(Filed Under wholesale Lingerie News). With stores closed for much of the period, Soma’s sales fell 19% to $64,907,000 for the thirteen weeks ended May 2, down from $80,081,000 in the same three months last year. Meanwhile, online sales stayed strong.
Parent company Chico’s FAS, which also sells lingerie under the TellTale label, as well as other apparel under the Chico’s and White House Black Market brands, reported “sales improving as stores open and gain traction.” As of June 10, 63% of its 1341 stores are now open, and 80% will be open by June 12. Of the total, 244 are Soma boutiques and 18 are Soma outlets.
Chico’s FAS as a whole reported a loss of $178,290,000 on sales of $280,264,000 in the quarter, compared to a profit of $2,025,000 on sales of $517,728,000 in the thirteen weeks ended May 4, 2019.
During the conference call to discuss the results, outgoing CEO and president Bonnie Brooks emphasized that Soma “performed solidly throughout the quarter with strong sales in all comfort and casual categories that they are known for, which achieved double-digit increases in sales during the same period versus the prior year.”
She continued, “actually in many weeks Soma’s online-only business generated similar sales volumes to its total business in those weeks last year. Soma also delivered a new single-day sales record during one of the promotional events, leading [to] the highest single-day sales record in the brand’s history.”
Chico’s new, incoming president and CEO Molly Langenstein, added, “as we look to the second quarter and the balance of 2020, we believe we will be competitively stronger because of the measures we’ve taken to liquidate our prior season inventory and remove it from our stores and distribution centers. We are encouraged by our strong store re-openings and the accelerated demand in our digital channels, which demonstrate our customers’ loyalty to our brands. As a result of the product changes we made in the second half of 2019, we are well-positioned to capitalize on the growth opportunities ahead.”
Langenstein also noted during the call, “we were incredibly pleased with the business in Soma. The business is largely seasonal, given our focus on internet. As we expand our assortment in the fall season, we anticipate to continue to have a higher demand for the sleep and lounge categories going forward. The exceptional growth that we saw during this quarter and the new customers that visited the brand, we believe we will have continued momentum as we get to the back half of the year.”
“The team has done an outstanding job on chasing the categories of lounge. We’ve actually moved up deliveries to be able to respond to customer demand and then able to really react to the wireless, the T-shirt bras and more comfort and the all-day Sunday PJ trend that’s going on.” — NM
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