þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |
For the fiscal year ended January | ||
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Florida | 59-2389435 | |
(State or other jurisdiction of incorporation) | (IRS Employer Identification No.) |
Title of Class | Name of Exchange on Which Registered | |
Common Stock, Par Value $.01 Per Share | New York Stock Exchange |
Large accelerated filerþ | Accelerated filero | Non-accelerated filero | Smaller reporting companyo | |||||||||
(Do not check if a smaller reporting company) |
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ITEM 1. | BUSINESS |
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• | Chico’s and Soma. Chico’s preferred customer club is known as the “Passport Club,” and is designed to encourage repeat sales and customer loyalty for our Chico’s and Soma brands. Features of the club include discounts, special promotions, invitations to private sales, and personalized phone calls regarding new Chico’s and Soma merchandise. A Chico’s or Soma customer signs up to join the Passport Club at no cost, initially as a “preliminary” member. Once the customer spends a total of $500 over any time frame in either brand, the customer becomes a “permanent” member and is entitled to a 5% discount on all apparel and accessory purchases, advance sale notices and other benefits, subject to certain restrictions. We are currently evaluating our Passport Club in conjunction with our overall customer research management and marketing activities to ensure that it remains a compelling reason for customers to shop at Chico’s. |
• | WH|BM. WH|BM’s preferred customer club is called “The Black Book.” The purposes, prerequisites, and benefits of The Black Book are identical to Passport Club except that a customer need only spend $300 over any time frame to become a “permanent” member. We are currently evaluating The Black Book in conjunction with our overall customer research management and marketing activities to ensure that it remains a compelling reason for customers to shop at WH|BM. |
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Soma | ||||||||||||||||
Chico’s | WH|BM | Intimates | Total | |||||||||||||
Stores | Stores | Stores | Stores | |||||||||||||
Specialty Centers | 377 | 183 | 32 | 592 | ||||||||||||
Malls | 159 | 125 | 36 | 320 | ||||||||||||
Street | 83 | 20 | 2 | 105 | ||||||||||||
Total Front-line | 619 | 328 | 70 | 1,017 | ||||||||||||
Outlets | 41 | 17 | 1 | 59 | ||||||||||||
Total Stores | 660 | 345 | 71 | 1,076 | ||||||||||||
Average Selling Square Footage | 2,668 | 2,022 | 1,935 | 2,412 | ||||||||||||
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Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||||||
January 29, | January 28, | February 3, | February 2, | January 31, | ||||||||||||||||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | Fiscal Year | |||||||||||||||||||||||||||||||||||
(52 weeks) | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||||||||||||||||||||
Company-Owned Stores | ||||||||||||||||||||||||||||||||||||||||
Stores at beginning of year* | 545 | 645 | 749 | 907 | 1,038 | |||||||||||||||||||||||||||||||||||
Opened** | 109 | 109 | 157 | 143 | 62 | |||||||||||||||||||||||||||||||||||
Stores at beginning of year(A) | 645 | 749 | 907 | 1,038 | 1,076 | |||||||||||||||||||||||||||||||||||
Opened(B) | 109 | 157 | 143 | 62 | 40 | |||||||||||||||||||||||||||||||||||
Acquired from franchisees | 1 | — | 1 | 13 | — | — | 1 | 13 | — | — | ||||||||||||||||||||||||||||||
Acquired pursuant to Fitigues Transaction | — | — | 12 | — | — | |||||||||||||||||||||||||||||||||||
Acquired pursuant to Fitigues transaction | — | 12 | — | — | — | |||||||||||||||||||||||||||||||||||
Closed | (10 | ) | (5 | ) | (12 | ) | (25 | )*** | (24 | ) | (5 | ) | (12 | ) | (25 | )(C) | (24 | ) | (36 | ) | ||||||||||||||||||||
Stores at end of year | 645 | 749 | 907 | 1,038 | 1,076 | 749 | 907 | 1,038 | 1,076 | 1,080 | ||||||||||||||||||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||||
Franchise Stores | ||||||||||||||||||||||||||||||||||||||||
Stores at beginning of year | 12 | 12 | 14 | 13 | — | 12 | 14 | 13 | — | — | ||||||||||||||||||||||||||||||
Opened | 1 | 2 | — | — | — | 2 | — | — | — | — | ||||||||||||||||||||||||||||||
Acquired by Company | (1 | ) | — | (1 | ) | (13 | ) | — | — | (1 | ) | (13 | ) | — | — | |||||||||||||||||||||||||
