American specialty retailer Chico's FAS posts Q4 FY20 sales of $386 mn

Chico's FAS, a US-based omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 26.7 per cent sales decline to $386.2 million in its fourth quarter (Q4) FY20 ended on January 30, 2021 compared to $527.1 million in the same period prior fiscal. The company incurred a net loss of $79.1 million (Q4 FY19: $4.3 million).

 

Chico's FAS, a US-based omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 26.7 per cent sales decline to $386.2 million in its fourth quarter (Q4) FY20 ended on January 30, 2021 compared to $527.1 million in the same period prior fiscal. The company incurred a net loss of $79.1 million (Q4 FY19: $4.3 million).#

"While sales reflect the challenging environment, we took important actions over the past year to strengthen our financial and operating foundation and position our brands for market share gains. We enter 2021 as a digital-first, customer-led company with the capabilities to support continued improvement, enhanced value creation and a return to growth in the years ahead,” Molly Langenstein, chief executive officer and president at Chico's FAS, said in a press release.

 

Chico's FAS, a US-based omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 26.7 per cent sales decline to $386.2 million in its fourth quarter (Q4) FY20 ended on January 30, 2021 compared to $527.1 million in the same period prior fiscal. The company incurred a net loss of $79.1 million (Q4 FY19: $4.3 million).#

Gross margin for the quarter was $73.3 million ($171.4 million), while selling, general and administrative expenses were $136.2 million ($176.9 million). The company’s loss from operations for Q4 was $64.0 million ($5.6 million).

 

Chico's FAS, a US-based omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 26.7 per cent sales decline to $386.2 million in its fourth quarter (Q4) FY20 ended on January 30, 2021 compared to $527.1 million in the same period prior fiscal. The company incurred a net loss of $79.1 million (Q4 FY19: $4.3 million).#

Sales of Chico’s brand slipped to $161.1 million ($249.6 million). Whereas, White House Black Market brand’s sales dropped to $106.0 million ($171.6 million), and Soma brand sales fell to $119.0 million ($105.8 million).

 

Chico's FAS, a US-based omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 26.7 per cent sales decline to $386.2 million in its fourth quarter (Q4) FY20 ended on January 30, 2021 compared to $527.1 million in the same period prior fiscal. The company incurred a net loss of $79.1 million (Q4 FY19: $4.3 million).#

“Each of our three unique brands has meaningful opportunities. Soma is delivering consistently increasing comparable sales. Its compelling brand niche, together with this record of results, suggest that Soma is on track to take a sizeable share of the $7 billion US intimate apparel and loungewear market, which is forecasted to reach over $11 billion by 2025,” Langenstein said.

 

Chico's FAS, a US-based omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, reported 26.7 per cent sales decline to $386.2 million in its fourth quarter (Q4) FY20 ended on January 30, 2021 compared to $527.1 million in the same period prior fiscal. The company incurred a net loss of $79.1 million (Q4 FY19: $4.3 million).#

“At the same time, the disruption in the competitive set has left white space that our apparel brands can easily fill. At Chico's, we are reinvigorating growth through new initiatives that emphasise loyalty, community and design. At White House Black Market, our focus is on fabric, fit and fashion that meets our customer where she is in her lifestyle today,” Langenstein said in the release.