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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
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10-Q
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☑
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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☐
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
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Chico's FAS, Inc.
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(Exact name of registrant as specified in charter)
|
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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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
|
Common Stock, Par Value $0.01 Per Share
|
CHS
|
New York Stock Exchange
|
Series A Junior Participating Preferred Stock Purchase Rights
|
|
New York Stock Exchange
|
Large accelerated filer
|
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☐
|
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Accelerated filer
|
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☑
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Non-accelerated filer
|
|
☐
|
|
Smaller reporting company
|
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☐
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Emerging growth company
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☐
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ITEM 1.
|
FINANCIAL STATEMENTS
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
|
August 1, 2020
|
|
August 3, 2019
|
||||||||||||||||||||
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|
||||||||||||||||
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales
|
|
Amount
|
|
% of
Sales |
|
Amount
|
|
% of
Sales |
||||||||||||
Net Sales
|
$
|
306,174
|
|
|
100.0
|
%
|
|
$
|
508,356
|
|
|
100.0
|
%
|
|
$
|
586,438
|
|
|
100.0
|
%
|
|
$
|
1,026,084
|
|
|
100.0
|
%
|
Cost of goods sold
|
261,408
|
|
|
85.4
|
|
|
339,734
|
|
|
66.8
|
|
|
552,767
|
|
|
94.3
|
|
|
666,631
|
|
|
65.0
|
|
||||
Gross Margin
|
44,766
|
|
|
14.6
|
|
|
168,622
|
|
|
33.2
|
|
|
33,671
|
|
|
5.7
|
|
|
359,453
|
|
|
35.0
|
|
||||
Selling, general and administrative expenses
|
107,304
|
|
|
35.0
|
|
|
170,983
|
|
|
33.7
|
|
|
237,475
|
|
|
40.5
|
|
|
356,391
|
|
|
34.7
|
|
||||
Goodwill and intangible impairment
|
—
|
|
|
0.0
|
|
|
—
|
|
|
0.0
|
|
|
113,180
|
|
|
19.3
|
|
|
—
|
|
|
0.0
|
|
||||
(Loss) Income from Operations
|
(62,538
|
)
|
|
(20.4
|
)
|
|
(2,361
|
)
|
|
(0.5
|
)
|
|
(316,984
|
)
|
|
(54.1
|
)
|
|
3,062
|
|
|
0.3
|
|
||||
Interest (expense) income, net
|
(507
|
)
|
|
(0.2
|
)
|
|
52
|
|
|
0.0
|
|
|
(851
|
)
|
|
(0.1
|
)
|
|
54
|
|
|
0.0
|
|
||||
(Loss) Income before Income Taxes
|
(63,045
|
)
|
|
(20.6
|
)
|
|
(2,309
|
)
|
|
(0.5
|
)
|
|
(317,835
|
)
|
|
(54.2
|
)
|
|
3,116
|
|
|
0.3
|
|
||||
Income tax (benefit) provision
|
(16,200
|
)
|
|
(5.3
|
)
|
|
—
|
|
|
0.0
|
|
|
(92,700
|
)
|
|
(15.8
|
)
|
|
3,400
|
|
|
0.3
|
|
||||
Net Loss
|
$
|
(46,845
|
)
|
|
(15.3
|
)%
|
|
$
|
(2,309
|
)
|
|
(0.5
|
)%
|
|
$
|
(225,135
|
)
|
|
(38.4
|
)%
|
|
$
|
(284
|
)
|
|
0.0
|
%
|
Per Share Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loss per common share - basic
|
$
|
(0.40
|
)
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
$
|
(1.95
|
)
|
|
|
|
$
|
—
|
|
|
|
||||
Net loss per common and common equivalent share – diluted
|
$
|
(0.40
|
)
|
|
|
|
$
|
(0.02
|
)
|
|
|
|
$
|
(1.95
|
)
|
|
|
|
$
|
—
|
|
|
|
||||
Weighted average common shares outstanding – basic
|
115,912
|
|
|
|
|
114,802
|
|
|
|
|
115,743
|
|
|
|
|
114,618
|
|
|
|
||||||||
Weighted average common and common equivalent shares outstanding – diluted
|
115,912
|
|
|
|
|
114,802
|
|
|
|
|
115,743
|
|
|
|
|
114,618
|
|
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
|
August 1, 2020
|
|
August 3, 2019
|
||||||||
Net loss
|
$
|
(46,845
