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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Chicos FAS Inc | NYSE:CHS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.59 | 0 | 01:00:00 |
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FORM 10-Q
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For the Quarter Ended:
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Commission File Number:
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October 29, 2016
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001-16435
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Chico’s FAS, Inc.
(Exact name of registrant as specified in charter)
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Florida
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59-2389435
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(State of Incorporation)
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(I.R.S. Employer
Identification No.)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
(do not check if a smaller reporting company)
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Smaller reporting company
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¨
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ITEM 1.
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FINANCIAL STATEMENTS
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Thirteen Weeks Ended
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Thirty-Nine Weeks Ended
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||||||||||||||||||||||||
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October 29, 2016
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October 31, 2015
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October 29, 2016
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October 31, 2015
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||||||||||||||||||||
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(as adjusted)
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(as adjusted)
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||||||||||||||||
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Amount
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% of
Sales
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Amount
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% of
Sales
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Amount
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% of
Sales |
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Amount
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|
% of
Sales |
||||||||||||
Net sales
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$
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596,912
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100.0
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$
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645,433
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100.0
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$
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1,875,621
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100.0
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$
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2,029,025
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100.0
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Cost of goods sold
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366,618
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61.4
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396,270
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61.4
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1,142,182
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60.9
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1,219,543
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60.1
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||||
Gross margin
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230,294
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38.6
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249,163
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38.6
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733,439
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39.1
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809,482
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39.9
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||||
Selling, general and administrative expenses
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188,350
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31.6
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226,256
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35.1
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583,117
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31.1
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661,491
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32.6
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||||
Goodwill and intangible impairment charges
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—
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0.0
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45,514
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7.1
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—
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0.0
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112,455
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5.6
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||||
Restructuring and strategic charges
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10,820
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1.8
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3,137
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0.4
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31,027
