UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report: (Date of earliest event reported): November 20, 2012
Chicos FAS, Inc.
(Exact Name of Registrant as Specified in its Charter)
Florida
(State or Other Jurisdiction of Incorporation)
001-16435 | 59-2389435 | |
(Commission File Number) |
(IRS Employer Identification No.) | |
11215 Metro Parkway, Fort Myers, Florida | 33966 | |
(Address of Principal Executive Offices) | (Zip code) |
(239) 277-6200
(Registrants Telephone Number, Including Area Code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | Results of Operations and Financial Condition |
On November 20, 2012, the Company issued a press release announcing its third quarter and year-to-date earnings for the period ended October 27, 2012. A copy of the release issued on November 20, 2012 is attached to this Report as Exhibit 99.1 and is incorporated by reference herein.
Item 8.01. | Other Events |
On November 20, 2012, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.0525 per share. A copy of the release issued on November 20, 2012 is attached to this Report as Exhibit 99.2 and is incorporated by reference herein.
Item 9.01. | Financial Statements and Exhibits |
(d) | Exhibits: |
Exhibit 99.1 | Press Release of Chicos FAS, Inc. dated November 20, 2012 | |
Exhibit 99.2 | Press Release of Chicos FAS, Inc. dated November 20, 2012 |
SIGNATURES
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.
CHICOS FAS, INC. | ||||||
Date: November 20, 2012 | By: /s/ Pamela K Knous
| |||||
Pamela K Knous, Executive Vice President Chief Financial Officer |
INDEX TO EXHIBITS
Exhibit Number |
Description | |
Exhibit 99.1 | Press Release of Chicos FAS, Inc. dated November 20, 2012 | |
Exhibit 99.2 | Press Release of Chicos FAS, Inc. dated November 20, 2012 |
Exhibit 99.1
Chicos FAS, Inc. 11215 Metro Parkway Fort Myers, Florida 33966 (239) 277-6200
Chicos FAS, Inc. Reports 39% Increase in Third Quarter
Earnings Per Share to $0.25
| 9.9% increase in third quarter comparable sales |
| 15th consecutive quarter of double digit earnings per share growth |
| 31% increase in year-to-date earnings per share to a record $0.89 |
Fort Myers, FL November 20, 2012 Chicos FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2012 third quarter and thirty-nine weeks ended October 27, 2012.
For the third quarter, the Company reported net income of $41.7 million, an increase of 57.4% compared to net income of $26.5 million in last years third quarter, and earnings per diluted share of $0.25, an increase of 56.3% compared to $0.16 per diluted share in last years third quarter. Excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Companys third quarter earnings per diluted share were $0.25, an increase of 38.9% compared to $0.18 per diluted share in last years third quarter. These results represent the highest third-quarter earnings per share since 2005.
For the thirty-nine weeks ended October 27, 2012, the Company reported net income of $148.7 million, an increase of 28.4% compared to net income of $115.8 million in the same period last year, and record earnings per diluted share of $0.89, an increase of 34.8% compared to $0.66 per diluted share in the same period last year. Excluding non-recurring acquisition and integration costs related to the Boston Proper acquisition, the Companys earnings per diluted share for the thirty-nine weeks ended October 27, 2012 were a record $0.89, an increase of 30.9% compared to $0.68 per diluted share for the same period last year.
Net Sales
For the third quarter, net sales were $636.7 million, an increase of 18.2% compared to $538.5 million in last years third quarter, reflecting comparable sales growth of 9.9%, square footage increase of 8.2%, and Boston Proper sales for seven incremental weeks of $16.7 million. The 9.9% increase in comparable sales for the third quarter was on top of a 3.7% increase in last years third quarter, for a two-year stack of 13.6%, and reflected increases in both average dollar sale and transaction count. The comparable sales growth primarily reflected a positive customer response to the fall fashion assortments and the effectiveness of the Companys innovative marketing plans.
The Chicos/Soma Intimates brands comparable sales increased 11.6% following a 0.6% increase in last years third quarter for a two-year stack of 12.2%, and the White House | Black Market (WH|BM) brands comparable sales increased 6.4% on top of an 11.0% increase in last years third quarter for a two-year stack of 17.4%.