|
)
|
|
$
|
(2,309
|
)
|
|
$
|
(225,135
|
)
|
|
$
|
(284
|
)
|
Other comprehensive loss:
|
|
|
|
|
|
|
|
||||||||
Unrealized gains (losses) on marketable securities, net of taxes
|
108
|
|
|
131
|
|
|
(29
|
)
|
|
194
|
|
||||
Foreign currency translation adjustment
|
712
|
|
|
103
|
|
|
580
|
|
|
21
|
|
||||
Comprehensive loss
|
$
|
(46,025
|
)
|
|
$
|
(2,075
|
)
|
|
$
|
(224,584
|
)
|
|
$
|
(69
|
)
|
|
August 1, 2020
|
|
February 1, 2020
|
|
August 3, 2019
|
||||||
ASSETS
|
|
|
|
|
|
||||||
Current Assets:
|
|
|
|
|
|
||||||
Cash and cash equivalents
|
$
|
103,765
|
|
|
$
|
63,972
|
|
|
$
|
99,634
|
|
Marketable securities, at fair value
|
20,742
|
|
|
63,893
|
|
|
63,446
|
|
|||
Inventories
|
235,844
|
|
|
246,737
|
|
|
227,736
|
|
|||
Prepaid expenses and other current assets
|
31,446
|
|
|
41,069
|
|
|
41,469
|
|
|||
Income tax receivable
|
85,940
|
|
|
7,131
|
|
|
6,450
|
|
|||
Total Current Assets
|
477,737
|
|
|
422,802
|
|
|
438,735
|
|
|||
Property and Equipment, net
|
271,750
|
|
|
315,382
|
|
|
337,049
|
|
|||
Right of Use Assets
|
571,992
|
|
|
648,397
|
|
|
697,332
|
|
|||
Other Assets:
|
|
|
|
|
|
||||||
Goodwill
|
16,360
|
|
|
96,774
|
|
|
96,774
|
|
|||
Other intangible assets, net
|
6,164
|
|
|
38,930
|
|
|
38,930
|
|
|||
Other assets, net
|
28,931
|
|
|
20,374
|
|
|
17,468
|
|
|||
Total Other Assets
|
51,455
|
|
|
156,078
|
|
|
153,172
|
|
|||
|
$
|
1,372,934
|
|
|
$
|
1,542,659
|
|
|
$
|
1,626,288
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
||||||
Current Liabilities:
|
|
|
|
|
|
||||||
Accounts payable
|
$
|
108,166
|
|
|
$
|
134,204
|
|
|
$
|
137,142
|
|
Current lease liabilities
|
218,691
|
|
|
157,043
|
|
|
158,866
|
|
|||
Other current and deferred liabilities
|
111,318
|
|
|
114,498
|
|
|
108,861
|
|
|||
Total Current Liabilities
|
438,175
|
|
|
405,745
|
|
|
404,869
|
|
|||
Noncurrent Liabilities:
|
|
|
|
|
|
||||||
Long-term debt
|
149,000
|
|
|
42,500
|
|
|
50,000
|
|
|||
Long-term lease liabilities
|
482,380
|
|
|
555,922
|
|
|
611,308
|
|
|||
Other noncurrent and deferred liabilities
|
6,529
|
|
|
8,188
|
|
|
8,860
|
|
|||
Deferred taxes
|
52
|
|
|
212
|
|
|
2,129
|
|
|||
Total Noncurrent Liabilities
|
637,961
|
|
|
606,822
|
|
|
672,297
|
|
|||
Commitments and Contingencies (see Note 14)
|
|
|
|
|
|
||||||
Shareholders’ Equity:
|
|
|
|
|
|
||||||
Preferred stock, $0.01 par value; 2,500 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
|
—
|
|
|||
Common stock, $0.01 par value; 400,000 shares authorized; 161,188 and 159,715 and 159,297 shares issued respectively; and 119,891 and 118,418 and 118,000 shares outstanding, respectively
|
1,199
|
|
|
1,184
|
|
|
1,180
|
|
|||
Additional paid-in capital
|
495,163
|
|
|
492,129
|
|
|
487,789
|
|
|||
Treasury stock, at cost, 41,297 shares, respectively
|
(494,395
|
)
|
|
(494,395
|
)
|
|
(494,395
|
)
|
|||
Retained earnings
|
294,708
|
|
|
531,602
|
|
|
554,694
|
|
|||
Accumulated other comprehensive gain (loss)
|
123
|
|
|
(428
|
)
|
|
(146
|
)
|
|||
Total Shareholders’ Equity
|
296,798
|
|
|
530,092
|
|
|
549,122
|
|
|||
|
$
|
1,372,934
|
|
|
$
|
1,542,659
|
|
|
$
|
1,626,288
|
|
|
Thirteen Weeks Ended
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Treasury Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Gain (Loss)
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||||||||
BALANCE, May 2, 2020
|
119,586
|
|
|
$
|
1,196
|
|
|
$
|
493,140
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
341,563
|
|
|
$
|
(697
|
)
|
|
$
|
340,807
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(46,845
|
)
|
|
—
|
|
|
(46,845
|
)
|
||||||
Unrealized gains on marketable securities, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
108
|
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
712
|
|
|
712
|
|
||||||
Issuance of common stock
|
354
|
|
|
3
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
||||||
