CHICO'S FAS., INC. ANNOUNCES FIRST QUARTER EARNINGS AND APRIL SALES RESULTS.FT. MYERS Myers can refer to: People
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CHCS CHCS Center for Health Care Strategies CHCS Composite Health Care System CHCS Chemical Hazards Communications Society (United Kingdom) CHCS Cabin Humidity Control Subsystem (NASA) CHCS Crew Health Care System ) today announced earnings for the first quarter ended April 2, 1995 and sales for the 4 week period ended April 30, 1995. Net income for the quarter was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $186,000, or $0.02 per share, down from $1.3 million or $0.17 per share, for the same period in 1994. Sales for the quarter increased 5.3% to $14.7 million from $13.9 million for the comparable period in 1994. Comparable store sales for company-owned stores decreased 12.1% for the quarter. Mr. Marvin Gralnick, Chief Executive Officer, commented, "Overall sales for the quarter were driven primarily by promotional activity, including our successful sidewalk A Microsoft service that was launched in 1997 to provide online arts and entertainment guides on the Web for major cities worldwide. In 1999, Microsoft sold Sidewalk to Ticketmaster, which continued to provide guides, ticketing and other information to the MSN network. sales. Our gross margins were also impacted by our promotional activity and remained at levels similar to the fourth quarter of 1994." Mr. Gralnick added, "General, administrative and store operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a percentage of sales decreased significantly from the fourth quarter of 1994, offering some indication that our cost control measures are having their intended effect." In addition, the Company announced total sales for the 4 week period ended April 30, 1995 decreased 8.3% to $5.0 million from $5.4 million for the same period a year ago. Comparable store sales decreased 25.5% for the 4 week period, and 15.5% for the 17 week period ended April 30, 1995. Mr. Gralnick noted, "While our promotional activity during the first quarter enabled us to successfully move out our old inventory out of our stores, we ended the quarter with a lower than optimal inventory position as we await AWAIT, crim. law. Seems to signify what is now understood by lying in wait, or way-laying. the new merchandise MERCHANDISE. By this term is understood all those things which merchants sell either wholesale or retail, as dry goods, hardware, groceries, drugs, &c. It is usually applied to personal chattels only, and to those which are not required for food or immediate support, but such as remain . As a result, our inventory position was lean during the month of April and the decrease in sales reported for the month, was partially attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the low inventory levels." "Our new designs, which are scheduled to be in the stores during the second quarter, are exciting," Mr. Gralnick concluded. "We have worked hard to refocus Verb 1. refocus - focus once again; The physicist refocused the light beam" focus - cause to converge on or toward a central point; "Focus the light on this image" 2. our business and turn our merchandise around. We hope our new merchandise will accomplish our goal of gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. bringing back our loyal Chico's Chico's is the name of more than one retail chain:
Chico's sells exclusively designed, private-label women's casual clothing and related accessories. The Company operates a chain of 124 stores in 32 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). , and the U.S. Virgin Islands. The Company owns 109 stores; franchises own 16. -0-
CHICO'S FAS, INC.
CONDENSED STATEMENTS OF INCOME (UNAUDITED)
Thirteen Weeks Ended
04/02/95 04/03/94
Net Sales By Company Stores $14,022,328 $12,911,358 Net Sales To Franchisees 637,646 1,010,232
Net Sales 14,659,974 13,921,590
Cost of Goods Sold 6,864,823 4,870,682
Gross Profit 7,795,151 9,050,908
General, Administrative and Store Operating Expenses 7,320,173 6,828,138
Income from Operations 474,978 2,222,770
Interest Expense, Net 156,561 13,932 Income Before Taxes 318,417 2,208,838 Provision for Income Taxes 132,000 873,000
Net Income $ 186,417 $ 1,335,838
Net income per common and common equivalent share $ 0.02 $ 0.17 Weighted average common and common equivalent shares outstanding 7,940,686 8,054,467
CHICO'S FAS, INC.
CONDENSED BALANCE SHEETS
As Of As Of
04/02/95 01/01/95
ASSETS
Current Assets:
Cash and cash equivalents $ 922,032 $ 805,979
Receivables, net 832,056 1,099,784
Inventories 4,483,211 6,555,897
Prepaid expenses 315,698 307,483
Deferred taxes 1,179,000 1,153,000
Total Current Assets 7,731,997 9,922,143
Land, Building and Equipment:
Cost 19,703,220 19,249,297
Less accumulated depreciation and
amortization (2,907,596) (2,613,427)
Land, Building and Equipment, net 16,795,624 16,635,870
Other Assets:
Deferred taxes 572,000 557,000
Other assets 569,674 236,763
Total Other Assets $25,669,295 $27,351,776
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 2,410,719 $ 3,273,430
Note payable to bank 1,500,000 1,500,000
Accrued liabilities 2,563,085 2,824,503
Current portion of notes payable and
lease obligations 704,670 864,686
Total Current Liabilities 7,178,474 8,462,619
Noncurrent Liabilities:
Notes & capital leases payable 2,458,237 2,543,574
Credit line payable 300,000 826,837
Deferred rent 1,320,131 1,292,711
Total Noncurrent Liabilities 4,078,368 4,663,122
Stockholders' Equity:
Common stock 77,753 77,753
Additional paid--in capital 7,058,389 7,058,389
Retained earnings 7,276,311 7,089,893
Total Stockholders' Equity 14,412,453 14,226,035
$25,669,295 $27,351,776
CONTACT: CHICO'S FAS, INC., Ft. Myers Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by Kleman, (813) 433-5505 or Morgen-Walke Associates, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of David Walke, Amy Weisman, Laura Plevyak Press: Lisa Bradlow (212) 850-5600 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion