(Filed Under Financial and General Interest News). Soma, the intimates division of Chico’s FAS, yet again reported comparable sales increases for both the quarter and full year ended January 28, 2017.
The increases were more modest, however, than the gains reported a year ago. Soma comparable sales rose 0.4% for the most recent quarter, compared to a 2.1% rise in the quarter ended January 30, 2016. For the most recent fiscal year, Soma’s comparable sales rose 0.5% compared to a gain of 3.1% for the year ended January 30, 2016.
In the most recent quarter, Soma recorded sales of $97.4 million, compared to $94.6 million in the same quarter last year. For the full fiscal year 2016, Soma’s sales were $344.5 million compared to $334.9 million in fiscal 2015.
In the fourth quarter Chico’s as a whole earned $13.5 million on sales of $600.8 million, compared to a loss of $21.1 million on sales of $631.6 million in the same quarter last year. For the year, the company earned $91.2 million on sales of $2.476 billion, compared to income of just $1.9 million on sales of $2.661 billion in the year ended January 30, 2016.
“We are extremely pleased with our results this quarter,” said Shelley Broader, CEO and president of Chico’s. “We drove significant earnings growth, highlighted by gross margin expansion, SG&A leverage, and a substantial increase in operating margin. I am proud of our team and their continuing execution of our strategic initiatives.”
During the fiscal year ended January 30, Soma opened eight new “frontline boutiques” and closed two, raising the total to 275. It also opened one “Soma outlet,” raising the total to 19. — NM
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