Dividends on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
—
|
|
|
(10
|
)
|
||||||
Repurchase of common stock & tax withholdings related to share-based awards
|
(49
|
)
|
|
—
|
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
2,089
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,089
|
|
||||||
BALANCE, August 1, 2020
|
119,891
|
|
|
$
|
1,199
|
|
|
$
|
495,163
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
294,708
|
|
|
$
|
123
|
|
|
$
|
296,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
BALANCE, May 4, 2019
|
117,968
|
|
|
$
|
1,180
|
|
|
$
|
485,805
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
567,233
|
|
|
$
|
(380
|
)
|
|
$
|
559,443
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,309
|
)
|
|
—
|
|
|
(2,309
|
)
|
||||||
Unrealized gains on marketable securities, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
131
|
|
|
131
|
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|
103
|
|
||||||
Issuance of common stock
|
48
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
45
|
|
||||||
Dividends on common stock ($0.0875 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,230
|
)
|
|
—
|
|
|
(10,230
|
)
|
||||||
Repurchase of common stock & tax withholdings related to share-based awards
|
(16
|
)
|
|
—
|
|
|
(55
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
1,994
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,994
|
|
||||||
BALANCE, August 3, 2019
|
118,000
|
|
|
$
|
1,180
|
|
|
$
|
487,789
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
554,694
|
|
|
$
|
(146
|
)
|
|
$
|
549,122
|
|
|
Twenty-Six Weeks Ended
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Treasury Stock
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
|
||||||||||||||||||
|
Shares
|
|
Par Value
|
|
|
Shares
|
|
Amount
|
|
|
|
Total
|
|||||||||||||||||
BALANCE, February 1, 2020
|
118,418
|
|
|
$
|
1,184
|
|
|
$
|
492,129
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
531,602
|
|
|
$
|
(428
|
)
|
|
$
|
530,092
|
|
Cumulative effect of adoption of ASU 2016-13 (see Note 1)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(838
|
)
|
|
—
|
|
|
(838
|
)
|
||||||
BALANCE, February 1, 2020, as adjusted
|
118,418
|
|
|
1,184
|
|
|
492,129
|
|
|
41,297
|
|
|
(494,395
|
)
|
|
530,764
|
|
|
(428
|
)
|
|
529,254
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(225,135
|
)
|
|
—
|
|
|
(225,135
|
)
|
||||||
Unrealized losses on marketable securities, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29
|
)
|
|
(29
|
)
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
580
|
|
|
580
|
|
||||||
Issuance of common stock
|
1,808
|
|
|
18
|
|
|
233
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
251
|
|
||||||
Dividends on common stock ($0.0900 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,921
|
)
|
|
—
|
|
|
(10,921
|
)
|
||||||
Repurchase of common stock & tax withholdings related to share-based awards
|
(335
|
)
|
|
(3
|
)
|
|
(992
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(995
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
3,793
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,793
|
|
||||||
BALANCE, August 1, 2020
|
119,891
|
|
|
$
|
1,199
|
|
|
$
|
495,163
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
294,708
|
|
|
$
|
123
|
|
|
$
|
296,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
BALANCE, February 2, 2019
|
116,949
|
|
|
$
|
1,169
|
|
|
$
|
486,406
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
587,145
|
|
|
$
|
(361
|
)
|
|
$
|
579,964
|
|
Cumulative effect of adoption of ASU 2016-02
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,287
|
)
|
|
—
|
|
|
(1,287
|
)
|
||||||
BALANCE, February 2, 2019, as adjusted
|
116,949
|
|
|
1,169
|
|
|
486,406
|
|
|
41,297
|
|
|
(494,395
|
)
|
|
585,858
|
|
|
(361
|
)
|
|
578,677
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(284
|
)
|
|
—
|
|
