(Filed Under wholesale Lingerie News). Soma sales rose to $130.6 million in the three months ended January 29, 2022, compared to sales of $119.1 million in the same quarter last year. For the full year, sales jumped to $478.1 million, compared to $351.8 million in the 52 weeks ended January 30, 2021.
Molly Langenstein, CEO of parent company Chico’s FAS, boasted the lingerie division “posted a nearly 10% comparable sales increase over last year’s fourth quarter and a 26% increase over the fourth quarter of 2019, marking six consecutive quarters of comparable sales growth.”
As it released its results, the company repeated a claim that it has been making for many months, that “data from market research firm NPD Group Inc. shows that Soma’s growth continues to outpace the market in non-sport bras, panties and sleepwear. Management believes this research, along with continued strong performance, is a clear indication that Soma is well positioned to capture additional market share and grow into a billion-dollar brand.”
As of January 29, 2022 there were 238 Soma front line boutiques and 18 Soma outlets.
During the call with analysts, Langenstein noted that “Soma finished a record year of growth, adding more than $25 million of sales each quarter compared to 2019. This growth was fueled by our pipeline and innovation and the fourth quarter delivered growth across key categories. Bras, panties, and sleepwear grew against last year-end 2019. Soma continues to make investments in cutting-edge product innovation and is well-position with replenish inventory to drive growth. We are most excited about our newest game-changing bra innovation with our Bodify launched -- introduced last month.”
“Three years in the making,” she continued, “Bodify was influenced by 1,500 customers and it’s a very first smart bra in the marketplace. The patented $68 bra includes proprietary technology that adjust to a woman’s individual body measurement as they fluctuate throughout the month. Our commitment to innovation allows us to build a pipeline of beautiful solutions for our customers.”
Langenstein explained that for each of the company’s brands (which include the apparel labels Chico’s and White House Black Market), customer spend was up compared to last year, in both store and online sales. “The marketing and product momentum fueled customer growth in all three brands and the file grew from Q3 for Q4. All of these efforts are helping us acquire new customers with year-over-year customer growth in each of our brands. And the average age of our new customers continuing to trend younger than existing customers.”
She concluded that “stores remain a core part of our growth strategy as data indicates that digital sales are more robust in markets where we have strong retail presence. We have successfully opened 73 Soma shop-in-shop inside Chico’s stores which are exceeding expectations, driving new customers to both brands, lifting store productivity, and further expanding our digital business. And we plan to open up to 30 new Soma stand-alone stores in the back half of this year.” —NM
The full transcript can be found here: https://www.fool.com/earnings/call-transcripts/2022/03/01/chicos-fas-chs-q4-2021-earnings-call-transcript/?source=iedfolrf0000001
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