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1.6
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34,178
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1.6
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||||
Income (loss) from operations
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31,124
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5.2
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(25,744
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)
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(4.0
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)
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119,295
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6.4
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1,358
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0.1
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||||
Interest expense, net
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(526
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)
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(0.1
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)
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(466
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)
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(0.1
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)
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(1,474
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)
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(0.1
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)
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(1,421
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)
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(0.1
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)
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Income (loss) before income taxes
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30,598
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5.1
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(26,210
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)
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(4.1
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)
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117,821
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6.3
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(63
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)
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0.0
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||||
Income tax provision (benefit)
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7,000
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1.1
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(14,600
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)
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(2.3
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)
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40,100
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2.2
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(23,100
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)
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(1.1
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)
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||||
Net income (loss)
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$
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23,598
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4.0
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$
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(11,610
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)
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(1.8
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)
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$
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77,721
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4.1
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$
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23,037
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1.1
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Per share data:
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||||||||||||
Net income (loss) per common share-basic
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$
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0.18
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$
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(0.09
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)
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$
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0.59
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$
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0.16
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Net income (loss) per common and common equivalent share–diluted
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$
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0.18
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$
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(0.09
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)
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$
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0.58
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$
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0.16
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Weighted average common shares outstanding–basic
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128,753
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136,172
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129,830
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139,386
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Weighted average common and common equivalent shares outstanding–diluted
