87 087
Fashion Jobs
LULULEMON
Community Specialist | Summit, Springfield Ave
Permanent · SUMMIT
LULULEMON
Expeditor | Cherry Creek
Permanent · DENVER
LULULEMON
Community Specialist | Friendly Center
Permanent · GREENSBORO
NORDSTROM
Customer Service Representative - Hillsdale Shopping Center
Permanent · SAN MATEO
NORDSTROM
Retail Stock - Mercer Mall Rack
Permanent · LAWRENCE TOWNSHIP
NORDSTROM
Manager- Service Experience- Baton Rouge Mall Rack
Permanent · BATON ROUGE
NORDSTROM
Retail Stock - Sugar House Rack
Permanent · SALT LAKE CITY
NORDSTROM
Asset Protection - Agent - Aventura
Permanent · AVENTURA
NORDSTROM
Retail Stock - Northwoods Rack
Permanent · SAN ANTONIO
NEIMAN MARCUS
Business Manager Tom Ford, Beauty (PT, 35 Hours) - FT. Worth
Permanent · FORT WORTH
NEIMAN MARCUS
Sales Manager, Designer Rtw
Permanent · CORAL GABLES
NEIMAN MARCUS
Sales Professional, Beauty
Permanent · NEW YORK
TIFFANY & CO
Manager, HR Business Partner
Permanent · NEW YORK
URBN
Security Officer (Monday-Thursday; Overnight Shift)
Permanent · LEVITTOWN
AMERICAN EAGLE OUTFITTERS
ae - Market Visual Leader - us
Permanent · MCLEAN
CROCS
Supervisor, Distribution Center - 1st Shift
Permanent · LAS VEGAS
NEWELL
Associate Brand Manager, Coleman
Permanent · ATLANTA
NEWELL
Senior Director, Analytics
Permanent · HOBOKEN
NEWELL
sr. Manager, Customer Planning
Permanent · ATLANTA
NEWELL
Finance Manager, bp&a
Permanent · ATLANTA
BALLARD DESIGNS
Retail Receiving Manager
Permanent · ROSWELL
FRONTGATE
Merchandise Operations Specialist
Permanent · WEST CHESTER TOWNSHIP
Published
May 31, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

Slipping comps and store closures take toll on Chico's FAS

Published
May 31, 2018

Fort Myers, Florida-based specialty womenswear retailer Chico’s FAS, Inc. saw earnings drop 13.7% in the first quarter of 2018, as net sales fell due to comparable sales declines and store closures.
 

The company announced a collaboration with Amazon for its Chico's brand in Q1 2018 - Instagram: @lovechicos


The company reported on Wednesday that its net income in the first quarter ended May 5, 2018 totaled $29.0 million, compared to the $33.6 million reported in Q1 2017.
 
This decrease was due in large part to slipping net sales which were down 3.8% to $561.8 million, compared to $583.7 million in the prior year period. A comparable sales decline of 5.9%, due to a lower transaction count, was the main culprit for these falling figures, along with the fact that the company has completed 41 net store closures since the end of Q1 2017.

“While we are pleased with the launch of our new sales-driving initiatives, first quarter customer traffic was challenging," said Chico’s FAS CEO and President Shelley Broader in a statement. "We leveraged strong inventory management and targeted promotions, which resulted in an improvement in trends.”
 
In the first quarter, the company announced a collaboration with Amazon.com that will see a selection of Chico’s brand products go on offer on the e-commerce platform, and also launched two other major partnerships over the course of the period. The retailer’s intimates brand Soma debuted on QVC on May 5, while all three of its brands (Chico’s, White House Black Market and Soma) have been available on e-commerce network ShopRunner since the end of March.
 
“Over the long-term, we expect these new channels will drive stronger customer traffic and sales. We remain confident in our future and our ability to deliver sustainable growth and value creation for shareholders,” explained Broader, highlighting the initial success of the ShopRunner partnership.
 
Looking forward, Chico’s FAS is expecting net sales to fall mid-single digits and comparable sales to decline in the low-to-mid-single digits in both the second quarter and full fiscal year 2018.
 
The company currently operates 1,451 stores in the US and Canada, and its products are also sold through some 94 franchise locations in Mexico.

Copyright © 2024 FashionNetwork.com All rights reserved.