Chico's will open eight stores, White House/Black Market (WH|BM) will open 11 units and Soma will open one store. "I'm not hearing good news from many people, and it makes sense to be cautious," said Kent Kleeberger, EVP, CFO and treasurer.
Net sales for the quarter decreased 7.1% from the previous year to $405.2 million. Net income was $6.7 million, compared to net income of $38.7 million in the same period last year. Same store sales decreased approximately 19% for the Chico's brand and approximately 12% for WH|BM.
However, the company is optimistic, stressing the successful reintroduction of its signature Travelers brand in Chico's stores, and other "notable improvements" in previously troublesome product areas. "We expect to see an improvement in trends and to be profitable in the second half," said Scott A. Edmonds, chairman, president, and CEO. Chico's operates 1,079 stores in 49 states, Washington, DC, the US Virgin Islands and Puerto Rico operating under the Chico's, White House | Black Market, and Soma Intimates names.
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