Chico's FAS, a US-based omnichannel specialty retailer, has reported 54.2 per cent sales growth to $472.1 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to $306.2 million in the corresponding quarter of previous fiscal. The company’s net income for the three-month period rose to $26.2 million (Q2 FY20: loss of $46.8 million).
Chico's FAS, a US-based omnichannel specialty retailer, has reported 54.2 per cent sales growth to $472.1 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to $306.2 million in the corresponding quarter of previous fiscal. The company's net income for the three-month period rose to $26.2 million (Q2 FY20: loss of $46.8 million).#
“Our second quarter earnings performance was the best second quarter Chico's FAS has posted since 2013, and these results show the incredible progress we continue to make in our turnaround strategy, despite pandemic challenges. Our return to profitability in the quarter was driven by our strategic actions that grew sales, expanded gross margin, and diligently controlled our expenses,” Molly Langenstein, Chico's FAS chief executive officer and president, said in a press release.
Chico's FAS, a US-based omnichannel specialty retailer, has reported 54.2 per cent sales growth to $472.1 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to $306.2 million in the corresponding quarter of previous fiscal. The company's net income for the three-month period rose to $26.2 million (Q2 FY20: loss of $46.8 million).#
“Our robust second quarter sales across all three brands were propelled by our meaningful enhancements in product and marketing, which continued to drive full-price selling, reduce markdowns and produce higher gross margin,” Langenstein added.
Chico's FAS, a US-based omnichannel specialty retailer, has reported 54.2 per cent sales growth to $472.1 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to $306.2 million in the corresponding quarter of previous fiscal. The company's net income for the three-month period rose to $26.2 million (Q2 FY20: loss of $46.8 million).#
Chico’s brand led the company’s Q2 sales with 59 per cent growth over 2020 to $221.4 million benefiting from elevated product styling and quality enhancements, and customers response to newness, comfort features and innovative fabrics. White House Black Market brand also gained over 48 per cent sales to $122.0 million. Moreover, Soma reported 53 per cent sales gain to $128.6 million.
Chico's FAS, a US-based omnichannel specialty retailer, has reported 54.2 per cent sales growth to $472.1 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to $306.2 million in the corresponding quarter of previous fiscal. The company's net income for the three-month period rose to $26.2 million (Q2 FY20: loss of $46.8 million).#
Gross margin for the American retailer of women's private branded clothing increased to $181.4 million from $44.7 million in second quarter of 2020 ended on August 1, 2020. Moreover, Chico’s FAS income from operations rose to $35.6 million against loss of $62.5 million in Q2 FY20.
Chico's FAS, a US-based omnichannel specialty retailer, has reported 54.2 per cent sales growth to $472.1 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to $306.2 million in the corresponding quarter of previous fiscal. The company's net income for the three-month period rose to $26.2 million (Q2 FY20: loss of $46.8 million).#
“We are a digital-first, customer-led company with a strong portfolio of three unique brands. We believe there are ample opportunities to further grow our customer bases, market share and sales in each of these amazing brands. We look forward to reporting our progress in the quarters ahead,” Langenstein concluded in the release.
Chico's FAS, a US-based omnichannel specialty retailer, has reported 54.2 per cent sales growth to $472.1 million in second quarter (Q2) of FY21 ended on July 31, 2021, compared to $306.2 million in the corresponding quarter of previous fiscal. The company's net income for the three-month period rose to $26.2 million (Q2 FY20: loss of $46.8 million).#
In its outlook for FY21, the company said that it expects year-on-year sales to grow in between 32-35 per cent.
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