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128,996
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136,172
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129,999
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139,724
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Dividends declared per share
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$
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—
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$
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—
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$
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0.2400
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$
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0.2325
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Thirteen Weeks Ended
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Thirty-Nine Weeks Ended
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||||||||||||
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October 29, 2016
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October 31, 2015
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October 29, 2016
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October 31, 2015
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||||||||
Net income (loss)
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$
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23,598
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$
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(11,610
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)
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$
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77,721
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$
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23,037
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Other comprehensive income (loss):
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Unrealized (losses) gains on marketable securities, net of taxes
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(35
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)
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12
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4
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(6
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)
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Foreign currency translation (losses) gains, net of taxes
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(19
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)
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(31
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)
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(46
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)
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90
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||||
Comprehensive income (loss)
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$
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23,544
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$
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(11,629
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)
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$
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77,679
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$
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23,121
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October 29, 2016
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January 30, 2016
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October 31, 2015
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||||||
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||||||
ASSETS
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Current Assets:
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||||||
Cash and cash equivalents
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$
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80,331
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$
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89,951
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$
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91,256
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Marketable securities, at fair value
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50,411
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50,194
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47,316
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|||
Inventories
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261,341
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233,834
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268,968
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|||
Prepaid expenses and other current assets
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46,635
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45,660
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55,149
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Income tax receivable
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3,402
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29,157
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16,225
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Assets held for sale
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18,520
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16,525
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|
41,802
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|||
Total Current Assets
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460,640
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|
465,321
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|