|
(284
|
)
|
||||||
Unrealized gains on marketable securities, net of taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
194
|
|
|
194
|
|
||||||
Foreign currency translation adjustment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
21
|
|
||||||
Issuance of common stock
|
1,490
|
|
|
15
|
|
|
377
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
392
|
|
||||||
Dividends on common stock ($0.2625 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,880
|
)
|
|
—
|
|
|
(30,880
|
)
|
||||||
Repurchase of common stock & tax withholdings related to share-based awards
|
(439
|
)
|
|
(4
|
)
|
|
(2,480
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,484
|
)
|
||||||
Share-based compensation
|
—
|
|
|
—
|
|
|
3,486
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,486
|
|
||||||
BALANCE, August 3, 2019
|
118,000
|
|
|
$
|
1,180
|
|
|
$
|
487,789
|
|
|
41,297
|
|
|
$
|
(494,395
|
)
|
|
$
|
554,694
|
|
|
$
|
(146
|
)
|
|
$
|
549,122
|
|
|
Twenty-Six Weeks Ended
|
||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||
Cash Flows from Operating Activities:
|
|
|
|
||||
Net loss
|
$
|
(225,135
|
)
|
|
$
|
(284
|
)
|
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
|
|
|
|
||||
Goodwill and intangible impairment
|
113,180
|
|
|
—
|
|
||
Inventory write-offs
|
54,308
|
|
|
6,232
|
|
||
Depreciation and amortization
|
33,613
|
|
|
46,826
|
|
||
Non-cash lease expense
|
100,710
|
|
|
106,961
|
|
||
Exit of frontline Canada operations
|
498
|
|
|
—
|
|
||
Right of use asset impairment
|
3,236
|
|
|
—
|
|
||
Loss on disposal and impairment of property and equipment, net
|
18,637
|
|
|
196
|
|
||
Deferred tax benefit
|
(6,756
|
)
|
|
(2,639
|
)
|
||
Share-based compensation expense
|
3,793
|
|
|
3,486
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Inventories
|
(44,926
|
)
|
|
1,250
|
|
||
Prepaid expenses and other assets
|
2,743
|
|
|
(9,897
|
)
|
||
Income tax receivable
|
(78,809
|
)
|
|
5,465
|
|
||
Accounts payable
|
(26,300
|
)
|
|
(16,509
|
)
|
||
Accrued and other liabilities
|
(338
|
)
|
|
(5,884
|
)
|
||
Lease liability
|
(38,673
|
)
|
|
(114,186
|
)
|
||
Net cash (used in) provided by operating activities
|
(90,219
|
)
|
|
21,017
|
|
||
Cash Flows from Investing Activities:
|
|
|
|
||||
Purchases of marketable securities
|
(5,212
|
)
|
|
(25,615
|
)
|
||
Proceeds from sale of marketable securities
|
48,326
|
|
|
24,384
|
|
||
Purchases of property and equipment
|
(8,151
|
)
|
|
(14,076
|
)
|
||
Net cash provided by (used in) investing activities
|
34,963
|
|
|
(15,307
|
)
|
||
Cash Flows from Financing Activities:
|
|
|
|
||||
Proceeds from borrowings
|
106,500
|
|
|
—
|
|
||
Payments on borrowings
|
—
|
|
|
(7,500
|
)
|
||
Proceeds from issuance of common stock
|
251
|
|
|
392
|
|
||
Dividends paid
|
(10,701
|
)
|
|
(20,633
|
)
|
||
Payments of tax withholdings related to share-based awards
|
(995
|
)
|
|
(2,484
|
)
|
||
Net cash provided by (used in) financing activities
|
95,055
|
|
|
(30,225
|
)
|
||
Effects of exchange rate changes on cash and cash equivalents
|
(6
|
)
|
|
21
|
|
||
Net increase (decrease) in cash and cash equivalents
|
39,793
|
|
|
(24,494
|
)
|
||
Cash and Cash Equivalents, Beginning of period
|
63,972
|
|
|
124,128
|
|
||
Cash and Cash Equivalents, End of period
|
$
|
103,765
|
|
|
$
|
99,634
|
|
|
|
|
|
||||
Supplemental Disclosures of Cash Flow Information:
|
|
|
|
||||
Cash paid for interest
|
$
|
1,277
|
|
|
$
|
1,149
|
|
Cash received for income taxes, net
|
$
|
7,541
|
|
|
$
|
1,449
|
|
|
Chico's
Reporting Unit
|
|
WHBM
Reporting Unit
|
|
Total (1)
|
||||||
|
|
|
|
|
|
||||||
|
(in thousands)
|
||||||||||
Balance at February 1, 2020
|
$
|
36,403
|
|
|
$
|
60,371
|
|
|
$
|
96,774
|
|
Impairment charges
|
(20,043
|
)
|
|
(60,371
|
)
|
|
(80,414
|
)
|
|||
Balance at August 1, 2020
|
$
|
16,360
|
|
|
$
|
—
|
|
|
$
|
16,360
|
|
|
WHBM
Trademark
|
|
