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BRIEF-Chico's FAS reports Q1 adj. earnings per share $0.25
May 26, 2016 / 11:57 AM / 2 years ago

BRIEF-Chico's FAS reports Q1 adj. earnings per share $0.25

May 26 (Reuters) - Chico’s Fas Inc

* Chico’s FAS Inc reports first quarter results

* Q1 non-GAAP earnings per share $0.25

* Q1 earnings per share $0.23

* Q1 sales $643 million versus I/B/E/S view $667.9 million

* Q1 earnings per share view $0.31 -- Thomson Reuters I/B/E/S

* 4.2 pct decrease in comparable sales for Q1

* Announced new initiatives to improve its supply chain, enhance its marketing efforts and leverage non-merchandise procurement

* New initiatives are expected to reduce complexity and standardize processes across organization

* New initiatives are expected to generate about $50 million to $70 million in annualized savings

* New cost cutting actions are in addition to previously announced realignment of company’s marketing and digital commerce functions

* For Q1, gross margin was $262.3 million , or 40.8 pct, compared to $295.6 million , or 42.4 pct

* For Q1, company recorded pre-tax restructuring and strategic charges of $3.7 million

* At end of Q1 of 2016, inventories totaled $268.0 million compared to $270.3 million last year

* Combined, marketing realignment and new initiatives are estimated to generate $65 million to $85 million in annual savings

* Anticipates generating $15 million of these costs savings in fiscal 2016, and expects initiatives to be fully implemented during 2017 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1 646 223 8780)

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