520,716
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|
|||
Property and Equipment, net
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495,587
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550,953
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556,172
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|
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Other Assets:
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||||||
Goodwill
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96,774
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96,774
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96,774
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Other intangible assets, net
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38,930
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38,930
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38,930
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Other assets, net
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18,382
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14,074
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40,622
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Total Other Assets
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154,086
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149,778
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176,326
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|||
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$
|
1,110,313
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$
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1,166,052
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$
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1,253,214
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LIABILITIES AND STOCKHOLDERS’ EQUITY
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||||||
Current Liabilities:
|
|
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|
||||||
Accounts payable
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$
|
125,532
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$
|
129,343
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|
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$
|
147,526
|
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Current debt
|
10,000
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10,000
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10,000
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|
|||
Other current and deferred liabilities
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148,706
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|
158,788
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|
140,557
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|
|||
Liabilities held for sale
|
—
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—
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|
|
8,478
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|
|||
Total Current Liabilities
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284,238
|
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|
298,131
|
|
|
306,561
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|
|||
Noncurrent Liabilities:
|
|
|
|
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|
||||||
Long-term debt
|
74,768
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|
82,219
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|
|
84,702
|
|
|||
Deferred liabilities
|
122,848
|
|
|
130,743
|
|
|
135,390
|
|
|||
Deferred taxes
|
9,320
|
|
|
15,171
|
|
|
20,385
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|
|||
Total Noncurrent Liabilities
|
206,936
|
|
|
228,133
|
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|
240,477
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|
|||
Commitments and Contingencies
|
|
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|
||||||
Stockholders’ Equity:
|
|
|
|
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|
||||||
Preferred stock
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock
|
1,301
|
|
|
1,355
|
|
|
1,394
|
|
|||
Additional paid-in capital
|
445,787
|
|
|
435,881
|
|
|
429,746
|
|
|||
Treasury stock, at cost
|
(366,081
|
)
|
|
(289,813
|
)
|
|
(249,854
|
)
|
|||
Retained earnings
|
538,134
|
|
|
492,325
|
|
|
524,244
|
|
|||
Accumulated other comprehensive (loss) income
|
(2
|
)
|
|
40
|
|
|
646
|
|
|||
Total Stockholders’ Equity
|
619,139
|
|
|
639,788
|
|
|
706,176
|
|
|||
|
$
|
1,110,313
|
|
|
$
|
1,166,052
|
|
|
$
|
1,253,214
|
|
|
Thirty-Nine Weeks Ended
|
||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
77,721
|
|
|
$
|
23,037
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Goodwill and intangible impairment charges, pre-tax
|
—
|
|
|
112,455
|
|
||
Depreciation and amortization
|
82,585
|
|
|
90,266
|
|
||
Loss on disposal and impairment of property and equipment
|
6,434
|
|
|
22,609
|
|
||
Deferred tax benefit
|
(8,098
|
)
|
|
(52,623
|
)
|
||
Stock-based compensation expense
|
15,483
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|
|
20,712
|
|
||
Excess tax benefit from stock-based compensation
|
(322
|
)
|
|
(2,992
|
)
|
||
Deferred rent and lease credits
|
(14,264
|
)
|
|
(15,018
|
)
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Inventories
|
(27,506
|
)
|
|
(44,811
|
)
|
||
Prepaid expenses and accounts receivable
|
(6,237
|
)
|
|
(12,024
|
)
|
||
Income tax receivable
|
25,755
|
|
|
(15,629
|
)
|
||
Accounts payable
|
(3,789
|
)
|
|
7,377
|
|
||
Accrued and other liabilities
|
(3,391
|
)
|
|
(3,300
|
)
|
||
Net cash provided by operating activities
|
144,371
|
|
|
130,059
|
|
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Cash Flows From Investing Activities:
|
|
|
|
||||
Purchases of marketable securities
|
(43,266
|
)
|
|
(43,479
|
)
|
||
Proceeds from sale of marketable securities
|
43,058
|
|
|
122,712
|
|
||
Purchases of property and equipment, net
