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Article Excerpt
- Second quarter sales of $419.9 million with all brands reporting positive comparable store sales - Quarter-end inventories decreased 10% per selling square foot - Cash and marketable securities were $377.5 million at quarter-end
FORT MYERS, Fla., Aug. 25 /PRNewswire-FirstCall/ -- Chico's FAS, Inc. today announced its financial results for the 2009 second quarter ended August 1, 2009.
(Logo: http://www.newscom.com/cgi-bin/prnh/20080211/CHICOSLOGO ) 2009 Second Quarter and Six Months Financial Results
For the second quarter ended August 1, 2009, the Company had net income of $14.9 million or $0.08 per diluted share, compared to net income of $6.7 million, or $0.04 per diluted share for the second quarter ended August 2, 2008.
The second quarter 2009 results include non-cash impairment charges totaling approximately $3.1 million, net of tax, or nearly $0.02 per diluted share. These charges consist of $2.4 million, net of tax, related to the impaired portion of a note receivable and $0.7 million, net of tax, related to underperforming stores. Excluding these charges, the Company's second quarter net income approximated $18.0 million, or $0.10 per diluted share compared to net income of $6.7 million, or $0.04 per diluted share for the like period last year.
For the six months ended August 1, 2009, the Company had net income of $29.4 million or $0.17 per diluted share, compared to net income of $19.4 million, or $0.11 per diluted share in the first six months of the prior year. Excluding all impairment charges recorded in the first half of 2009, the Company had net income of $37.6 million, or $0.21 per diluted share, compared to net income of $19.4 million, or $0.11 per diluted share for the first six months of 2008.
Sales
Net sales for the thirteen-week period ended August 1, 2009 increased from $405.2 million to $419.9 million. Consolidated comparable store sales increased 1.3% for the thirteen-week period ended August 1, 2009 compared to the 15.9% decrease for the like period last year ended August 2, 2008. The Chico's/Soma brand's same store sales increased approximately 0.4% and the White House | Black Market (WH|BM) brand's same store sales increased approximately 3.7%. Direct-to-consumer sales, not included in comparable store sales, increased 46% over second quarter 2008.
Gross Margin
Gross margin for the second quarter of 2009 increased...
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