Chico's Franchise Rights
|
|
Total
|
||||||
|
|
|
|
|
|
||||||
|
(in thousands)
|
||||||||||
Balance at February 1, 2020
|
$
|
34,000
|
|
|
$
|
4,930
|
|
|
$
|
38,930
|
|
Impairment charges
|
(28,000
|
)
|
|
(4,766
|
)
|
|
(32,766
|
)
|
|||
Balance at August 1, 2020
|
$
|
6,000
|
|
|
$
|
164
|
|
|
$
|
6,164
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
|
August 1, 2020
|
|
August 3, 2019
|
||||||||||||||||||||
Chico's
|
$
|
139,584
|
|
|
45.6
|
%
|
|
$
|
268,924
|
|
|
52.9
|
%
|
|
$
|
271,021
|
|
|
46.3
|
%
|
|
$
|
545,626
|
|
|
53.2
|
%
|
WHBM
|
82,253
|
|
|
26.9
|
|
|
139,809
|
|
|
27.5
|
|
|
166,173
|
|
|
28.3
|
|
|
300,754
|
|
|
29.3
|
|
||||
Soma
|
84,337
|
|
|
27.5
|
|
|
99,623
|
|
|
19.6
|
|
|
149,244
|
|
|
25.4
|
|
|
179,704
|
|
|
17.5
|
|
||||
Total Net Sales
|
$
|
306,174
|
|
|
100.0
|
%
|
|
$
|
508,356
|
|
|
100.0
|
%
|
|
$
|
586,438
|
|
|
100.0
|
%
|
|
$
|
1,026,084
|
|
|
100.0
|
%
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
|
August 1, 2020
|
|
August 3, 2019
|
||||||||
Operating lease cost (1)
|
$
|
59,558
|
|
|
$
|
62,341
|
|
|
$
|
120,562
|
|
|
$
|
127,243
|
|
|
August 1, 2020
|
|
February 1, 2020
|
|
August 3, 2019
|
||||||
Right of use assets (1)
|
$
|
571,992
|
|
|
$
|
648,397
|
|
|
$
|
697,332
|
|
|
|
|
|
|
|
||||||
Current lease liabilities
|
$
|
218,691
|
|
|
$
|
157,043
|
|
|
$
|
158,866
|
|
Long-term lease liabilities
|
482,380
|
|
|
555,922
|
|
|
611,308
|
|
|||
Total operating lease liabilities
|
$
|
701,071
|
|
|
$
|
712,965
|
|
|
$
|
770,174
|
|
|
|
|
|
|
|
||||||
Weighted Average Remaining Lease Term (years)
|
4.6
|
|
|
4.8
|
|
|
5.0
|
|
|||
|
|
|
|
|
|
||||||
Weighted Average Discount Rate (2)
|
5.5
|
%
|
|
5.6
|
%
|
|
5.7
|
%
|
|
Twenty-Six Weeks Ended
|
|||||||
|
August 1, 2020
|
|
|
August 3, 2019
|
||||
Cash paid for amounts included in the measurement of lease liabilities:
|
|
|
|
|
||||
Operating cash outflows
|
$
|
38,673
|
|
(1)
|
|
$
|
114,186
|
|
Right of use assets obtained in exchange for lease obligations, non-cash
|
12,775
|
|
|
|
15,465
|
|
|
Number of
Shares |
|
Weighted
Average Grant Date Fair Value |
|||
Unvested, beginning of period
|
3,180,016
|
|
|
$
|
5.47
|
|
Granted
|
2,656,188
|
|
|
3.39
|
|
|
Vested
|
(928,438
|
)
|
|
7.36
|
|
|
Forfeited
|
(931,041
|
)
|
|
4.80
|
|
|
Unvested, end of period
|
3,976,725
|
|
|
3.79
|
|
|
Number of
Shares |
|
Weighted
Average Grant Date Fair Value |
|||
Unvested, beginning of period
|
71,740
|
|
|
$
|
5.81
|
|
Granted
|
108,750
|
|
|
1.25
|
|
|
Vested
|
(16,560
|
)
|
|
8.76
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Unvested, end of period
|
163,930
|
|
|
2.49
|
|
|
Number of Units/
Shares |
|
Weighted
Average Grant Date Fair Value |
|||
Unvested, beginning of period
|
2,042,138
|
|
|
$
|
2.48
|
|
Granted
|
1,167,187
|
|
|
3.45
|
|
|
Vested
|
(29,320
|
)
|
|
14.22
|
|
|
Forfeited
|
(763,359
|
)
|
|
3.61
|
|
|
Unvested, end of period
|
2,416,646
|
|
|
2.50
|
|
|
Number of
Options |
|
Weighted
Average Exercise Price |
|||
Outstanding, beginning of period
|
168,335
|
|
|
$
|
13.42
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
Forfeited or expired
|
(87,501
|
)
|
|
13.69
|
|
|
Outstanding and exercisable, end of period
|
80,834
|
|
|
13.13
|
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
|
August 1, 2020
|
|
August 3, 2019
|
||||||||
Numerator
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(46,845
|
)
|
|
$
|
(2,309
|
)
|
|
$
|
(225,135
|
)
|
|
$
|
(284
|
)
|
Net income and dividends declared allocated to participating securities
|
—
|
|
|
—
|
|
|
(193
|
)
|
|
—
|
|
||||
Net loss available to common shareholders
|
$
|
(46,845
|
)
|
|
$
|
(2,309
|
)
|
|
$
|
(225,328
|
)
|
|
$
|
(284
|
)
|
Denominator
|
|
|
|
|
|
|
|
||||||||
Weighted average common shares outstanding – basic
|
115,912,031
|
|
|
114,802,252
|
|
|
115,743,004
|
|
|
114,618,153
|
|
||||
