For Immediate Release

Executive Contacts:
Charles J. Kleman
Chief Operating Officer
Chief Financial Officer
Chico’s FAS, Inc.
(239) 274-4105


F. Michael Smith
Vice President
Investor and Community Relations
Chico’s FAS, Inc.
(239) 274-4797

Chico’s FAS, Inc. Announces Record First Quarter Earnings

•   Revenues rose 27.4% to a record $327 million

•   Net income climbed 32.3% to a record $47 million

•   May comparable store sales currently strong in the low double-digit range, with Chico’s in the low double-digit range and WH|BM exceeding 30%

      Fort Myers, FL - May 26, 2005 - Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the first quarter ended April 30, 2005.

      Net sales for the first quarter ended April 30, 2005, increased 27.4% to a record $327 million from $257 million for the first quarter ended May 1, 2004. Net income rose 32.3% to $47 million, or $0.26 a diluted share, compared to net income of $36 million, or $0.20 a diluted share (as adjusted for the 2 for 1 stock split in February 2005) in the prior year’s first quarter. Comparable store sales for the Company-owned stores increased 10.8% for the thirteen-week period ended April 30, 2005 compared to the same thirteen-week period last year.

      Scott A. Edmonds, President and CEO, commented, “The Chico’s and White House | Black Market brands continue to produce solid same store and overall sales increases resulting in a first quarter net income increase of 32.3% to $47 million, or $0.26 a diluted share. We are quite pleased with each brand’s momentum as we enter the second quarter, with both brands same store sales increases currently at the double-digit level. We remain confident in our ability to provide long-term value to our shareholders.”

      The Company is a specialty retailer of private label, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items. The Company operates 696 women’s specialty stores, including stores in 47 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico operating under the Chico’s, White House | Black Market and Soma by Chico’s names. The Company owns 465 Chico’s front-line stores, 27 Chico’s outlet stores, 178 White House | Black Market front-line stores, 4 White House | Black Market outlet stores and 10 Soma by Chico’s 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

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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 the Company’s monthly
sales information and investor relations line

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

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

(Financial Tables Follow)

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

	April 30,			January 29,
	2005			2005
	(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	25,239		$	14,426
Marketable securities, at market		303,844			251,199
Receivables		8,285			5,106
Inventories		92,358			73,223
Prepaid expenses		11,291			9,429
Deferred taxes		12,841			11,184
Total Current Assets		453,858			364,567
Property and Equipment:
Land and land improvements		6,055			6,055
Building and building improvements		30,282			29,286
Equipment, furniture and fixtures		151,850			140,360
Leasehold improvements		177,110			166,096
Total Property and Equipment		365,297			341,797
Less accumulated depreciation and amortization		(102,527	)		(93,834	)
Property and Equipment, Net		262,770			247,963
Other Assets:
Goodwill		61,796			61,796
Other intangible assets		34,019			34,042
Other assets, net		7,501			7,361
Total Other Assets		103,316			103,199
	$	819,944		$	715,729
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	53,198		$	36,725
Accrued liabilities		80,221			58,258
Current portion of deferred liabilities		361			332
Total Current Liabilities		133,780			95,315
Noncurrent Liabilities:
Deferred liabilities		50,011			47,149
Deferred taxes		9,494			12,397
Total Noncurrent Liabilities		59,505			59,546
Stockholders’ Equity:
Common stock		1,804			1,790
Additional paid-in capital		170,802			147,652
Unearned compensation		(4,311	)		—
Retained earnings		458,757			411,556
Accumulated other comprehensive loss		(393	)		(130	)
Total Stockholders’ Equity		626,659			560,868
	$	819,944		$	715,729

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

	Thirteen Weeks Ended
	April 30, 2005				May 1, 2004
	Amount		% of Sales		Amount		% of Sales
Net sales by Chico’s/Soma stores	$	267,606		81.8	$	218,489		85.1
Net sales by White House | Black Market stores		49,163		15.0		29,998		11.7
Net sales by catalog & Internet		7,956		2.4		6,082		2.4
Net sales to franchisees		2,530		0.8		2,222		0.8
Net sales		327,255		100.0		256,791		100.0
Cost of goods sold		125,198		38.3		96,955		37.8
Gross profit		202,057		61.7		159,836		62.2
General, administrative and store operating expenses		119,274		36.4		95,805		37.3
Depreciation and amortization		9,370		2.9		6,777		2.6
Income from operations		73,413		22.4		57,254		22.3
Interest income, net		1,509		0.5		269		0.1
Income before taxes		74,922		22.9		57,523		22.4
Income tax provision		27,722		8.5		21,858		8.5
Net income	$	47,200		14.4	$	35,665		13.9
Per share data:
Net income per common share—basic(1)	$	0.26			$	0.20
Net income per common & common equivalent share—diluted(1)	$	0.26			$	0.20
Weighted average common shares outstanding—basic(1)		179,605				176,939
Weighted average common & common equivalent shares outstanding—diluted(1)		181,383				179,557

⁽¹⁾ Prior year amounts restated to give effect to the 2 for 1 stock split in February 2005

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