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Soma continues to lead the way at Chico’s FAS as turnaround strategies kick in

Published
today Nov 27, 2019
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Despite swinging to a loss and posting declining sales, Fort Myers, Florida-based womenswear retailer Chico’s FAS reported better than expected Q3 results on Wednesday, as solid growth at its Soma intimates brand continues.


Soma was a bright spot in Chico's FAS' Q3 results - Instagram: @somaintimates

 
For the third quarter ended November 2, 2019, Chico’s reported a net loss of $8.1 million, or $0.07 per diluted share, compared to a net income of $6.5 million, or $0.05 per diluted share in the prior-year period.
 
This decline was due in large part to a reduction in net sales, which decreased 3.0% to $484.7 million, down from $499.9 million in the previous year. In turn, this fall reflected a comparable sales decline of 2.2% as, well as the impact of 58 store closures carried out since the beginning of the year.

The company’s namesake brand saw a 3.6% decrease in comparable sales in the quarter, while the White House Black House label posted a decline of 5.7%. Soma, however, achieved a solid 11.3% increase, proving once more to be a bright spot among the company’s results.
 
Analysts had expected Chico’s to report an adjusted loss per share of $0.06 on revenue of $473.2 million.
 
“Our third quarter results demonstrate that we are gaining traction on our strategic priorities,” said Chico’s FAS Bonnie Brooks in a release. “Our customers are also responding to our brands' better product, stronger marketing and changes to store presentation. I firmly believe the company's turnaround is on the right track, and we have updated our full-year financial outlook to reflect the positive momentum of our business.”
 
Year to date, the company’s net loss came to $8.4 million, or a loss of $0.07 per diluted share, compared to net income of $52.3 million, or $0.41 per diluted share, in the same period in the previous year.
 
Sales at Chico’s FAS for the three-quarter period totaled $795.6 million, up from $847.2 million.
 
Looking forward, Chico’s revised up its full-year guidance in line with its better than expected results, and now expects to see a mid-single-digit decline in sales. In the fourth quarter, the company is currently predicting a low single-digit decline in total net sales, and consolidated comparable sales.

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