Dilutive effect of non-participating securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Weighted average common and common equivalent shares outstanding – diluted
|
115,912,031
|
|
|
114,802,252
|
|
|
115,743,004
|
|
|
114,618,153
|
|
||||
Net loss per common share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
(0.40
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(1.95
|
)
|
|
$
|
—
|
|
Diluted
|
$
|
(0.40
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(1.95
|
)
|
|
$
|
—
|
|
|
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
|
|
Valuation Technique
|
|
Unobservable Input
|
|
Range (Weighted Average)
|
||
|
|
|
|
|
|
|
|
||
WHBM Trademark
|
$
|
6,000
|
|
|
Relief from royalty
|
|
Weighted-average cost of capital
|
|
11% to 13%
|
|
|
|
|
|
Long-term revenue growth rate
|
|
-2.5% to 0%
|
||
Long-lived assets and operating lease assets at retail stores (1)
|
$
|
89,819
|
|
|
Discounted cash flow
|
|
Weighted-average cost of capital
|
|
9.5 % to 11.5 %
|
|
|
|
|
|
Long-term revenue growth rate
|
|
-10% to 15%
|
|
|
|
Fair Value Measurements at the End of the Reporting Date Using
|
|
Twenty-Six Weeks Ended August 1, 2020
|
||||||||||||||
|
Balance as of August 1, 2020
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
|
Total Impairment
|
||||||||||
Recurring fair value measurements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Money market accounts
|
$
|
34,581
|
|
|
$
|
34,581
|
|
|
|
|
|
$
|
—
|
|
|
|
|
||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Corporate bonds
|
20,742
|
|
|
—
|
|
|
20,742
|
|
|
—
|
|
|
|
|
|||||
Noncurrent Assets
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Deferred compensation plan
|
7,818
|
|
|
7,818
|
|
|
—
|
|
|
—
|
|
|
|
|
|||||
Total recurring fair value measurements
|
$
|
63,141
|
|
|
$
|
42,399
|
|
|
$
|
20,742
|
|
|
$
|
—
|
|
|
|
||
Nonrecurring fair value measurements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Noncurrent Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Goodwill
|
$
|
16,360
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16,360
|
|
|
$
|
(80,414
|
)
|
Trademark
|
6,000
|
|
|
—
|
|
|
—
|
|
|
6,000
|
|
|
(28,000
|
)
|
|||||
Long-lived assets (1)
|
6,867
|
|
|
—
|
|
|
5,990
|
|
|
877
|
|
|
(18,493
|
)
|
|||||
Operating lease assets (1)
|
88,942
|
|
|
—
|
|
|
—
|
|
|
88,942
|
|
|
(3,236
|
)
|
|||||
Total nonrecurring fair value measurements
|
$
|
118,169
|
|
|
$
|
—
|
|
|
$
|
5,990
|
|
|
$
|
112,179
|
|
|
$
|
(130,143
|
)
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Balance as of February 1, 2020
|
|
|
|
|
|
|
|
|
||||||||||
Recurring fair value measurements:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market accounts
|
$
|
621
|
|
|
$
|
621
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate bonds
|
62,645
|
|
|
—
|
|
|
62,645
|
|
|
—
|
|
|
|
||||||
Commercial paper
|
1,248
|
|
|
—
|
|
|
1,248
|
|
|
—
|
|
|
|
||||||
Noncurrent Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Deferred compensation plan
|
7,464
|
|
|
7,464
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Total recurring fair value measurements
|
$
|
71,978
|
|
|
$
|
8,085
|
|
|
$
|
63,893
|
|
|
$
|
—
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Balance as of August 3, 2019
|
|
|
|
|
|
|
|
|
||||||||||
Financial Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
||||||||||
Money market accounts
|
$
|
286
|
|
|
$
|
286
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
||
Marketable securities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Corporate bonds
|
60,476
|
|
|
—
|
|
|
60,476
|
|
|
—
|
|
|
|
||||||
Commercial paper
|
2,970
|
|
|
—
|
|
|
2,970
|
|
|
—
|
|
|
|
||||||
Noncurrent Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Deferred compensation plan
|
7,112
|
|
|
7,112
|
|
|
—
|
|
|
—
|
|
|
|
||||||
Total recurring fair value measurements
|
$
|
70,844
|
|
|
$
|
7,398
|
|
|
$
|
63,446
|
|
|
$
|
—
|
|
|
|
ITEM 2.