|
(35,663
|
)
|
|
(66,595
|
)
|
||
Net cash (used in) provided by investing activities
|
(35,871
|
)
|
|
12,638
|
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Proceeds from borrowings
|
—
|
|
|
124,000
|
|
||
Payments on borrowings
|
(7,500
|
)
|
|
(29,000
|
)
|
||
Proceeds from issuance of common stock
|
2,363
|
|
|
10,614
|
|
||
Excess tax benefit from stock-based compensation
|
322
|
|
|
2,992
|
|
||
Dividends paid
|
(31,936
|
)
|
|
(32,933
|
)
|
||
Repurchase of common stock
|
(81,324
|
)
|
|
(260,555
|
)
|
||
Net cash used in financing activities
|
(118,075
|
)
|
|
(184,882
|
)
|
||
Effects of exchange rate changes on cash and cash equivalents
|
(45
|
)
|
|
90
|
|
||
Net decrease in cash and cash equivalents
|
(9,620
|
)
|
|
(42,095
|
)
|
||
Cash and Cash Equivalents,
Beginning of period
|
89,951
|
|
|
133,351
|
|
||
Cash and Cash Equivalents,
End of period
|
$
|
80,331
|
|
|
$
|
91,256
|
|
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
||||
Cash paid for interest
|
$
|
1,713
|
|
|
$
|
2,112
|
|
Cash paid for income taxes, net
|
$
|
22,752
|
|
|
$
|
47,377
|
|
|
As Previously Reported
|
|
% of Sales
|
|
Change in Accounting Policy
|
|
Effect of Change in Occupancy Classification
|
|
Effect of Error Correction
|
|
As Adjusted
|
|
% of Sales
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Thirteen Weeks Ended October 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net sales
|
$
|
641,219
|
|
|
100.0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,214
|
|
|
$
|
645,433
|
|
|
100.0
|
Cost of goods sold
|
290,737
|
|
|
45.3
|
|
8,760
|
|
|
96,773
|
|
|
—
|
|
|
396,270
|
|
|
61.4
|
|||||
Gross Margin
|
350,482
|
|
|
54.7
|
|
(8,760
|
)
|
|
(96,773
|
)
|
|
4,214
|
|
|
249,163
|
|
|
38.6
|
|||||
Selling, general and administrative expenses
|
327,575
|
|
|
51.1
|
|
(8,760
|
)
|
|
(96,773
|
)
|
|
4,214
|
|
|
226,256
|
|
|
35.1
|
|
As Previously Reported
|
|
% of Sales
|
|
Change in Accounting Policy
|
|
Effect of Change in Occupancy Classification
|
|
Effect of Error Correction
|
|
As Adjusted
|
|
% of Sales
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Thirty-Nine Weeks Ended October 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net sales
|
$
|
2,014,910
|
|
|
100.0
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
14,115
|
|
|
$
|
2,029,025
|
|
|
100.0
|
Cost of goods sold
|
902,690
|
|
|
44.8
|
|
27,585
|
|
|
289,268
|
|
|
—
|
|
|
1,219,543
|
|
|
60.1
|
|||||
Gross Margin
|
1,112,220
|
|
|
55.2
|
|
(27,585
|
)
|
|
(289,268
|
)
|
|
14,115
|
|
|
809,482
|
|
|
39.9
|
|||||
Selling, general and administrative expenses
|
964,229
|
|
|
47.9
|
|
(27,585
|
)
|
|
(289,268
|
)
|
|
14,115
|
|
|
661,491
|
|
|
32.6
|
|
Thirteen Weeks Ended
|
|
Thirty-Nine Weeks Ended
|
||||||||||||
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Impairment charges
|
$
|
—
|
|
|
$
|
329
|
|
|
$
|
1,453
|
|
|
$
|
21,259
|
|
Continuing employee-related costs
|
781
|
|
|
—
|
|
|
1,796
|
|
|
5,639
|
|
||||
Severance charges
|
65
|
|
|
(12
|
)
|
|
9,485
|
|
|
1,808
|
|
||||
Proxy solicitation costs
|
108
|
|
|
—
|
|
|
5,697
|
|
|
—
|
|
||||
Lease termination charges
|
79
|
|
|
2,146
|
|
|
427
|
|
|
4,903
|
|
||||
Outside services
|
9,779
|
|
|
—
|
|
|
12,013
|
|
|
—
|
|
||||
Other charges
|
8
|
|
|
674
|
|
|
156
|
|
|
569
|
|
||||
Total restructuring and strategic charges, pre-tax
|
$
|
10,820
|
|
|
$
|
3,137
|
|
|
$
|
31,027
|
|
|
$
|
34,178
|
|
|
Continuing Employee-related Costs
|
|
Severance Charges
|
|
Proxy Solicitation Costs
|
|
Lease Termination Charges
|
|
Outside Services
|
|
Other charges
|
|
Total
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||
Beginning Balance, January 30, 2016
|
$
|
2,549
|
|
|
$
|
1,678
|
|
|
$
|
—
|
|
|
$
|
1,101
|
|
|
$
|
9
|
|
|
$
|
—
|
|
|
$
|
5,337
|
|
Charges
|
1,796
|
|
|
9,485
|
|
|
5,697
|
|
|
427
|
|
|
12,013
|
|
|
156
|
|
|
29,574
|
|
|||||||
Payments
|
(3,702
|
)
|
|
(6,066
|
)
|
|
(5,697
|
)
|
|
(612
|
)
|
|
(623
|
)
|
|
(130
|
)
|
|
(16,830
|
)
|
|||||||
Ending Balance, October 29, 2016
|
$
|
643
|
|
|
$
|
5,097
|
|
|
$
|
—
|
|
|
$
|
916
|
|
|
$
|
11,399
|
|
|
$
|
26
|
|
|
$
|
18,081
|
|
|
Number of
Shares |
|
Weighted
Average Grant Date Fair Value |
|||
Unvested, beginning of period
|
2,585,392
|
|
|
$
|
16.60
|
|
Granted
|
1,719,380
|
|
|
12.35
|
|
|
Vested
|
(1,062,433
|
)
|
|
17.06
|
|
|
Forfeited
|
(776,587
|
)
|
|
15.20
|
|
|
Unvested, end of period
|
2,465,752
|
|
|
13.88
|
|
|
Number of
Shares |
|
Weighted
Average Grant Date Fair Value |
|||
Unvested, beginning of period
|
469,898
|
|
|
$
|
18.23
|
|
Granted
|
733,360
|
|
|
12.55
|
|
|
Vested
|
(228,105
|
)
|
|
18.23
|
|
|
Forfeited
(1)
|
(329,891
|
)
|
|
15.29
|
|
|
Unvested, end of period
|
645,262
|
|
|
13.28
|
|
|
Number of
Shares |
|
Weighted
Average Exercise Price |
|||
Outstanding, beginning of period
|
1,060,774
|
|
|
$
|
15.17
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
(46,810
|
)
|
|
6.51
|
|
|
Forfeited or expired
|
(202,783
|
)
|
|
23.98
|
|
|
Outstanding and exercisable at October 29, 2016
|
811,181
|
|
|
13.47
|
|
|
Thirteen Weeks Ended
|
|
Thirty-Nine Weeks Ended
|
||||||||||||
|
October 29, 2016
|
|
October 31, 2015
|
|
October 29, 2016
|
|
October 31, 2015
|
||||||||
|
|
|
|
|
|
|
|
||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Net income (loss)
|
$
|
23,598
|
|
|
$
|
(11,610
|
)
|
|
$
|
77,721
|
|
|
$
|
23,037
|
|
Net income and dividends declared allocated to participating securities
|
(502
|
)
|
|
—
|
|
|
(1,677
|
)
|
|
(492
|
)
|
||||
Net income (loss) available to common shareholders
|
$
|
23,096
|
|
|
$
|
(11,610
|
)
|
|
$
|
76,044
|
|
|
$
|
22,545
|
|
Denominator
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding – basic
|
128,753
|
|
|
136,172
|
|
|
129,830
|
|
|
139,386
|
|
||||
Dilutive effect of non-participating securities
|
243
|
|
|
—
|
|
|
169
|
|
|
338
|
|
||||
Weighted average common and common equivalent shares outstanding – diluted
|
128,996
|
|
|
