Chicos FAS (CHS) Reports Holiday Sales and Updates Fourth Quarter Outlook

Chico's FAS, Inc. (NYSE: CHS) (the "Company" or Chico's FAS) today reported holiday sales and updated its outlook for fiscal 2022 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 continued progress on the Company's strategic plan and these results at the ICR Conference today at 8:00 a.m. ET. As previously announced, a live webcast and associated replay will available at https://wsw.com/webcast/icr8/chs/1463316 and on the Investor Relations section of the Company's website at www.chicosfas.com, respectively.

Langenstein commented, "Our customer led, product obsessed, digital first, operationally excellent strategy is working. Our brand portfolio continues to deliver strong results and we are confident in our strategic direction as we close out an exceptional year for our company. For the nine-week holiday period ending December 31, 2022, total net sales grew 4.9% over last year and comparable sales grew 5.3% over last year. Chico's sales remained healthy, and sales trends at Soma continued to improve quarter over quarter. As we entered December, White House Black Market sales softened as we had sold through newer assortments and were left with leaner inventories and styles that did not match up with customer demand. We are on track to post low-to-mid-single-digit total Company comparable sales growth for the fourth quarter on top of 29% comparable sales growth in last year's fourth quarter."

The Company has updated its fourth quarter outlook and now expects total net sales to range from $505 million to $515 million and diluted earnings per share to range from ($0.02) to $0.00.

"Entering 2023, we remain confident in our brand portfolio and our ability to deliver strong results for the year and over the long-term. Customer demand is growing across all three brands and our total inventory levels also remain well in line with sales, with December on-hand inventory up 1% to last year. We expect to enter fiscal 2023 with clean inventory and a strong balance sheet and are well positioned to deliver fashion and newness to meet growing customer demand across all three brands," Langenstein concluded.

The Company will release its full fourth quarter and fiscal 2022 results at a later time.

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