CHICO'S FAS, INC.

chicosfas.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q3 FY2023 10-Q, filed Nov 30, 2023. Its latest SEC filing is a SC 13G/A from Feb 13, 2024.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells women’s clothing, accessories and intimate apparel through fashion brands for women with moderate-to-high household incomes.

How Did They Make Money?

The company sells merchandise in stores, online and through catalogs; store purchases are counted at checkout, while website and catalog orders are counted when the items ship. Franchise partners and third-party channels also sell its merchandise.

revenue

Segment	Share	How money arrives
Chico’s Sold outright	49% FY2019: 51%	Sold outright
WHBM Sold outright	30% FY2019: 31%	Sold outright
Soma Sold outright	21% FY2019: 18%	Sold outright

Who Were Their Customers?

Women with moderate-to-high household incomes shop in company stores, on its websites and through its call center. Franchise partners and third-party channels also sell the company’s merchandise.

Did Revenues Turn Into Profits?

Yes. It kept 5 cents of every revenue dollar as net income in FY2022 and turned 6 cents into free cash flow.

Operating income, FY2022

7% of revenue

▲ +113% vs FY2021 ($66.6M, 4%)

Net income, FY2022

5% of revenue

▲ +136% vs FY2021 ($46.2M, 3%)

Free cash flow, FY2022

6% of revenue

▲ +142% vs FY2021 ($49.4M, 3%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q3 FY2023, the three months to Oct 28, 2023

Revenue: ▼ −3%; vs $518.3M in Q3 FY2022
Net income: ▼ −80%; vs $24.6M in Q3 FY2022

Chico’s share of revenue vs 49.3% in Q3 FY2022

Jan 5, 2024 Sycamore Partners completed its acquisition of Chico’s FAS The company’s shares ceased trading and were no longer listed on the New York Stock Exchange.
Sep 28, 2023 Chico’s FAS agreed to be acquired by Sycamore Partners Shareholders were to receive $7.60 per share in cash.
Jun 12, 2023 Chico’s FAS appointed a new chief financial officer David M. Oliver replaced Patrick J. Guido, who resigned to accept a position at another company.

Held flat. Revenue was $2.1B in FY2022, about the same as the $2.1B of FY2018.

Brand portfolio The older report presents TellTale as a lingerie brand alongside Chico’s, WHBM and Soma; the latest overview describes Chico’s, WHBM and Soma as the company’s brands.

Customer positioning The older report defines its customer base by age and gives age targets for Chico’s and WHBM; the latest report describes a broad age demographic and emphasizes household income.

Revenue over time

Chico’s WHBM Soma

$2.5B$1.3B$0

FY2018 FY2019 FY2020 FY2021 FY2022

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