Mar 1, 2023
Chico's FAS logs double-digit 2022 sales growth on solid Q4
Mar 1, 2023
Chico's FAS announced on Tuesday a double-digit uptick in revenues for the full-year 2022, after a solid fourth-quarter increase of 5.6% to reach $524.1 million, compared to $496.3 million last year.
The American company, which operates its namesake Chico's brand, as well as Soma and White House Black Market, said comparable sales lifted 6.1% during the quarter ending January 28, on the back of an increase in transaction count, partially offset by a decrease in the average dollar sale.
Meanwhile, net sales for fiscal 2022 increased to $2.1 billion, up 18% from $1.8 billion in fiscal 2021. Likewise, annual comparable sales increased 19.6%, driven by an increase in transaction count and average dollar sale, said the Fort Myers, Florida-based company.
"We achieved strong results across all key financial metrics in fiscal 2022. We delivered strong store and digital sales growth, substantial gross margin expansion and solid expense leverage for the year, which produced outstanding operating income, cash flow and EPS. These results demonstrate the power of our three brands and our product performance and reflect the team's steadfast commitment to our strategic pillars of being customer led, product obsessed, digital first and operationally excellent," said Molly Langenstein, Chico's FAS chief executive officer and president.
"Apparel led our revenue growth this year, with Chico's posting a 31% comparable sales increase and White House Black Market generating a 26% comparable sales gain. Customers responded to our elevated fashion and product offerings across apparel categories, and we achieved faster sell-through rates, higher productivity, and more full-priced sales. Our Soma performance improved in the second half of the year, with particular strength in our foundations business," added Langenstein.
For the fourth quarter, the company reported net income of $7.5 million, or $0.06 per diluted share, compared to net income of $10.7 million, or $0.09 per diluted share. For fiscal 2022, the company reported net income of $109 million, or $0.88 per diluted share, compared to net income of $46.2 million, or $0.37 per diluted share.
Looking ahead, Chico's said it forecasts consolidated net sales of $2.22 billion to $2.25 billion, for the fiscal 2023 year.
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