Page 1 of 9
Gross Margin
For the third quarter, gross margin was $364.3 million, an increase of 20.8% compared to $301.5 million in last years third quarter. As a percentage of net sales, gross margin was 57.2%, a 120 basis point improvement from last years third quarter, primarily reflecting a higher level of full-price selling and effective promotional activities, partially offset by incentive compensation.
Selling, General and Administrative Expenses
For the third quarter, selling, general and administrative expenses (SG&A) were $297.2 million, an increase of 16.8% compared to $254.5 million in last years third quarter. As a percentage of net sales, SG&A was 46.7%, a 60 basis point improvement from last years third quarter, primarily reflecting the sales leverage impact on store expenses, partially offset by higher marketing expenses and incentive compensation.
Inventories
At the end of the third quarter, total inventories were $234.2 million compared to $247.5 million at the end of the third quarter last year. Inventories decreased by $13.3 million, or 5.4%, primarily reflecting planned inventory reductions.
Share Repurchase Program
During the third quarter of fiscal 2012, the Company repurchased 0.6 million shares for $11.7 million under its $200 million share repurchase program announced in November 2011. During the thirty-nine weeks ended October 27, 2012, the Company repurchased a total of 2.5 million shares for $37.4 million, with $137.7 million remaining under the program at the end of the third quarter.
Outlook
The Companys planning assumptions for fiscal 2012 are:
| Net sales of approximately $2.55 to $2.6 billion, which includes comparable sales growth at a mid-single digit percent; |
| Gross margin rate up approximately 25 to 50 basis points to 2011; |
| SG&A expense, as a percentage of net sales, down approximately 50 basis points to 2011; |
| One-time acquisition and integration costs for Boston Proper of approximately $4 million pre-tax; |
| Effective tax rate of approximately 38%; |
| Weighted average diluted shares of approximately 165 million, excluding the impact of any future share repurchases; |
| Inventories increasing in-line with sales growth; and, |
| Capital expenditures of approximately $155 million. |
A conference call to review the third quarter is scheduled for today at 8:30 a.m. EST. A live webcast of the call can be accessed at the Events Calendar page of the Chicos FAS, Inc. corporate website at www.chicosfas.com.
Page 2 of 9
ABOUT CHICOS FAS, INC.
The Company, through its brands Chicos, White House | Black Market, Soma Intimates, and Boston Proper, is a womens specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items.
The Chicos brand offers women a combination of great style, one-of-a-kind details and warm personal service. Chicos currently operates 614 boutiques and 99 outlets throughout the U.S., mails a catalog and offers round-the-clock shopping at www.chicos.com.
White House | Black Market strives to make women feel beautiful with apparel and accessories in the honest simplicity of black and white and the individuality of styles built from it. White House | Black Market currently operates 401 boutiques and 45 outlets, mails a catalog highlighting its latest fashions and connects with customers at www.whbm.com.
Soma Intimates offers beautiful and sensual lingerie, loungewear and beauty. Soma Intimates currently operates 194 boutiques and 16 outlets, mails a catalog coinciding with key shopping periods and sells direct-to-consumer at www.soma.com.
Boston Proper is a leading direct-to-consumer retailer of womens high-end apparel and accessories. Boston Proper provides unique, distinctive fashion designed for todays independent, confident and active woman. The merchandise focus is about creating a daring, modern style with a sensual feel and is available exclusively through the Boston Proper catalog and website at www.bostonproper.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 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 Companys latest annual report on Form 10-K, its filings on Form 10-Q, managements discussion and analysis in the Companys latest annual report to stockholders, the Companys filings on Form 8-K, and other federal securities law filings for a description of other important factors that may affect the Companys 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 on Chicos FAS, Inc., please go to our corporate website at www.chicosfas.com.
(Financial Tables Follow)
Page 3 of 9
Chicos FAS, Inc.
Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)
Thirty-Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||||||||||||||||||
October 27, 2012 | October 29, 2011 | October 27, 2012 | October 29, 2011 | |||||||||||||||||||||||||||||
Amount | % of Sales |
Amount | % of Sales |
Amount | % of Sales |
Amount | % of Sales |
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Net sales: |
||||||||||||||||||||||||||||||||
Chicos/Soma Intimates |
$ | 1,251,632 | 64.9 | $ | 1,106,466 | 68.0 | $ | 411,671 | 64.6 | $ | 357,208 | 66.3 | ||||||||||||||||||||
White House | Black Market |
583,473 | 30.2 | 509,677 | 31.3 | 197,248 | 31.0 | 170,328 | 31.6 | ||||||||||||||||||||||||
Boston Proper |
94,099 | 4.9 | 11,010 | 0.7 | 27,746 | 4.4 | 11,010 | 2.1 | ||||||||||||||||||||||||
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Total net sales |
1,929,204 | 100.0 | 1,627,153 | 100.0 | 636,665 | 100.0 | 538,546 | 100.0 | ||||||||||||||||||||||||
Cost of goods sold |
824,132 | 42.7 | 698,655 | 42.9 | 272,369 | 42.8 | 237,038 | 44.0 | ||||||||||||||||||||||||
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Gross margin |
1,105,072 | 57.3 | 928,498 | 57.1 | 364,296 | 57.2 | 301,508 | 56.0 | ||||||||||||||||||||||||
Selling, general and administrative expenses |
864,987 | 44.8 | 739,723 | 45.5 | 297,190 | 46.7 | 254,522 | 47.3 | ||||||||||||||||||||||||
Acquisition and integration costs |
1,321 | 0.1 | 4,985 | 0.3 | 480 | 0.0 | 4,985 | 0.9 | ||||||||||||||||||||||||
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Income from operations |
238,764 | 12.4 | 183,790 | 11.3 | 66,626 | 10.5 | 42,001 | 7.8 | ||||||||||||||||||||||||
Interest income, net |
633 | 0.0 | 1,386 | 0.1 | 231 | 0.0 | 566 | 0.1 | ||||||||||||||||||||||||
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Income before income taxes |
239,397 | 12.4 | 185,176 | 11.4 | 66,857 | 10.5 | 42,567 | 7.9 | ||||||||||||||||||||||||
Income tax provision |
90,700 | 4.7 | 69,400 | 4.3 | 25,200 | 4.0 | 16,100 | 3.0 | ||||||||||||||||||||||||
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Net income |
$ | 148,697 | 7.7 | $ | 115,776 | 7.1 | $ | 41,657 | 6.5 | $ | 26,467 | 4.9 | ||||||||||||||||||||
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Per share data: |
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Net income per common share-basic |
$ | 0.89 | $ | 0.67 | $ | 0.25 | $ | 0.16 | ||||||||||||||||||||||||
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Net income per common and common equivalent sharediluted |
$ | 0.89 | $ | 0.66 | $ | 0.25 | $ | 0.16 | ||||||||||||||||||||||||
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Weighted average common shares outstandingbasic |
163,683 | 170,912 | 163,253 | 166,519 | ||||||||||||||||||||||||||||
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Weighted average common and common equivalent shares outstandingdiluted |
164,754 | 172,092 | 164,411 | 167,575 | ||||||||||||||||||||||||||||
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Dividends declared per share |
$ | 0.1575 | $ | 0.15 | $ | | $ | | ||||||||||||||||||||||||
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Page 4 of 9
Chicos FAS, Inc.
