For Immediate Release

Executive Contact:	Investor / Media Contacts:
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 First Quarter Earnings

• Revenues rose 52.0% to a record $257 million

• Net income climbed 52.6% to a record $36 million

• May comparable store sales currently strong in the high teens

     Fort Myers, FL — May 27, 2004 — Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the first quarter ended May 1, 2004.

     Net sales for the first quarter ended May 1, 2004, increased 52.0% to a record $257 million from $169 million for the first quarter ended May 3, 2003. Net income rose 52.6% to $36 million, or $0.40 a diluted share, compared to net income of $23 million, or $0.27 a diluted share, in the prior year’s first quarter. Comparable store sales for the Company-owned stores increased 20.1% for the thirteen week period ended May 1, 2004 compared to the same thirteen week period last year.

     Scott A. Edmonds, President and CEO, commented, “We are pleased to report that our efforts to target improved operating margins that began back in 2002 have been successful, with this quarter capping off four consecutive quarters with an increase in our operating margin over the prior year’s same quarter. This year’s first quarter operating margin of 22.3% increased by 20 basis points compared to last year’s first quarter operating margin of 22.1%. This increase was accomplished primarily through improved gross margins in the Chico’s brand due to higher initial merchandise margins and a lower markdown rate, and better than expected gross margins in the White House | Black Market brand. Our new distribution center in Winder, Georgia continues to leverage nicely which further improved our gross margin as a percent of sales. Although the higher cost structure of the White House | Black Market operations resulted in a slight deleveraging of our SG&A costs, the White House | Black Market brand contributed between $.02 and $.025 to our $.40 diluted earnings per share. We continue to be pleased with the White House | Black Market brand’s solid sales and gross margin results and we are continuing our initiatives aimed at reducing the cost structure within the White House | Black Market stores and their back office overhead. Lastly, we look forward to the launch of our new intimate apparel line ‘Soma by Chico’s’ in the third quarter of this year.”

     Chico’s sells exclusively designed, private-label women’s clothing and related accessories. The Company operates 579 women’s specialty stores, including stores in 46 states, the District of Columbia, the Virgin Islands and Puerto Rico operating under either the

Page 1 of 4

name Chico’s or White House | Black Market. The Company owns 411 Chico’s front-line stores, 24 Chico’s outlet stores, and 132 White House | Black Market 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)

Page 2 of 4

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

	May 1,			January 31,
	2004			2004
ASSETS
Current Assets:
Cash and cash equivalents	$	22,133		$	15,676
Marketable securities, at market		160,692			104,453
Receivables		5,066			6,368
Inventories		60,686			54,896
Prepaid expenses		9,982			8,655
Deferred taxes		8,491			7,525
Total Current Assets		267,050			197,573
Property and Equipment:
Land and land improvements		6,035			5,976
Building and building improvements		25,678			25,014
Equipment, furniture and fixtures		108,565			100,589
Leasehold improvements		107,271			99,806
Total Property and Equipment		247,549			231,385
Less accumulated depreciation and amortization		(64,997	)		(57,660	)
Property and Equipment, Net		182,552			173,725
Other Assets:
Goodwill		60,370			60,114
Other intangible assets		34,020			34,043
Other assets, net		6,285			5,399
Total Other Assets		100,675			99,556
	$	550,277		$	470,854
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	35,575		$	27,796
Accrued liabilities		41,305			43,187
Current portion of deferred liabilities		213			599
Total Current Liabilities		77,093			71,582
Noncurrent Liabilities:
Deferred liabilities		13,452			12,713
Deferred taxes		10,863			11,724
Total Noncurrent Liabilities		24,315			24,437
Stockholders’ Equity:
Common stock		891			875
Additional paid-in capital		137,034			98,586
Retained earnings		311,004			275,339
Accumulated other comprehensive (loss) income		(60	)		35
Total Stockholders’ Equity		448,869			374,835
	$	550,277		$	470,854

Page 3 of 4

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

	Thirteen Weeks Ended
	May 1, 2004				May 3, 2003
	Amount		% of Sales		Amount		% of Sales
Net sales by Company stores	$	248,487		96.7	$	161,440		95.5
Net sales by catalog & Internet		6,082		2.4		5,683		3.4
Net sales to Franchisees		2,222		0.9		1,861		1.1
Net sales		256,791		100.0		168,984		100.0
Cost of goods sold		96,955		37.8		64,689		38.3
Gross profit		159,836		62.2		104,295		61.7
General, administrative and store operating expenses		95,805		37.3		62,284		36.9
Depreciation and amortization		6,777		2.6		4,625		2.7
Income from operations		57,254		22.3		37,386		22.1
Interest income, net		269		0.1		303		0.2
Income before taxes		57,523		22.4		37,689		22.3
Income tax provision		21,858		8.5		14,322		8.5
Net income	$	35,665		13.9	$	23,367		13.8
Per share data:
Net income per common share–basic	$	0.40			$	0.27
Net income per common & common equivalent share–diluted	$	0.40			$	0.27
Weighted average common shares outstanding–basic		88,470				85,513
Weighted average common & common equivalent shares outstanding–diluted		89,778				87,183

Page 4 of 4