Chicos FAS (CHS) Reports Holiday Sales, Updates Q4 Guidance

Chico's FAS, Inc. (NYSE: CHS) today reported holiday sales and updated its outlook for fiscal 2021 fourth quarter sales and earnings. Molly Langenstein, Chico's FAS Chief Executive Officer and President, and Patrick ("PJ") Guido, Chico's FAS Chief Financial Officer, will discuss progress on the Company's strategic plan and these results at the ICR Conference today at 3:30 PM ET. As previously announced, a live webcast of the virtual presentation and associated materials may be accessed in the Investors section of the Company's corporate website, www.chicosfas.com.

For the nine-week holiday period ending January 1, 2022, total net sales grew approximately 30% compared to the same period last year. Comparable sales for the nine-week holiday period grew approximately 31.5% over fiscal 2020. The Company has updated its fourth quarter outlook and expects fourth quarter net sales at the low end of the $495 million to $510 million range previously provided on November 30, 2021 and expects diluted earnings per share at the high end of the previously provided $0.00 to $0.05 range.

Langenstein commented, "Our team continues to build on the strong momentum in our turnaround strategy and successfully navigate through the uncertain macro environment. We expect to report our first profitable year since fiscal 2018 and the best fourth quarter performance since fiscal 2017. The progress we are making is a testament to our talented team and their solid execution in our product merchandising, marketing and customer engagement strategies. Our operating and cost discipline is contributing to our financial strength, which we believe positions us well to make investments that will support sustainable, profitable growth and value creation."

ABOUT CHICO'S FAS, INC.

Chico's FAS is a Florida-based fashion company founded in 1983 on Sanibel Island, Fla. The Company reinvented the fashion retail experience by creating fashion communities anchored by service, which put the customer at the center of everything we do. As one of the leading fashion retailers in North America, Chico's FAS is a company of three unique brands - Chico's®, White House Black Market® and Soma® - each thriving in their own white space, founded by women, led by women, providing solutions that millions of women say give them confidence and joy.

Our Company has a passion for fashion, and each day, we provide clothing, shoes and accessories, intimate apparel and expert styling in our brick-and-mortar boutiques, digital online boutiques and through StyleConnect™, the Company's proprietary digital styling tool that enables customers to conveniently shop wherever, whenever and however they prefer.

As of October 30, 2021, the Company operated 1,279 stores in the U.S. and sold merchandise through 59 international franchise locations in Mexico and 2 domestic franchise airport locations. The Company's merchandise is also available at www.chicos.com, www.chicosofftherack.com, www.whbm.com and www.soma.com as well as through third-party channels.

To learn more about Chico's FAS, please visit our corporate website at www.chicosfas.com. The information on our corporate website is not, and shall not be deemed to be, a part of this press release or incorporated into our federal securities law filings.

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