Chico's FAS, Inc. Announces Third Quarter and Nine Month Revenues and Earnings.Business Editors FORT MYERS Fort Myers, city (1990 pop. 45,206), seat of Lee co., SW Fla., on the Caloosahatchee River, near the Gulf of Mexico; founded 1850, inc. 1905. It has a tourist trade and light industry and is a shipping point for citrus fruits, winter vegetables, flowers (especially , Fla.--(BUSINESS WIRE)--Nov. 29, 2000 Chico's Chico's is the name of more than one retail chain:
-- Revenues rose 64.6% to a record $186.3 million for the nine months. -- Net income climbed 85.2% to a record $22.7 million for the nine months. -- Company has opened 42 of 50 planned stores for current fiscal year. Chico's FAS, Inc. (Nasdaq: 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 its financial results for the third quarter and nine months ended October October: see month. 28, 2000. For the third quarter ended October 28, 2000, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight increased 72.4 percent to a record $69.0 million from $40.0 million for the comparable prior period. Net income rose 91.7 percent to $7.8 million, or $0.43 cents a diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to net income of $4.1 million or $0.23 cents a diluted share (as adjusted for the stock split in January January: see month. 2000) in the thirteen weeks ended October 30, 1999. Comparable store sales for the Company-owned stores increased 39.1 percent for the current quarter versus the comparable prior period. For the nine months ended October 28, 2000, net sales increased 64.6 percent to a record $186.3 million from $113.2 million for the comparable prior period. Net income rose 85.2 percent to $22.7 million, or $1.25 a diluted share, compared to net income of $12.2 million, or $0.69 cents a diluted share (as adjusted for the stock split in January 2000), in the 39 weeks ended October 30, 1999. Comparable store sales for the Company-owned stores increased 34.9 percent for the 39 week period versus the comparable prior period. Marvin Gralnick, Chico's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented, "The 90 percent increase in third quarter earnings reflects our 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 strength and brand acceptance." Chico's will be conducting a conference call on November November: see month. 29, 2000 at 11:00 a.m. eastern time to discuss the third quarter and nine month results as well as an outlook on the fourth quarter. To participate in the call you can dial (712) 257-3320 at least five minutes prior to the call using passcode HQ. You can also listen to the call at no cost via the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.tirc.com/chicos/index.htm. Chico's sells exclusively designed, private-label women's casual clothing and related accessories. The Company operates a chain of 242 stores in 39 states and 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). . The Company owns 231 stores, franchisees own 11. 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 forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . Such forward-looking statements involve known or unknown risks, including, but not limited to, general economic and business conditions, and conditions in the specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. retail industry. There can be no assurance that the actual future results, performance, or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , its filings on Form 10-Q Form 10-Q See 10-Q. , management's discussion and analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial in the Company's latest annual report to stockholders, the Company's filings on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 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. A copy of a slide show addressing Chico's recent financial results and current plans for expansion is available on the Chico's website at http://www.chicos The California High School Cosmic Ray Observatory, (abbreviated CHICOS, for California HIgh school Cosmic ray ObServatory), operated by the Kellogg Laboratory at the California Institute of Technology in Pasadena, California, USA, is one .com in the investor relations Investor relations The process by which the corporation communicates with its investors. section For additional information on Chico's FAS, Inc. free of charge via the Internet, please go to http://tirc.com/invest/chicos/index.htm
Chico's FAS, Inc.
Condensed Consolidated Balance Sheet
(Unaudited)
As of As of
10-28-00 01-29-00
------------------- ------------------
ASSETS
Current Assets:
Cash and cash
equivalents $ 7,533,563 $ 3,980,930
Marketable securities,
at market 13,356,141 13,995,527
Receivables, net 3,078,406 1,706,661
Inventories 26,730,997 14,834,800
Prepaid expenses 987,961 668,695
Deferred taxes 2,901,000 2,038,000
------------------- ------------------
Total Current Assets 54,588,068 37,224,613
------------------- ------------------
Land, Building and
Equipment:
Cost 68,214,067 41,217,160
Less accumulated
depreciation and
amortization (13,206,845) (9,872,163)
------------------- ------------------
Land, Building and
Equipment, Net 55,007,222 31,344,997
------------------- ------------------
Other Assets:
Deferred taxes 1,359,000 1,106,000
Other assets, net 706,019 640,211
------------------- ------------------
Total Other Assets 2,065,019 1,746,211
------------------- ------------------
$111,660,309 $70,315,821
=================== ==================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $15,316,139 $ 5,982,684
Accrued liabilities 9,746,855 4,593,104
Current portion of debt
and lease obligations 275,247 260,111
------------------- ------------------
Total Current
Liabilities 25,338,241 10,835,899
------------------- ------------------
Noncurrent Liabilities:
Mortgage note payable 5,167,500 5,221,500
Deferred rent 1,823,256 1,617,680
------------------- ------------------
Total Noncurrent
Liabilities 6,990,756 6,839,180
------------------- ------------------
Stockholders' Equity:
Common stock 174,932 171,285
Additional paid-in
capital 18,724,754 14,709,238
Unrealized loss on
investments (26,369) (24,334)
Retained earnings 60,457,995 37,784,553
------------------- ------------------
Total Stockholders'
Equity 79,331,312 52,640,742
------------------- ------------------
$111,660,309 $70,315,821
=================== ==================
Chico's FAS, Inc.
Condensed Consolidated Statement of Income
(Unaudited)
Thirty-Nine Weeks Ended Thirteen Weeks Ended
10-28-00 10-30-99 10-28-00 10-30-99
------------- ------------ ------------ ------------
Net sales by
Company
stores $183,061,434 $111,196,667 $ 67,806,170 $ 39,283,282
Net sales to
Franchisees 3,260,169 2,008,602 1,184,303 725,713
------------- ------------ ------------ ------------
Net sales 186,321,603 113,205,269 68,990,473 40,008,995
Cost of goods
sold 76,729,277 46,995,650 28,321,331 16,600,678
------------- ------------ ------------ ------------
Gross
profit 109,592,326 66,209,619 40,669,142 23,408,317
General,
administrative
and store
operating
expenses 73,379,232 46,560,809 28,143,889 16,881,195
------------- ------------ ------------ ------------
Income from
operations 36,213,094 19,648,810 12,525,253 6,527,122
Interest
income, net 356,348 95,618 87,843 51,187
------------- ------------ ------------ ------------
Income
before taxes 36,569,442 19,744,428 12,613,096 6,578,309
Income
tax provision 13,896,000 7,503,000 4,793,000 2,500,000
------------- ------------ ------------ ------------
Net
income $ 22,673,442 $ 12,241,428 $ 7,820,096 $ 4,078,309
============= ============ ============ ============
Per share data:
Net income per
common
share-basic $1.31 $0.72 $0.45 $0.24
============= ============ ============ ============
Net income per
common and common
equivalent
share-diluted $1.25 $0.69 $0.43 $0.23
============= ============ ============ ============
Weighted average
common shares
outstanding
-basic 17,302,286 16,888,878 17,468,885 16,972,338
============= ============ ============ ============
Weighted average
common and common
equivalent shares
outstanding
-diluted 18,101,147 17,613,180 18,299,416 17,679,110
============= ============ ============ ============
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