×
73 278
Fashion Jobs
COTY
Logistics Operational Excellence Manager
Permanent · Sanford
UNDER ARMOUR
Stock Lead, ft
Permanent · ELLENTON
UNDER ARMOUR
Stock Teammate, Part-Time 5am Shift, $15 Per Hour
Permanent · GRAND PRAIRIE
UNDER ARMOUR
Stock Teammate, Part-Time, $16.75 Per Hour
Permanent · LIVERMORE
MARSHALLS
Loss Prevention Customer Service Associate
Permanent · San Bruno
MARSHALLS
Loss Prevention Customer Service Associate
Permanent · Swansea
TJ MAXX
lp Detective-Clearwater
Permanent · Clearwater
TJX COMPANIES
Corporate Finance Manager, us Treasury
Permanent · Framingham
HOMEGOODS
Loss Prevention Associate - Full Time
Permanent · Braintree
MARSHALLS
Loss Prevention Customer Service Associate - 742
Permanent · Salisbury
TJ MAXX
70118-lp Detective
Permanent · Tustin
MARSHALLS
lp Detective- Miami, fl- Downtown
Permanent · Miami
MARSHALLS
Loss Prevention Customer Service Associate Part-Time
Permanent · Los Angeles
ROSS
Store Protection Specialist
Permanent · Honolulu
ULTA BEAUTY, INC.
General Manager
Permanent · Champaign
JCPENNEY
Sales Floor Supervisor - Village @ Fairview
Permanent · Fairview
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Phoenix
KOHLS
Full-Time Sales Supervisor - Hardlines
Permanent · Topeka
ABERCROMBIE KIDS STORES
Abercrombie Kids - Manager in Training, Natick
Permanent · Natick
MACY'S
Asset Protection Detective, Perimeter Mall - Full Time
Permanent · Atlanta
MACY'S
Asset Protection Detective, Oak Brook Center - Full Time
Permanent · Oak Brook
MACY'S
Asset Protection Security Guard, Herald Square - Full Time
Permanent · New York
Published
May 31, 2018
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

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 © 2023 FashionNetwork.com All rights reserved.