- Chico's FAS (NYSE:CHS) reports comparable sales fell 2.5% in Q4, a mark that would have been slightly worse if not for an increase in average transaction price.
- Comparable sales were down 4.8% for the Chico's brand and 0.6% for the White House Black market business, while Soma managed a 0.4% gain,
- The company's gross margin rate improved 110 bps to 35.5% of sales during the quarter.
- SG&A expenses as a percentage of sales fell to 31.9% from 34.4% a year ago.
- Chico's ended the quarter with inventory of $232.4M, down 0.6% Y/Y.
- "We are extremely pleased with our results this quarter," says CEO Shelley Broader. "We drove significant earnings growth, highlighted by gross margin expansion, SG&A leverage, and a substantial increase in operating margin," she adds.
- Previously: Chico's FAS beats by $0.06, beats on revenue (Feb. 22)