Chico’s FAS is on a roll.
“Apparel was the standout for the first quarter,” Langenstein said. “Customers continued to respond enthusiastically to product innovation and our myriad product solutions. Across all three brands, we achieved higher average unitThe company logged nearly $35 million in profits as a result, compared with losses of $8.9 million a year ago.
The retailer ended the quarter with 1,264 stores across the portfolio, with plans to open roughly 30 more Soma locations by the end of the year. Executives on Tuesday morning’s conference call with analysts said the firm closed 29 stores since last year’s first quarter and plans to close roughly 40 more mall-based stores, a combination of Chico’s and White House Black Market locations, in 2022.
“The supply chain challenges that we’ve experienced all the way through 2021 have obviously continued through 2022 and we have been nimble in responding to these challenges by taking positions in basics and shifting the calendar to mitigate the extended in-transit times,” Langenstein said on the call. “We will continue to respond to these new challenges they arise and we’ll keep actively managing our production calendar to avoid the costly airfreight until we see the situation changing.
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