Chico’s reports Q4 net income of 10.7 million dollars
Chico's FAS, Inc. fourth quarter net income was 10.7 million dollars or 9 cents per diluted share compared to a net loss of 79.1 million dollars or 68 cents per diluted share, for the same period last year.
For fiscal 2021, the company reported net income of 46.2 million dollars or 37 cents per diluted share compared to a net loss of 360.1 million dollars or 3.11 dollars per diluted share last year. Adjusted fiscal 2021 net income was 50.1 million dollars or 40 cents per diluted share.
"Our performance in 2021 clearly demonstrates the extraordinary progress we have made against our turnaround plan. For both the fourth quarter and the full year, we delivered robust sales growth across all three brands and produced our best gross margin performance and EPS results since 2017, closing out a pivotal year with strong momentum," said Molly Langenstein, Chico's chief executive officer and president.
Chico’s Q4 net sales increase by 28.5 percent
For the fourth quarter, net sales were 496.3 million dollars, a 28.5 percent improvement reflecting decline in store sales during last year's fourth quarter as a result of the Covid-19 pandemic and higher fourth quarter full-price sales, partially offset by 36 permanent store closures since last year's fourth quarter.
Net sales for fiscal 2021 increased to 1,809.9 million dollars, 36.7 percent increase compared to the previous year.
Total comparable sales for the fourth quarter improved 29.2 percent with Chico's, WHBM and Soma up 33.2 percent, 45.6 percent and 9.5 percent, respectively. Total comparable sales for the quarter compared to the fourth quarter of 2019 declined 2.6 percent, with Soma improving 26.2 percent and Chico's and WHBM decreasing 12.3 percent and 6.5 percent, respectively.
For the fourth quarter, gross margin was 171.3 million dollars or 34.5 percent of net sales, compared to 73.3 million dollars or 19 percent of net sales, in last year's fourth quarter.
Chico’s reveals first quarter and full year outlook
For the fiscal 2022 first quarter the company currently expects consolidated net sales of 485 million dollars to 500 million dollars; gross margin rate as a percent of net sales of 36.9 percent to 37.7 percent; and earnings per diluted share of 7 cents to 11 cents.
For the fiscal 2022 full year the company currently expects consolidated net sales of 2,085 million dollars to 2,115 million dollars; gross margin rate as a percent of net sales of 36.7 percent to 37.2 percent; and earnings per diluted share of 40 cents to 50 cents.