Chico's cuts Q4 loss, same-store sales rise 2.2 percent

Chico's FAS, for the thirteen weeks ended February 1, 2020 reported a net loss of 4.3 million dollars or 4 cents loss per diluted share, compared to 16.6 million dollars or 14 cents loss per diluted share, last year's fourth quarter. The company reported a fourth quarter adjusted net loss of 3.5 million dollars or 3 cents loss per diluted share, compared to 8.6 million dollars or 7 cents loss per diluted share, in last year's fourth quarter.

Commenting on the results, Bonnie Brooks, CEO and President of the company, said: "We are extremely pleased with the significant sequential turnaround in our business, resulting in our first quarter of positive comparable sales for all three brands since the fourth quarter of 2014. We are especially pleased with both our significant digital growth and frontline growth, as we continue to work towards delivering our unique and personal service through all channels of the company."

Highlights of Chico’s FY19 and Q4 financial results

For the fifty-two weeks ended February 1, 2020, the company reported a net loss of 12.8 million dollars or 11 cents loss per diluted share, compared to net income of 35.6 million dollars or 28 cents earnings per diluted share, for fiscal 2018. The company reported adjusted net loss of 2.6 million dollars or 2 cents loss per diluted share, compared to 38.8 million dollars or 31 cents earnings per diluted share, in fiscal 2018.

For the fourth quarter, net sales were 527.1 million dollars, up 0.4 percent reflecting a comparable sales improvement of 2.2 percent, partially offset by the impact of 77 net store closures since last year's fourth quarter. The comparable sales improvement was driven by higher average dollar sale and an increase in transaction count. For fiscal 2019, net sales were 2 billion dollars, down 4.4 percent reflecting a comparable sales decline of 3.4 percent as well as the impact of 77 net store closures since fiscal 2018.

For the fiscal 2020 first quarter, the company anticipates a low single-digit increase in total net sales and consolidated comparable sales, reflecting continued progress and momentum in the business. The Company expects gross margin as a percent of net sales to increase approximately 20 to 40 basis points. For full year fiscal 2020, the company anticipates a low single-digit increase in total net sales and consolidated comparable sales and gross margin as a percent of net sales to increase approximately 50 to 100 basis points.

Picture:Chico's press room

 

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