Consolidated Balance Sheets
(in thousands)
October 27, 2012 |
January 28, 2012 |
October 29, 2011 |
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(Unaudited) | (Unaudited) | |||||||||||
ASSETS | ||||||||||||
Current Assets: |
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Cash and cash equivalents |
$ | 79,102 | $ | 58,919 | $ | 49,485 | ||||||
Marketable securities, at fair value |
292,393 | 188,934 | 190,328 | |||||||||
Inventories |
234,199 | 194,469 | 247,530 | |||||||||
Prepaid expenses and other current assets |
57,436 | 55,104 | 56,224 | |||||||||
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Total Current Assets |
663,130 | 497,426 | 543,567 | |||||||||
Property and Equipment, net |
591,346 | 550,230 | 542,362 | |||||||||
Other Assets: |
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Goodwill |
238,693 | 238,693 | 238,952 | |||||||||
Other intangible assets, net |
128,844 | 132,112 | 133,201 | |||||||||
Other assets, net |
6,787 | 6,691 | 6,660 | |||||||||
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Total Other Assets |
374,324 | 377,496 | 378,813 | |||||||||
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$ | 1,628,800 | $ | 1,425,152 | $ | 1,464,742 | |||||||
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LIABILITIES AND STOCKHOLDERS EQUITY | ||||||||||||
Current Liabilities: |
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Accounts payable |
$ | 137,600 | $ | 100,395 | $ | 144,196 | ||||||
Other current liabilities |
178,685 | 137,714 | 135,259 | |||||||||
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Total Current Liabilities |
316,285 | 238,109 | 279,455 | |||||||||
Noncurrent Liabilities: |
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Deferred liabilities |
132,574 | 125,690 | 126,486 | |||||||||
Deferred taxes |
49,626 | 52,125 | 46,611 | |||||||||
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Total Noncurrent Liabilities |
182,200 | 177,815 | 173,097 | |||||||||
Stockholders Equity: |
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Preferred stock |
| | | |||||||||
Common stock |
1,663 | 1,657 | 1,676 | |||||||||
Additional paid-in capital |
338,703 | 302,612 | 297,480 | |||||||||
Retained earnings |
789,743 | 704,631 | 712,766 | |||||||||
Accumulated other comprehensive income |
206 | 328 | 268 | |||||||||
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Total Stockholders Equity |
1,130,315 | 1,009,228 | 1,012,190 | |||||||||
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$ | 1,628,800 | $ | 1,425,152 | $ | 1,464,742 | |||||||
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Page 5 of 9
Chicos FAS, Inc.
Consolidated Cash Flow Statements
(Unaudited)
(in thousands)
Thirty-Nine Weeks Ended | ||||||||
October 27, 2012 | October 29, 2011 | |||||||
Cash Flows From Operating Activities: |
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Net income |
$ | 148,697 | $ | 115,776 | ||||
Adjustments to reconcile net income to net cash provided by operating activities |
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Depreciation and amortization |
80,085 | 72,952 | ||||||
Deferred tax (benefit) expense |
(7,809 | ) | 11,399 | |||||
Stock-based compensation expense |
18,931 | 11,051 | ||||||
Excess tax benefit from stock-based compensation |
(6,757 | ) | (1,758 | ) | ||||
Deferred rent and lease credits |
(12,130 | ) | (14,106 | ) | ||||
Loss on disposal and impairment of property and equipment |
2,045 | 2,603 | ||||||
Changes in assets and liabilities, net of effects of acquisition |
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Inventories |
(39,730 | ) | (73,485 | ) | ||||
Prepaid expenses and other assets |
2,419 | (1,359 | ) | |||||
Accounts payable |
37,205 | 29,131 | ||||||
Accrued and other liabilities |
66,993 | 28,805 | ||||||
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Net cash provided by operating activities |
289,949 | 181,009 | ||||||
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Cash Flows From Investing Activities: |
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(Increase) decrease in marketable securities |
(103,582 | ) | 343,570 | |||||
Acquisition of Boston Proper, Inc., net of cash acquired |
| (212,733 | ) | |||||
Purchases of property and equipment, net |
(119,922 | ) | (98,174 | ) | ||||
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Net cash (used in) provided by investing activities |
(223,504 | ) | 32,663 | |||||
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Cash Flows From Financing Activities: |
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Proceeds from issuance of common stock |
14,277 | 3,567 | ||||||
Excess tax benefit from stock-based compensation |
6,757 | 1,758 | ||||||
Dividends paid |
(26,266 | ) | (25,888 | ) | ||||
Repurchase of common stock |
(41,030 | ) | (157,905 | ) | ||||
Cash paid for deferred financing costs |
| (414 | ) | |||||
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Net cash used in financing activities |
(46,262 | ) | (178,882 | ) | ||||
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Net increase in cash and cash equivalents |
20,183 | 34,790 | ||||||
Cash and Cash Equivalents, Beginning of period |
58,919 | 14,695 | ||||||
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Cash and Cash Equivalents, End of period |
$ | 79,102 | $ | 49,485 | ||||
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Page 6 of 9
Supplemental Detail on Earnings Per Share Calculation
In accordance with accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of basic earnings per share pursuant to the two-class method. For the Company, participating securities are comprised of unvested restricted stock awards.