|
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
|
Thirteen Weeks Ended
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
|
August 1, 2020
|
|
August 3, 2019
|
||||||||
|
(in millions, except per share amounts)
|
||||||||||||||
Net sales
|
$
|
306
|
|
|
$
|
508
|
|
|
$
|
586
|
|
|
$
|
1,026
|
|
Significant charges (1):
|
|
|
|
|
|
|
|
||||||||
Inventory write-offs
|
12
|
|
|
—
|
|
|
55
|
|
|
—
|
|
||||
Long-lived store asset impairment
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
||||
Right of use asset impairment
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
80
|
|
|
—
|
|
||||
Indefinite-lived asset impairment
|
—
|
|
|
—
|
|
|
33
|
|
|
—
|
|
||||
(Loss) income from operations
|
(63
|
)
|
|
(2
|
)
|
|
(318
|
)
|
|
3
|
|
||||
Net loss
|
(47
|
)
|
|
(2
|
)
|
|
(225
|
)
|
|
(0.3
|
)
|
||||
Net loss per common and common equivalent share - diluted
|
$
|
(0.40
|
)
|
|
$
|
(0.02
|
)
|
|
$
|
(1.95
|
)
|
|
$
|
—
|
|
•
|
Our investments in and focus on our digital business are delivering positive results. Year-over-year, digital sales in the apparel group and intimates each grew double digits. Soma led the way with digital sales improving 70% in the second quarter over last year.
|
•
|
COVID-19 presented a major challenge and we took the opportunity to reassort inventory to customer demand.
|
•
|
We achieved a 37% year-over-year SG&A improvement by streamlining our organizational structure and aligning expenses with sales.
|
•
|
We are performing a strategic real estate review and reevaluating each store’s strategic value and profitability. We are evaluating options for stores not meeting elevated standards and taking action where warranted as evident by our recent exit of frontline stores in Canada.
|
•
|
We are partnering with landlords and achieving rent relief in the form of rent reductions, abatements and other concessions to partially mitigate the impact of COVID-19 on our business.
|
•
|
Our financial position and liquidity have been strengthened through accelerating online sales, store reopenings, an expense structure aligned with sales and reductions in capital spending.
|
•
|
We continued to invest in and focus on innovation in technology, product and marketing.
|
•
|
Driving stronger sales through improved product and marketing;
|
•
|
Optimizing the customer journey by simplifying, digitizing and extending our unique and personalized service; and
|
•
|
Transforming our sourcing and supply chain operations to increase product speed to market and improve quality.
|
•
|
Molly Langenstein, former President, Apparel Group, became Chief Executive Officer ("CEO") and President of the Company and joined the Board;
|
•
|
Bonnie R. Brooks transitioned from CEO and President of the Company to Executive Chair of the Board; and
|
•
|
Director William S. Simon became lead independent director of the Board.
|
Summary of Significant Charges (1)
|
||||||
|
Thirteen Weeks Ended
|
|||||
|
August 1, 2020
|
|||||
|
Amount
|
|
% of Net Sales
|
|||
|
(dollars in millions)
|
|||||
|
|
|||||
Gross margin:
|
|
|
|
|||
Inventory write-offs
|
$
|
12
|
|
|
4.0
|
%
|
Total significant charges impacting gross margin
|
$
|
12
|
|
|
4.0
|
%
|
|
Thirteen Weeks Ended
|
||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||||||||
|
|
|
|
||||||||||
|
(dollars in millions) (1)
|
||||||||||||
Chico's
|
$
|
140
|
|
|
45.6
|
%
|
|
$
|
269
|
|
|
52.9
|
%
|
WHBM
|
82
|
|
|
26.9
|
|
|
140
|
|
|
27.5
|
|
||
Soma
|
84
|
|
|
27.5
|
|
|
100
|
|
|
19.6
|
|
||
Total Net Sales
|
$
|
306
|
|
|
100.0
|
%
|
|
$
|
508
|
|
|
100.0
|
%
|
|
Thirteen Weeks Ended
|
||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||
|
|
|
|
||||
|
(dollars in millions)
|
||||||
Cost of goods sold
|
$
|
261
|
|
|
$
|
340
|
|
Gross margin
|
45
|
|
|
169
|
|
||
Gross margin percentage
|
14.6
|
%
|
|
33.2
|
%
|
|
Thirteen Weeks Ended
|
||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||
|
|
|
|
||||
|
(dollars in millions)
|
||||||
Selling, general and administrative expenses
|
$
|
107
|
|
|
$
|
171
|
|
Percentage of total net sales
|
35.0
|
%
|
|
33.7
|
%
|
Summary of Significant Charges (1)
|
||||||
|
Twenty-Six Weeks Ended
|
|||||
|
August 1, 2020
|
|||||
|
Amount (2)
|
|
% of Net Sales
|
|||
|
(dollars in millions)
