Chico's FAS reports earnings loss, names Karen McKibbin Chico's president
Chico's FAS, Inc. on Wednesday said it swung to a profit loss in the fourth quarter, revealing the fashion company has also named retail veteran Karen McKibbin as president of the Chico's brand. effective April 1, 2019.
The Fort Myers-based retailer reported a net loss of $16.6 million, or 14 cents a share, compared to earnings of $28 million, or 22 cents a share, a year ago. Adjusted for one-time items, the company lost $8.6 million, or 7 cents a share.
For the quarter, revenue totalled $524.7 million, falling nearly 11 percent over the year due to several factors, namely the impact from stores closings, said Chico's.
For the year, the women's fashion retailer registered adjusted earnings of $38.8 million, or 31 cents a share, down significantly from $92.7 million, or 72 cents a share, a year ago.
"We achieved sequential improvement in comparable sales in all three brands in the fourth quarter, and with work continuing across the company, we believe we are better positioned heading into the new fiscal year," said Shelley Broader, the company's CEO and president.
That new work being referred to by the CEO looks to be driven by McKibbib, as the new Chico's president.
In her new role, McKibbin will manage all business activities for Chico's and will report directly to Broader.
McKibbin joins Chico's from a nearly two-decade career with Nordstrom, Inc., where she most recently served as president of Nordstrom Rack. Previously, she also served as president of Nordstrom Canada, where she led the company's expansion into the Canadian market, overseeing buying, logistics, marketing, real estate and online strategies.
McKibbin's other executive roles at Nordstrom include positions as vice president of Northern California and vice president of the South.
The newest appointment follows the Chico's FAS announcement that it would be closing 250 stores throughout the U.S. while the company refocuses on its digital platform.
The company operates 1,418 stores in the U.S. and Canada and sells merchandise through more than 80 international franchise locations in Mexico.
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