136,172
|
|
|
129,999
|
|
|
139,724
|
|
||||
Net income (loss) per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.18
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.59
|
|
|
$
|
0.16
|
|
Diluted
|
$
|
0.18
|
|
|
$
|
(0.09
|
)
|
|
$
|
0.58
|
|
|
$
|
0.16
|
|
|
Level 1
|
—
|
Unadjusted quoted prices in active markets for identical assets or liabilities
|
|
|
|
|
|
Level 2
|
—
|
Unadjusted quoted prices in active markets for similar assets or liabilities, or; Unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or; Inputs other than quoted prices that are observable for the asset or liability
|
|
|
|
|
|
Level 3
|
—
|
Unobservable inputs for the asset or liability
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
Balance as of October 29, 2016
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
||||||||
|
(in thousands)
|
||||||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Current Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market accounts
|
$
|
365
|
|
|
$
|
365
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
Municipal securities
|
3,193
|
|
|
—
|
|
|
3,193
|
|
|
—
|
|
||||
U.S. government agencies
|
23,113
|
|
|
—
|
|
|
23,113
|
|
|
—
|
|
||||
Corporate bonds
|
18,253
|
|
|
—
|
|
|
18,253
|
|
|
—
|
|
||||
Commercial paper
|
5,852
|
|
|
—
|
|
|
5,852
|
|
|
—
|
|
||||
Non Current Assets
|
|
|
|
|
|
|
|
||||||||
Deferred compensation plan
|
7,291
|
|
|
7,291
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
58,067
|
|
|
$
|
7,656
|
|
|
$
|
50,411
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term debt
1
|
$
|
84,768
|
|
|
$
|
—
|
|
|
$
|
85,207
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance as of January 30, 2016
|
|
|
|
|
|
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Current Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market accounts
|
$
|
275
|
|
|
$
|
275
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
U.S. government agencies
|
21,800
|
|
|
—
|
|
|
21,800
|
|
|
—
|
|
||||
Corporate bonds
|
26,149
|
|
|
—
|
|
|
26,149
|
|
|
—
|
|
||||
Commercial paper
|
2,245
|
|
|
—
|
|
|
2,245
|
|
|
—
|
|
||||
Non Current Assets
|
|
|
|
|
|
|
|
||||||||
Deferred compensation plan
|
7,023
|
|
|
7,023
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
57,492
|
|
|
$
|
7,298
|
|
|
$
|
50,194
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
$
|
92,219
|
|
|
$
|
—
|
|
|
$
|
92,647
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
Balance as of October 31, 2015
|
|
|
|
|
|
|
||||||||
Financial Assets:
|
|
|
|
|
|
|
|
||||||||
Current Assets
|
|
|
|
|
|
|
|
||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
||||||||
Money market accounts
|
$
|
3,100
|
|
|
$
|
3,100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Marketable securities:
|
|
|
|
|
|
|
|
||||||||
U.S. government agencies
|
17,817
|
|
|
—
|
|
|
17,817
|
|
|
—
|
|
||||
Corporate bonds
|
27,256
|
|
|
—
|
|
|
27,256
|
|
|
—
|
|
||||
Commercial paper
|
2,243
|
|
|
—
|
|
|
2,243
|
|
|
—
|
|
||||
Non Current Assets
|
|
|
|
|
|
|
|
||||||||
Deferred compensation plan
|
8,632
|
|
|
8,632
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
59,048
|
|
|
$
|
11,732
|
|
|
$
|
47,316
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
||||||||
Long-term debt
|
94,702
|
|
|
—
|
|
|
$
|
95,161
|
|
|
—
|
|
|
October 29, 2016
|
|
January 30, 2016
|
|
October 31, 2015
|
||||||
|
(in thousands)
|
||||||||||
Credit Agreement, net
|
$
|
84,768
|
|
|
$
|
92,219
|
|
|
$
|
94,702
|
|
Less: current portion
|
(10,000
|
)
|
|
(10,000
|
)
|
|
(10,000
|
)
|
|||
Total long-term debt
|
$
|
74,768
|
|
|
$
|
82,219
|
|
|
$
|
84,702
|
|
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Thirteen Weeks Ended
|
||||||||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||||||||
|
|
||||||||||||
|
(dollars in thousands)
|
||||||||||||
Chico's
|
$
|
312,203
|
|
|
52.3
|
%
|
|
$
|
333,421
|
|
|
51.7
|
%
|
WHBM
|
210,389
|
|
|
35.2
|
|
|
220,965
|
|
|
34.2
|
|
||
Soma
|
74,320
|
|
|
12.5
|
|
|
72,349
|
|
|
11.2
|
|
||
Boston Proper
|
—
|
|
|
—
|
|
|
18,698
|
|
|
2.9
|
|
||
Total net sales
|
$
|
596,912
|
|
|
100.0
|
%
|
|
$
|
645,433
|
|
|
100.0
|
%
|
|
Thirteen Weeks Ended
|
||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||
|
|
|
|
||||
|
(dollars in thousands)
|
||||||
Cost of goods sold
|
$
|
366,618
|
|
|
$
|
396,270
|
|
Gross margin
|
$
|
230,294
|
|
|
$
|
249,163
|
|
Gross margin percentage
|
38.6
|
%
|
|
38.6
|
%
|
|
Thirteen Weeks Ended
|
||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||
|
|
|
|
||||
|
(dollars in thousands)
|
||||||
Selling, general and administrative expenses
|
$
|
188,350
|
|
|
$
|
226,256
|
|
Percentage of total net sales
|
31.6
|
%
|
|
35.1
|
%
|
|
Thirty-Nine Weeks Ended
|
||||||||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||||||||
|
|
||||||||||||
|
(dollars in thousands)
|
||||||||||||
Chico's
|
$
|
995,067
|
|
|
53.0
|
%
|
|
$
|
1,058,697
|
|
|
52.2
|
%
|
WHBM
|
633,420
|
|
|
33.8
|
%
|
|
659,682
|
|
|
32.5
|
%
|
||
Soma
|
247,134
|
|
|
13.2
|
%
|
|
240,347
|
|
|
11.8
|
%
|
||
Boston Proper
|
—
|
|
|
0.0
|
%
|
|
70,299
|
|
|
3.5
|
%
|
||
Total net sales
|
$
|
1,875,621
|
|
|
100.0
|
%
|
|
$
|
2,029,025
|
|
|
100.0
|
%
|
|
Thirty-Nine Weeks Ended
|
||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||
|
|
|
|
||||
|
(dollars in thousands)
|
||||||
Cost of goods sold
|
$
|
1,142,182
|
|
|
$
|
1,219,543
|
|
Gross margin
|
$
|
733,439
|
|
|
$
|
809,482
|
|
Gross margin percentage
|
39.1
|
%
|
|
39.9
|
%
|
|
Thirty-Nine Weeks Ended
|
||||||
|
October 29, 2016
|
|
October 31, 2015
|
||||
|
|
|
|
||||
|
(dollars in thousands)
|
||||||
Selling, general and administrative expenses
|
$
|
583,117
|
|
|
$
|
661,491
|
|
Percentage of total net sales
|
31.1
|
%
|
|
32.6
|
%
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
•
|
Unintended loss of key personnel or unexpected delay in the hiring of personnel whose expertise is needed for the successful implementation of the initiatives.