|
|||||
|
|
|||||
Gross margin:
|
|
|
|
|||
Inventory write-offs
|
$
|
55
|
|
|
9.4
|
%
|
Long-lived store asset impairment
|
18
|
|
|
3.2
|
|
|
Right of use asset impairment
|
2
|
|
|
0.4
|
|
|
Total significant charges impacting gross margin
|
76
|
|
|
13.0
|
|
|
Goodwill and intangible impairment:
|
|
|
|
|||
Goodwill impairment
|
80
|
|
|
13.7
|
|
|
Indefinite-lived asset impairment
|
33
|
|
|
5.6
|
|
|
Total goodwill and intangible impairment charges
|
113
|
|
|
19.3
|
|
|
Total
|
$
|
189
|
|
|
32.3
|
%
|
|
Twenty-Six Weeks Ended
|
||||||||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||||||||
|
|
|
|
||||||||||
|
(dollars in millions) (1)
|
||||||||||||
Chico's
|
$
|
271
|
|
|
46.3
|
%
|
|
$
|
546
|
|
|
53.2
|
%
|
WHBM
|
166
|
|
|
28.3
|
|
|
301
|
|
|
29.3
|
|
||
Soma
|
149
|
|
|
25.4
|
|
|
180
|
|
|
17.5
|
|
||
Total net sales
|
$
|
586
|
|
|
100.0
|
%
|
|
$
|
1,026
|
|
|
100.0
|
%
|
|
Twenty-Six Weeks Ended
|
||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||
|
|
|
|
||||
|
(dollars in millions)
|
||||||
Cost of goods sold
|
$
|
553
|
|
|
$
|
667
|
|
Gross margin
|
34
|
|
|
359
|
|
||
Gross margin percentage
|
5.7
|
%
|
|
35.0
|
%
|
|
Twenty-Six Weeks Ended
|
||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||
|
|
|
|
||||
|
(dollars in millions)
|
||||||
Selling, general and administrative expenses
|
$
|
237
|
|
|
$
|
356
|
|
Percentage of total net sales
|
40.5
|
%
|
|
34.7
|
%
|
|
Twenty-Six Weeks Ended
|
||||||
|
August 1, 2020
|
|
August 3, 2019
|
||||
|
(dollars in millions)
|
||||||
Net cash (used in) provided by operating activities
|
$
|
(90
|
)
|
|
$
|
21
|
|
Net cash provided by (used in) investing activities
|
35
|
|
|
(15
|
)
|
||
Net cash provided by (used in) financing activities
|
95
|
|
|
(30
|
)
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
40
|
|
|
$
|
(24
|
)
|
ITEM 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
ITEM 4.
|
CONTROLS AND PROCEDURES
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
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 |
||||||
May 3, 2020 - May 30, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
55,192
|
|
May 31, 2020 - July 4, 2020
|
7,321
|
|
|
|
1.36
|
|
|
—
|
|
|
|
55,192
|
|
July 5, 2020 - August 1, 2020
|
38,651
|
|
|
|
1.27
|
|
|
—
|
|
|
|
55,192
|
|
Total
|
45,972
|
|
|
|
1.28
|
|
|
—
|
|
|
|
|
|
ITEM 6.
|
EXHIBITS
|
(a)
|
The following documents are filed as exhibits to this Quarterly Report on Form 10-Q:
|
|
Exhibit 10.1
|
|
|
|
|
|
|
|
Exhibit 10.2
|
|
|
|
|
|
|
|
Exhibit 10.3
|
|
|
|
|
|
|
|
Exhibit 10.4
|
|
|
|
|
|
|
|
Exhibit 10.5
|
|
|
|
|
|
|
|
Exhibit 10.6
|
|
|
|
|
|
|
|
Exhibit 10.7
|
|
|
|
|
|
|
|
Exhibit 31.1
|
|
|
|
|
|
|
|
Exhibit 31.2
|
|
|
|
|
|
|
|
Exhibit 32.1
|
|
|
|
|
|
|
|
Exhibit 32.2
|
|
|
|
|
|
|
|
Exhibit 101
|
|
The following financial statements from the Company’s Quarterly Report on Form 10-Q for the quarter ended August 1, 2020, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Loss, (ii) Condensed Consolidated Statements of Comprehensive Loss, (iii) Condensed Consolidated Balance Sheets, (iv) Condensed Consolidated Statements of Shareholders' Equity, (v) Condensed Consolidated Statements of Cash Flows, and (vi) Notes to Condensed Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
|
|
|
|
|
|
Exhibit 104
|
|
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended August 1, 2020, formatted in Inline XBRL (included within Exhibit 101).
|
|
|
|
|
|
|
CHICO'S FAS, INC.
|
|
|
|
|
|
||
Date:
|
August 27, 2020
|
|
|
|
By:
|
/s/ Molly Langenstein
|
|
|
|
|
|
|
Molly Langenstein
|
|
|
|
|
|
|
Chief Executive Officer, President and Director
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Date:
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August 27, 2020
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By:
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/s/ David M. Oliver
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David M. Oliver
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Interim Chief Financial Officer and Senior Vice President, Controller
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1 Year Chicos FAS Chart |
1 Month Chicos FAS Chart |
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