY-*TKW6L,\DKPUR72VZJBQ[3 M*K,H]#YFF<8(Q".6:W0!:Y[;:Z(>2YA:ICE_MF5T*3<,+S78A M-V\+-\XL#^(S*0<'C:/`2LI?D2_RO#<%<_K7\Z(8.TVV0Y2?C<@ M_RBW02%%1',]=MO_@9RWH8P''+/C:RN0"%X9^FIDK3-SJN0DG0OUL."OUUJX M/U.2OH#$8.O[.5.Q`ES[(6FMR1.YJOW]QVAM9XSW MY7WL6XC,89M,;WEM%OPS[<4/>_O67Q/^\/1W)#[\X(RKR+W[G"K@_58T>8!# M%F:Y"N4(56FIR.;T![[R32`>9()=_/QWP-^]C4V`RE\@LJ.HRDVP,-_BP]Y& MT;="'*\/DEIQ=-VQ?#B_` ML\:-"`H3H8V+/'":/X7/`W:08';`Q2R)9(Q9I/H$T/],*$04XNZ#TR M_0203I4?M9"X>:(SD(M!$":KP-_&KCO@`ADC4+=*4"7)$)'DD@C!: MD'?.2]\F/O+CJ'NO7PC7Q(XCME=02.2N*1 M@QBF2$9@S#06S9>3VJ=&F]F\#T`SPY^8S6A>(Q0%2@6ATAO9LY+^Z.83E^E/FL*1G*#< M)&WBH<-4"N(S=KQG?/&9+IFFK(Q8V/`SY=SABM!U*^-3*E791D MM-[1$GNTI&L,)*1#7RC3C](P,",!B#WT@<-HWF]I/!6K8@MSQLT%-3I4#%D^ MAZC.0C+U#^0;J^H(T4L)&**JIU1WG_P896,)"%;H;D`H\?GM)AWG0L/-$;DY" M9470'99^OVS89.?1GA":UZP*Q:\_ZDG/Y"[S2Q$]D6B+NR[+=M:@K47C&U6F*K@5#N2Y%;S>!*6+(#=BUR,QG% MRL[7NOW]*UGAY%RE_J&7KKF2'$.VU((Y-8@)WBML&?S4J,Y6DTQ=##M91U@/ M5P+$@!!Q7(%\WJ=B\+XN?;'M8,9B*T]8P1F=R M6%3>/;*!SP77M.+73#7^L>]$:Z;>3%=.GY:7FU7L8"'SM[SGU/`=IJ@'M6IZ MFW/YLR<"[8>$N?&]R4ST+"L`/!%L^9U8LK0,%^29E!SHV/UI4F,DT!_Q0#`) M5PU>G._(X0>G>=1%IFR5ZY"=3?T8PTV>G21L'5;X'1?1Q?LFKZD'%@-/LL[D ME70>VPH;4$-@1SOT,@8J56W\\2G&Y.VNA-\Z[;;QA)6`22H]9=T)6O>AMA:@ M$UWG?>7X,A7BZY8SF/2M`8&/EH;4.;,'2.3L.H@G;KOFL:@7#>-%I_S>I`XV MNZ\):P)7?.71@@\E(ZT!)_O(YZ?_CJ=[8ZJ[XKF2`M[V%+>5+FQY:XW>L>PQ M@S7SO3AN^.8Y*=[+#[QUIJH[P#AW\I[I\G7BEMW,80&Z'X[.;%+C6EB)UGB% MYL+VZ#[E["H?*>GU3M6\$[RPV-Y`;"MR>:3^BYX^@]S6\;I\8M8*:C(I"HM7[O)\+B)XT8 MX;(D1/$Y4WSC-VYQ>&^S*@IOT4\MG_9.^!YYT4B"?B#M".18Q/ET^4)RH#_] M^82*ZL7QSN>R%'RHE^%[BD_*UP/T<3>>SLJ\^`!%B`!NA__'>`"KB`#`@."=B`$!B!$G@, M#SB!%GB!&"@+%9B!'-B!'MAP`_B!(CB").@(IE<$*)B"*KB"+-B"+OB",!B# M,CB#-%B#-GB#.&@N%:%P$[$.DG,/+;($>W$$V1%"P4<3)_A.MC>$WW*$/<@I M2L`?Z@%@T7(!38@$C_*$*7"%2%!%B/$M!'*$(6!A2;`><"(1;@AQ;'`5:V@6;6@R70B%*8&%5[$$VA>%T8($;!@@<5&'4+A3%."'4:$3 M%N83$#0C%K878D@5@GA$4:B(1P%MG&*(D7B(92@$\C`0\J`31_]H#TJ!<[>Q M'NM1B"]%4!IQ+1;W3#,4BOYS$O?`BGM!$:IX*WB!9;\S>8(H$=MD&I/'>+:X MBAM3549!BR1`4+O(.:1"(;$H(2D0+=H/CX1C,,H0*3H#J'(!AA# MBFRTC8BH%O10$2-BAISA6$Z!(^O!1N1H86RB$=?(!H_"&:I8C,Z1-1BC#EW( MCL[H.6P@%^+(-?#X&JK(C':1?F[AC0DUCP/1D-.X`^1H46<2($_H$Q(!B81R M%6CXB#@2%,SX+8PA'O1HAB`9;1,@)BOG#S[Q2S2W66!YP0XB<$I1[02C;:$44\H3T>!,HN3T[)0\*5Y>]-(=G(HGK M>)-R^91A)VIX68O.H2&YJ!)J$2=[L96B!H3)N!,4D11PN%E0.51'=#=4L9/R M@I)9XS]3I)".)5W`P^6 MB8AB8E2!`@KVZ)KRL%85@1COL'(122XBF9>U2&UQ,I:OJ8^CR`;NL(.K&9MY M41K!PH_!(IVVJ)C72(F^R8^+E)IN,T47P28A-!#=\IQ#%9Y8N);NP!FCV$\G M`9_?F#6VB9(*_]2%8G(2`AD@Q_*=/3669^DYOQ0L$6DJK-9MDC*$!!4G<3&5 M]9F:@2F8*]*$>24O!6I%A\DR5*B0NQ$G_)F9\A(L`BH[50(5]CB5C*F96F&= M>\9*C$:%@?F*LC$$)4J9#GJ0VS,1!6H4[_BAU783.[6-1X1XJ0$)33FB/N&2 M*W09J)B.LJ,C,TD/#6H7&B'DFH6*9-Y21NND0ZD`1@F!FF-VDI7^(4 MX3B/4"&&M+E@.&J'*%JFWBBD:^*:&^4<,*J8I=&@/0J-!WE,'-0S4/_)F-\0 M(ZCXFQ;4IPJY+>()J9^9%SVED+0)G?A2IJKCCS(@GKNA<*SIH(=RJ9?SAJC( M$SK!.HVZFWBIHSJF<9_ZBX<2>7/"06&I#FP$2UQZ$[\$C;4H$1^*)X@X2ISI MGT#(,^H`AKU'9<>:K>]II=5YB]7J%N9Z4W6*053(,M38K-5X$WX:DVL@<:;Q MHA:2!,ZJ%G8$+/VB:)L9L-]:%E5JHIE(,U6*B,R8H9K9K"LDFLET-R4'(7,$ MKST!F,,Z8BSJL),S'W?C4)8Y!!EYFS.)GO/ZFOX3)%"(:SF$XB!&2#0N*]J`4%TJ".26(UQ MBQ+!AXBTRA!"JX[XXHCG^*!>:C[=AHK3]`[S.I?QU9=O.ZQ':B-)FD9!2T$[ M\R6$Z+4IZ[>!4H3[D7V`FS7+**9%2P3/&9^\"@G>>8OZ.4VDB7.MFH[D^)R6 MRI5`E:PB.I%L=8IRD9B`>AZ\FI`8ZS#G**O]>03=Z`X-BYP<:R'*>ZU1RB8' MFE!"6I$B9"X&Y,&:Y[-ZSFNJ*:R,Q`&>B2G2JW(FZ5P2:WT$NKJR/EBY[@ M6[RHRID4!);B,KUH_TF\&ZD1@LNA]#NR$PHA$^F;:/@MP@@)/+J/XMNO(KJ1 MFXBIYLD>(*J_KIB3?1*4)#NZ)!.0_026SCB54"H$3L&#DMBOF]A.)?R&.ZB@ M/OB%:5LB(WLF_;J3<)E#VOI`2^B)E6B5=FC">2&2W3BW@2'#A)*S'ZR%V02& M7PF%\,J(7=(32KN9%/#$$(*44!&_5/&47-&1*V>$?>BU6`FE-3PBQ9K"8@PW M8URV"LR1?Y.+.RC#/*S#)?6)6>2)!$R)6!FP.Q-?9)B'1GP$!>8Y7#C#"H>H MO#8]?FJ789Q4@3RS/'A'L"N$>CA7GU:L7.BQ0%:O.8B:IYG)-?#",_#!XTF! MJR\(RE:(>S`8QE:7A)PL@Z*\RC'@+S8`RQWGREJA':H\RJULQ+2\R[Q -----END PRIVACY-ENHANCED MESSAGE-----


0-21258		59-2389435

(Commission File Number)		(IRS Employer Identification No.)

11215 Metro Parkway, Fort Myers, Florida		33912

(Address of Principal Executive Offices)		(Zip code)


	ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
	ITEM 9. REGULATION FD DISCLOSURE
SIGNATURES
INDEX TO EXHIBITS
Ex-99.1 August 27, 2003 Press Release


	CHICO’S FAS, INC.

Date: August 27, 2003	By:	/s/ Charles J. Kleman

		Charles J. Kleman,
		Executive Vice President — Chief Financial Officer


Exhibit Number		Description


99.1		Press Release of Chico’s FAS, Inc. dated August 27, 2003


Executive Contact:		Investor / Media Contacts:
Charles J. Kleman		James Palczynski-Investor Relations
Chief Financial Officer		Megan McDonnell-Media Relations
Chico’s FAS, Inc.		Integrated Corporate Relations, Inc.
(239) 274-4105		(203) 222-9013

Table of Contents

Table of Contents

Table of Contents

Table of Contents


	99.1 Chico’s FAS, Inc. Press Release dated August 27, 2003