|
•
|
Disruption to our current business processes as we migrate to the new processes, or failure to successfully migrate to those new processes, which could negatively impact product flow, product quality or inventory levels.
|
•
|
Inadvertent lapses or failures in our process, compliance or financial controls as we implement the new initiatives.
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total
Number of Shares Purchased (a) |
|
Average Price
Paid per Share |
|
Total Number
of Shares Purchased as Part of Publicly Announced Plans (b) |
|
Approximate Dollar
Value of Shares that May Yet Be Purchased Under the Publicly Announced Plans |
||||||
July 31, 2016 - August 27, 2016
|
1,899
|
|
|
$
|
11.66
|
|
|
—
|
|
|
$
|
203,706
|
|
August 28, 2016 - October 1, 2016
|
57,168
|
|
|
|
12.32
|
|
|
—
|
|
|
|
203,706
|
|
October 2, 2016 - October 29, 2016
|
1,651,538
|
|
|
|
12.13
|
|
|
1,651,440
|
|
|
|
183,673
|
|
Total
|
1,710,605
|
|
|
|
12.14
|
|
|
1,651,440
|
|
|
|
183,673
|
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
(a)
|
The following documents are filed as exhibits to this Quarterly Report on Form 10-Q:
|
|
Exhibit 3.1
|
|
Amended and Restated Bylaws
|
|
|
|
|
|
Exhibit 3.2
|
|
Amended and Restated Articles of Incorporation
|
|
|
|
|
|
Exhibit 10.1
|
|
Amended Restricted Stock Agreement (Non-Soma Officers)
|
|
|
|
|
|
Exhibit 10.2
|
|
Amended Restricted Stock Agreement (Soma Officers)
|
|
|
|
|
|
Exhibit 31.1
|
|
Chico’s FAS, Inc. and Subsidiaries Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Chief Executive Officer
|
|
|
|
|
|
Exhibit 31.2
|
|
Chico’s FAS, Inc. and Subsidiaries Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 - Chief Financial Officer
|
|
|
|
|
|
Exhibit 32.1
|
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Exhibit 32.2
|
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
|
|
Exhibit 101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
Exhibit 101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
Exhibit 101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
Exhibit 101.DEF
|
|
XBRL Taxonomy Definition Linkbase Document
|
|
|
|
|
|
Exhibit 101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
Exhibit 101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
CHICO’S FAS, INC.
|
|
|
|
|
|
||
Date:
|
November 22, 2016
|
|
|
|
By:
|
/s/ Shelley G. Broader
|
|
|
|
|
|
|
Shelley G. Broader
|
|
|
|
|
|
|
Chief Executive Officer, President and Director
|
|
|
|
|
|
||
Date:
|
November 22, 2016
|
|
|
|
By:
|
/s/ Todd E. Vogensen
|
|
|
|
|
|
|
Todd E. Vogensen
|
|
|
|
|
|
|
Executive Vice President, Chief Financial Officer and Assistant Corporate Secretary
|
|
|
|
|
|
|
|
Date:
|
November 22, 2016
|
|
|
|
By:
|
/s/ David M. Oliver
|
|
|
|
|
|
|
David M. Oliver
|
|
|
|
|
|
|
Group Vice President Finance - Controller and Chief Accounting Officer
|
1 Year Chicos FAS Chart |
1 Month Chicos FAS Chart |
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