Earnings per share is determined using the two-class method, as it is more dilutive than the treasury stock method. Basic earnings per share is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share reflects the dilutive effect of potential common shares from securities such as stock options and performance-based restricted stock units.
The following table sets forth the computation of basic and diluted earnings per share shown on the face of the accompanying consolidated statements of income (in thousands, except per share amounts):
Thirty-Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
October 27, 2012 |
October 29, 2011 |
October 27, 2012 |
October 29, 2011 |
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Numerator |
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Net income |
$ | 148,697 | $ | 115,776 | $ | 41,657 | $ | 26,467 | ||||||||
Net income and dividends declared allocated to unvested restricted stock |
(2,730 | ) | (1,462 | ) | (789 | ) | (362 | ) | ||||||||
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Net income available to common stockholders |
$ | 145,967 | $ | 114,314 | $ | 40,868 | $ | 26,105 | ||||||||
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Denominator |
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Weighted average common shares outstanding basic |
163,682,768 | 170,912,046 | 163,253,220 | 166,518,711 | ||||||||||||
Dilutive effect of outstanding awards |
1,070,757 | 1,179,739 | 1,157,510 | 1,056,062 | ||||||||||||
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Weighted average common and common equivalent shares outstanding diluted |
164,753,525 | 172,091,785 | 164,410,730 | 167,574,773 | ||||||||||||
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Net income per common share |
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Basic |
$ | 0.89 | $ | 0.67 | $ | 0.25 | $ | 0.16 | ||||||||
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Diluted |
$ | 0.89 | $ | 0.66 | $ | 0.25 | $ | 0.16 | ||||||||
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Page 7 of 9
SEC Regulation G - The Company reports its consolidated financial results in accordance with generally accepted accounting principles (GAAP). However, to supplement these consolidated financial results, management believes that certain non-GAAP operating results, which exclude certain non-recurring charges including acquisition and integration costs, may provide a more meaningful measure on which to compare the Companys results of operations between periods. The Company believes these non-GAAP results provide useful information to both management and investors by excluding certain expenses that impact the comparability of the results. A reconciliation of net income and earnings per diluted share on a GAAP basis to net income and earnings per diluted share on a non-GAAP basis is presented in the table below:
Chicos FAS, Inc.
Non-GAAP to GAAP Reconciliation of Net Income and Diluted EPS
(in thousands, except per share amounts)
Thirty-Nine Weeks Ended | Thirteen Weeks Ended | |||||||||||||||
October 27, 2012 |
October 29, 2011 |
October 27, 2012 |
October 29, 2011 |
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Net income: |
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GAAP basis |
$ | 148,697 | $ | 115,776 | $ | 41,657 | $ | 26,467 | ||||||||
Add: Impact of acquisition and integration costs, net of tax |
820 | 3,533 | 299 | 3,533 | ||||||||||||
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Non-GAAP adjusted basis |
$ | 149,517 | $ | 119,309 | $ | 41,956 | $ | 30,000 | ||||||||
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Net income per diluted share: |
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GAAP basis |
$ | 0.89 | $ | 0.66 | $ | 0.25 | $ | 0.16 | ||||||||
Add: Impact of acquisition and integration costs, net of tax |
0.00 | 0.02 | 0.00 | 0.02 | ||||||||||||
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Non-GAAP adjusted basis |
$ | 0.89 | $ | 0.68 | $ | 0.25 | $ | 0.18 | ||||||||
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Page 8 of 9
Chicos FAS, Inc.
