Chico’s FAS, Inc., has released its financial results for the first quarter, which ended on April 29th 2023. In addition, the company has shared its outlook for the second quarter of fiscal year 2023 and has provided an update on its full-year outlook.
Molly Langenstein, the Chief Executive Officer and President of Chico’s FAS, expressed her satisfaction with the company’s exceptional operating income and EPS performance for the quarter.
She emphasised the company’s dedication to its four strategic pillars: prioritising the customer, being obsessed with product quality, adopting a digital-first approach, and maintaining operational excellence.
Total year-over-year sales were in line with expectations, showing a slight decline of 1.1 per cent, following a remarkable 39.4 per cent growth in the first quarter of the previous year.
Throughout the company, full-priced sales remained strong, with increased spend per customer and average unit retail. Furthermore, the company successfully expanded its market share across all brands.
“The sales trends for Soma continued to show improvement compared to previous quarters, indicating positive momentum. However, sales for White House Black Market experienced a decline as we swiftly sold out fashion inventories owing to robust customer demand.” Molly Langenstein, Chico’s FAS Chief Executive Officer and President, commented.
