Mother Nature flattens Chico FAS Q1 same store sales

FORT MYERS, Fla. — Chico FAS's comparable sales for the first quarter ended May 4 were flat compared toa nearly 10% increase in last year's first quarter, thanks to an unusually cool spring and the cycling of strong comparable sales last year.

Chico's FAS’s record net sales of $671 million, which increased 3% from $651 million in last year's first quarter, primarily reflected 114 net new stores.

The Chico's/Soma Intimates brands' comparable sales decreased 2.8% following an 8.8% increase in last year's first quarter for a two-year stack of 6%, while the White House / Black Market brand's comparable sales increased 6.4% following an 11.3% increase in last year's first quarter for a two-year stack of 17.7%.

Excluding non-recurring acquisition and integration costs related to Chico FAS’s Boston Proper acquisition, the company reported net income of $51.7 million for the quarter, a decrease of 4.2% compared to net income of $54 million in last year's first quarter. Including those non-recurring acquisition and integration costs, the company reported net income of $51 million for the quarter, a decrease of 4.7% compared to net income of $53.6 million in last year's first quarter.

Chico FAS is a leading women's omnichannel specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories and other non-clothing items, which operates under the Chico's, White House / Black Market, Soma Intimates and Boston Proper brands. It has 1,397 stores in the U.S. as well as e-commerce sites for each of its brands.