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

Chico’s FAS, Inc. Announces Record Fourth Quarter and
Year End Earnings

•	Revenues increased 55.8% to a record $216 million for the fourth quarter
•	Fourth quarter net income up 70.3% to a record $26 million
•	Revenues rose 44.7% to a record $768 million for the fiscal year
•	Net income climbed 50.1% to a record $100 million for the fiscal year
•	Added 179 stores, net in fiscal 2003 including 107 acquired White House
	Black Market stores for an increase of 45% in total selling square footage

     Fort Myers, FL — March 3, 2004 - Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the fourth quarter and fiscal year ended January 31, 2004.

     For the fiscal year ended January 31, 2004, which included fifty-two weeks, net income rose 50.1% to a record $100 million, or $1.14 per diluted share, compared to net income of $67 million or $0.78 per diluted share in the fifty-two week fiscal year ended February 1, 2003. Net sales for the fiscal year increased 44.7% to a record $768 million from $531 million in the prior fiscal year. Comparable store sales for Company-owned stores increased 16.1% for the fifty-two week fiscal year compared to the same fifty-two week period last year.

     For the thirteen-week fourth quarter ended January 31, 2004, net income rose 70.3% to a record $26 million, or $0.29 per diluted share, compared to net income of $15 million, or $0.17 per diluted share in the thirteen-week fourth quarter ended February 1, 2003. Net sales for the fourth quarter climbed 55.8% to a record $216 million from $138 million in the prior year’s comparable period. Comparable store sales for the Company-owned stores increased 20.5% for the thirteen-week period ended January 31, 2004, compared to the same thirteen-week period last year.

     Scott A. Edmonds, Chico’s President and CEO, commented, “I am proud to report that not only did we increase revenues by 45%, improve both gross and operating margins by almost a full percentage point, and improve per share earnings from $0.78 to $1.14, we did it in a year when Chico’s management team (1) acquired the White House Black Market company, (2) launched new software in many divisions of the Company to complete our ‘Bridge to a Billion’ project, (3) launched and concluded the ‘Pazo’ test, (4) opened 72 net new stores,

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(5) completed a CEO transition, and (6) prepared for the launch of the new intimates brand ‘Soma, by Chico’s’ in fiscal 2004. I believe this speaks volumes about the power of our Chico’s brand, which continues to gain strength and momentum, as well as the breadth and depth of our management team.”

     “We’ve been building our ‘Bridge to a Billion’ over the past several years, and this year (fiscal 2004) we expect to reach that lofty billion dollar sales goal while maintaining operating margins that are at or near the top of the specialty apparel industry,” Edmonds said. “The integration of the White House|Black Market brand continues to go very well and we look forward to assisting their management team with improving its operating margins. Our goal is to build the White House|Black Market brand to achieve the same customer recognition we have enjoyed with the Chico’s brand. We also look forward to a favorable reaction from our Chico’s customers when we launch our ‘Soma, by Chico’s’ test concept stores later this year.”

     Chico’s sells exclusively designed, private-label women’s clothing and related accessories. The Company operates 551 women’s specialty stores, including stores in 45 states, the District of Columbia, the Virgin Islands and Puerto Rico, operating under either the name Chico’s, Pazo or White House|Black Market. The Company owns 398 Chico’s front-line stores, 23 Chico’s outlet stores, 116 White House|Black Market stores and 2 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

(Financial Tables Follow)

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Chico’s FAS, Inc.
Consolidated Balance Sheets
(Unaudited)
(in thousands)

	January 31,			February 1,
	2004			2003
ASSETS
Current Assets:
Cash and cash equivalents	$	15,676		$	8,753
Marketable securities, at market		104,453			91,195
Receivables		6,368			2,226
Inventories		54,896			44,908
Prepaid expenses		8,655			6,223
Deferred taxes		7,525			7,125
Total Current Assets		197,573			160,430
Property and Equipment:
Land and land improvements		5,976			5,166
Building and building improvements		25,014			19,668
Equipment, furniture and fixtures		100,589			71,769
Leasehold improvements		99,806			78,792
Total Property and Equipment		231,385			175,395
Less accumulated depreciation and amortization		(57,660	)		(36,686	)
Property and Equipment, Net		173,725			138,709
Other Assets:
Deferred taxes		—			92
Goodwill		60,114			—
Other intangible assets		34,043			—
Other assets, net		5,399			2,313
Total Other Assets		99,556			2,405
	$	470,854		$	301,544
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	27,796		$	24,991
Accrued liabilities		43,187			29,698
Current portion of deferred liabilities		599			171
Total Current Liabilities		71,582			54,860
Noncurrent Liabilities:
Deferred liabilities		12,713			6,551
Deferred taxes		11,724			—
Total Noncurrent Liabilities		24,437			6,551
Stockholders’ Equity:
Common stock		875			853
Additional paid-in capital		98,586			63,986
Retained earnings		275,339			175,109
Accumulated other comprehensive income		35			185
Total Stockholders’ Equity		374,835			240,133
	$	470,854		$	301,544

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Chico’s FAS, Inc.
Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)

	Fifty-Two Weeks Ended								Thirteen Weeks Ended
	January 31, 2004				February 1, 2003				January 31, 2004				February 1, 2003
	Amount		% of Sales		Amount		% of Sales		Amount		% of Sales		Amount		% of Sales
Net sales by Company stores	$	737,918		96.0	$	508,492		95.8	$	207,892		96.5	$	131,540		95.1
Net sales by catalog & Internet		22,780		3.0		16,070		3.0		5,696		2.6		5,147		3.7
Net sales to Franchisees		7,801		1.0		6,546		1.2		1,921		0.9		1,639		1.2
Net sales		768,499		100.0		531,108		100.0		215,509		100.0		138,326		100.0
Cost of goods sold		297,477		38.7		209,770		39.5		85,752		39.8		56,306		40.7
Gross profit		471,022		61.3		321,338		60.5		129,757		60.2		82,020		59.3
General, administrative and store operating expenses		289,118		37.6		199,495		37.6		82,596		38.3		53,699		38.8
Depreciation and amortization		21,130		2.8		15,050		2.8		5,993		2.8		4,310		3.1
Income from operations		160,774		20.9		106,793		20.1		41,168		19.1		24,011		17.4
Interest income, net		888		0.1		883		0.2		183		0.1		262		0.2
Income before taxes		161,662		21.0		107,676		20.3		41,351		19.2		24,273		17.6
Income tax provision		61,432		8.0		40,917		7.7		15,714		7.3		9,223		6.7
Net income	$	100,230		13.0	$	66,759		12.6	$	25,637		11.9	$	15,050		10.9
Per share data:
Net income per common share—basic	$	1.16			$	0.80			$	0.29			$	0.18
Net income per common & common equivalent share—diluted	$	1.14			$	0.78			$	0.29			$	0.17
Weighted average common shares outstanding—basic		86,403				83,309				87,310				85,136
Weighted average common & common equivalent shares outstanding—diluted		88,142				86,032				88,963				86,972

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