CHICOS FAS INC

CIK:0000897429|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022	Oct. 28, 2023	Oct. 29, 2022
Income Statement [Abstract]
Net Sales	$ 505,126	$ 518,332	$ 1,584,995	$ 1,617,967
Net sales, as a percentage	100.00%	100.00%	100.00%	100.00%
Cost of goods sold	$ 308,677	$ 310,892	$ 946,637	$ 962,448
Cost of goods sold, as a percentage of sales	61.10%	60.00%	59.70%	59.50%
Gross Profit	$ 196,449	$ 207,440	$ 638,358	$ 655,519
Gross profit, as a percentage of sales	38.90%	40.00%	40.30%	40.50%
Selling, general, and administrative expenses	$ 178,643	$ 175,841	$ 520,672	$ 520,296
Selling, general, and administrative expenses, as a percentage of sales	35.40%	33.90%	32.80%	32.10%
Merger-related costs	$ 7,277	$ 0	$ 7,277	$ 0
Merger-related costs, as a percentage of sales	1.40%	0.00%	0.50%	0.00%
Income from Operations	$ 10,529	$ 31,599	$ 110,409	$ 135,223
Income from operations, as a percentage of sales	2.10%	6.10%	7.00%	8.40%
Interest expense, net	$ (389)	$ (1,080)	$ (1,439)	$ (3,111)
Interest expense, net, as a percentage of sales	(0.10%)	(0.20%)	(0.10%)	(0.20%)
Income before Income Taxes	$ 10,140	$ 30,519	$ 108,970	$ 132,112
Income before income taxes, as a percentage of sales	2.00%	5.90%	6.90%	8.20%
Income tax provision	$ 5,100	$ 5,900	$ 4,700	$ 30,600
Income tax provision, as a percentage of sales	1.00%	1.20%	0.30%	1.90%
Net Income	$ 5,040	$ 24,619	$ 104,270	$ 101,512
Net income, as a percentage of sales	1.00%	4.70%	6.60%	6.30%
Per Share Data:
Net income per common share – basic (in dollars per share)	$ 0.04	$ 0.20	$ 0.87	$ 0.84
Net income per common and common equivalent share – diluted (in dollars per share)	$ 0.04	$ 0.20	$ 0.85	$ 0.82
Weighted average common shares outstanding – basic (in shares)	119,457	120,333	119,424	119,776
Weighted average common and common equivalent shares outstanding – diluted (in shares)	122,735	124,887	122,500	124,016

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Oct. 28, 2023	Oct. 29, 2022
Cash Flows from Operating Activities:
Net income	$ 104,270	$ 101,512
Adjustments to reconcile net income to net cash provided by operating activities:
Inventory write-offs	0	826
Depreciation and amortization	31,283	33,350
Non-cash lease expense	135,679	137,184
Loss on disposal and impairment of property and equipment, net	83	1,804
Deferred tax benefit	(15,825)	(381)
Share-based compensation expense	9,136	10,321
Changes in assets and liabilities:
Inventories	(65,881)	18,436
Prepaid expenses and other assets	(10,480)	(2,591)
Income tax receivable	2,684	(1,732)
Accounts payable	(2,778)	(73,120)
Accrued and other liabilities	(6,924)	13,583
Lease liability	(145,729)	(155,561)
Net cash provided by operating activities	35,518	83,631
Cash Flows from Investing Activities:
Purchases of marketable securities	(13,913)	(26,376)
Proceeds from sale of marketable securities	13,938	3,083
Purchases of property and equipment	(35,460)	(21,207)
Proceeds from sale of assets	0	2,772
Net cash used in investing activities	(35,435)	(41,728)
Cash Flows from Financing Activities:
Payments on borrowings	(25,000)	(30,000)
Payments of debt issuance costs	0	(706)
Proceeds from issuance of common stock	329	239
Repurchase of treasury stock under repurchase program	(19,805)	0
Payments of tax withholdings related to share-based awards	(7,040)	(8,815)
Net cash used in financing activities	(51,516)	(39,282)
Net (decrease) increase in cash and cash equivalents	(51,433)	2,621
Cash and Cash Equivalents, Beginning of period	153,377	115,105
Cash and Cash Equivalents, End of period	101,944	117,726
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	2,409	3,686
Cash paid for income taxes, net	$ (14,230)	$ (26,426)

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 28, 2023	Jan. 28, 2023	Oct. 29, 2022
Current Assets:
Cash and cash equivalents	$ 101,944	$ 153,377	$ 117,726
Marketable securities, at fair value	24,702	24,677	23,017
Inventories	342,721	276,840	304,127
Prepaid expenses and other current assets	51,086	48,604	47,208
Income tax receivable	9,181	11,865	15,430
Total Current Assets	529,634	515,363	507,508
Property and Equipment, net	200,980	192,165	183,153
Right of Use Assets	466,888	435,321	432,018
Other Assets:
Goodwill	16,360	16,360	16,360
Other intangible assets, net	5,000	5,000	5,000
Other assets, net	45,853	23,632	18,890
Total Other Assets	67,213	44,992	40,250
Total assets	1,264,715	1,187,841	1,162,929
Current Liabilities:
Accounts payable	153,401	156,262	107,400
Current lease liabilities	150,053	153,202	157,687
Other current and deferred liabilities	138,887	141,698	155,133
Total Current Liabilities	442,341	451,162	420,220
Noncurrent Liabilities:
Long-term debt	24,000	49,000	69,000
Long-term lease liabilities	373,823	349,409	346,560
Other noncurrent and deferred liabilities	1,956	2,637	2,612
Total Noncurrent Liabilities	399,779	401,046	418,172
Commitments and Contingencies (see Note 12)
Shareholders’ Equity:
Preferred stock, $0.01 par value; 2,500 shares authorized; no shares issued and outstanding	0	0	0
Common stock, $0.01 par value; 400,000 shares authorized; 167,994 and 166,320 and 166,326 shares issued respectively; and 123,447 and 125,023 and 125,029 shares outstanding, respectively	1,234	1,250	1,250
Additional paid-in capital	516,323	513,914	510,374
Treasury stock, at cost, 44,547 and 41,297 and 41,297 shares, respectively	(514,168)	(494,395)	(494,395)
Retained earnings	419,292	315,022	307,536
Accumulated other comprehensive loss	(86)	(158)	(228)
Total Shareholders’ Equity	422,595	335,633	324,537
Total liabilities and shareholders' equity	$ 1,264,715	$ 1,187,841	$ 1,162,929