Women's specialty apparel retailer Chico's FAS Inc announced its financial results for the third quarter and nine months ended October 29, 2005.
Net sales for the third quarter ended October 29, 2005, increased 33.0 percent to a record $359 million from $270 million for the third quarter ended October 30, 2004.
Net income rose 43.5 percent to $53 million, or $0.29 a diluted share, compared to net income of $37 million, or $0.21 a diluted share (as adjusted for the 2 for 1 stock split in February 2005) in the prior year's third quarter.
Comparable store sales for the Company-owned stores increased 16.0 percent for the thirteen-week period ended October 29, 2005 compared to the same thirteen-week period last year.
For the nine months ended October 29, 2005, net sales increased 31.7 percent to a record $1.029 billion from $781 million for the prior year's nine months ended October 30, 2004.
Net income rose 38.1 percent to $150 million, or $0.82 a diluted share, compared to net income of $108 million, or $0.60 a diluted share (as adjusted for the 2 for 1 stock split in February 2005) in the prior period.
Comparable store sales for the Company-owned stores increased 14.2 percent for the thirty-nine week period compared to the same thirty-nine week period last year.
Scott A. Edmonds, Chico's President and CEO, commented, "The third quarter's operating margin of 22.9 percent is their best operating margin since goingpublic in 1993.
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