Boutique Count and Square Footage
As of October 27, 2012
As of | New | As of | ||||||||||||||
7/28/2012 | Stores | Closures | 10/27/2012 | |||||||||||||
Store count: |
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Chicos frontline boutiques |
606 | 5 | | 611 | ||||||||||||
Chicos outlets |
89 | 6 | | 95 | ||||||||||||
WH|BM frontline boutiques |
383 | 17 | (1 | ) | 399 | |||||||||||
WH|BM outlets |
37 | 6 | | 43 | ||||||||||||
Soma frontline boutiques |
185 | 7 | (1 | ) | 191 | |||||||||||
Soma outlets |
15 | 1 | | 16 | ||||||||||||
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Total Chicos FAS, Inc. |
1,315 | 42 | (2 | ) | 1,355 | |||||||||||
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As of 7/28/2012 |
New Stores |
Closures | Other changes in SSF |
As of 10/27/2012 |
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Net selling square footage (SSF): |
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Chicos frontline boutiques |
1,645,443 | 13,685 | | 1,096 | 1,660,224 | |||||||||||||||
Chicos outlets |
227,388 | 14,553 | | | 241,941 | |||||||||||||||
WH|BM frontline boutiques |
825,746 | 41,823 | (1,836 | ) | 2,555 | 868,288 | ||||||||||||||
WH|BM outlets |
74,202 | 13,111 | | | 87,313 | |||||||||||||||
Soma frontline boutiques |
357,798 | 14,102 | (1,810 | ) | (4,620 | ) | 365,470 | |||||||||||||
Soma outlets |
29,057 | 1,716 | | | 30,773 | |||||||||||||||
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Total Chicos FAS, Inc. |
3,159,634 | 98,990 | (3,646 | ) | (969 | ) | 3,254,009 | |||||||||||||
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Executive Contact:
Todd Vogensen
Vice President-Investor Relations
Chicos FAS, Inc.
(239) 346-4199
Page 9 of 9
Exhibit 99.2
Chicos FAS, Inc. 11215 Metro Parkway Fort Myers, Florida 33966 (239) 277-6200
Chicos FAS, Inc. Declares Cash Dividend of $0.0525 Per Share
Fort Myers, FL November 20, 2012 Chicos FAS, Inc. (NYSE: CHS) today announced that its Board of Directors declared a quarterly cash dividend of $0.0525 per share of its common stock, a 5% increase over the dividend rate from November 2011. The dividend is payable on December 17, 2012 to Chicos FAS shareholders of record at the close of business on December 3, 2012.
ABOUT CHICOS FAS, INC.
The Company, through its brands Chicos, White House | Black Market, Soma Intimates, and Boston Proper, is a womens specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items.
The Chicos brand offers women a combination of great style, one-of-a-kind details and warm personal service. Chicos currently operates 614 boutiques and 99 outlets throughout the U.S., mails a catalog and offers round-the-clock shopping at www.chicos.com.
White House | Black Market strives to make women feel beautiful with apparel and accessories in the honest simplicity of black and white and the individuality of styles built from it. White House | Black Market currently operates 401 boutiques and 45 outlets, mails a catalog highlighting its latest fashions and connects with customers at www.whbm.com.
Soma Intimates offers beautiful and sensual lingerie, loungewear and beauty. Soma Intimates currently operates 194 boutiques and 16 outlets, mails a catalog coinciding with key shopping periods and sells direct-to-consumer at www.soma.com.
Boston Proper is a leading direct-to-consumer retailer of womens high-end apparel and accessories. Boston Proper provides unique, distinctive fashion designed for todays independent, confident and active woman. The merchandise focus is about creating a daring, modern style with a sensual feel and is available exclusively through the Boston Proper catalog and website at www.bostonproper.com.
For more detailed information on Chicos FAS, Inc., please visit www.chicosfas.com.
Executive Contact:
Todd Vogensen
Vice President-Investor Relations
Chicos FAS, Inc.
(239) 346-4199
Page 1 of 1
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