Stores at end of year | 12 | 14 | 13 | — | — | 14 | 13 | — | — | — | ||||||||||||||||||||||||||||||
Total Stores | 657 | 763 | 920 | 1,038 | 1,076 | 763 | 920 | 1,038 | 1,076 | 1,080 | ||||||||||||||||||||||||||||||
Not retroactively restated to include Fitigues stores prior to January 31, 2006. |
Not retroactively restated to include Fitigues stores prior to January 31, 2006. Also, does not include relocations, expansions or conversions of previously existing stores within the same general market area (approximately five miles). | ||
Includes 10 Fitigues stores closed in fiscal |
Fiscal Year Ended | ||||||||||||||||||||||||||||||||||||||||
January 29, | January 28, | February 3, | February 2, | January 31, | ||||||||||||||||||||||||||||||||||||
2005 | 2006 | 2007 | 2008 | 2009 | Fiscal Year End | |||||||||||||||||||||||||||||||||||
(52 weeks) | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | 2005 | 2006 | 2007 | 2008 | 2009 | |||||||||||||||||||||||||||||||
Stores by Brand | ||||||||||||||||||||||||||||||||||||||||
Chico’s front-line | 450 | 499 | 541 | 604 | 619 | 499 | 541 | 604 | 619 | 599 | ||||||||||||||||||||||||||||||
Chico’s outlet | 25 | 31 | 34 | 37 | 41 | 31 | 34 | 37 | 41 | 44 | ||||||||||||||||||||||||||||||
Chico’s franchise | 12 | 14 | 13 | — | — | 14 | 13 | — | — | — | ||||||||||||||||||||||||||||||
WH|BM front-line | 156 | 196 | 254 | 309 | 328 | 196 | 254 | 309 | 328 | 333 | ||||||||||||||||||||||||||||||
WH|BM outlet | 4 | 8 | 16 | 19 | 17 | 8 | 16 | 19 | 17 | 17 | ||||||||||||||||||||||||||||||
Soma Intimates front-line | 10 | 15 | 52 | 68 | 70 | 15 | 52 | 68 | 70 | 83 | ||||||||||||||||||||||||||||||
Soma Intimates outlet | — | — | — | 1 | 1 | — | — | 1 | 1 | 4 | ||||||||||||||||||||||||||||||
Fitigues front-line | — | — | 9 | — | — | — | 9 | — | — | — | ||||||||||||||||||||||||||||||
Fitigues outlet | — | — | 1 | — | — | — | 1 | — | — | — | ||||||||||||||||||||||||||||||
Total stores at end of year | 657 | 763 | 920 | 1,038 | 1,076 | 763 | 920 | 1,038 | 1,076 | 1,080 | ||||||||||||||||||||||||||||||
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• | ||
• | Direct | |
• | National print and broadcast advertising | |
• | Internet and direct phone sales | |
• | Social media | |
• | Public relations and community outreach programs |
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ITEM 1A. | RISK FACTORS |
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ITEM 1B. | UNRESOLVED STAFF COMMENTS |
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ITEM 2. | PROPERTIES |
Alabama | 15 | Louisiana | 18 | Ohio | 27 | 16 | Louisiana | 16 | Ohio | 29 | ||||||||||||||||||||||
Arizona | 28 | Maine | 1 | Oklahoma | 9 | 25 | Maine | 1 | Oklahoma | 9 | ||||||||||||||||||||||
Arkansas | 8 | Maryland | 31 | Oregon | 19 | 8 | Maryland | 32 | Oregon | 18 | ||||||||||||||||||||||
California | 126 | Massachusetts | 27 | Pennsylvania | 49 | 126 | Massachusetts | 28 | Pennsylvania | 47 | ||||||||||||||||||||||
Colorado | 21 | Michigan | 25 | Rhode Island | 5 | 20 | Michigan | 24 | Rhode Island | 5 | ||||||||||||||||||||||
Connecticut | 18 | Minnesota | 17 | South Carolina | 19 | 19 | Minnesota | 18 | South Carolina | 19 | ||||||||||||||||||||||
Delaware | 4 | Mississippi | 4 | South Dakota | 1 | 4 | Mississippi | 4 | South Dakota | 1 | ||||||||||||||||||||||
District of Columbia | 4 | Missouri | 19 | Tennessee | 20 | 3 | Missouri | 21 | Tennessee | 22 | ||||||||||||||||||||||
Florida | 104 | Montana | 2 | Texas | 96 | 103 | Montana | 2 | Texas | 97 | ||||||||||||||||||||||
Georgia | 41 | Nebraska | 6 | Utah | 8 | 41 | Nebraska | 6 | Utah | 8 | ||||||||||||||||||||||
Hawaii | 6 | Nevada | 15 | Vermont | 1 | 6 | Nevada | 16 | Vermont | 1 | ||||||||||||||||||||||
Idaho | 2 | New Hampshire | 2 | Virginia | 28 | 2 | New Hampshire | 2 | Virginia | 29 | ||||||||||||||||||||||
Illinois | 44 | New Jersey | 44 | Washington | 20 | 44 | New Jersey | 48 | Washington | 20 | ||||||||||||||||||||||
Indiana | 16 | New Mexico | 8 | West Virginia | 2 | 16 | New Mexico | 8 | West Virginia | 2 | ||||||||||||||||||||||
Iowa | 5 | New York | 41 | Wisconsin | 13 | 5 | New York | 39 | Wisconsin | 13 | ||||||||||||||||||||||
Kansas | 9 | North Carolina | 31 | Wyoming | 1 | 9 | North Carolina | 31 | U.S. Virgin Islands | 1 | ||||||||||||||||||||||
Kentucky | 11 | North Dakota | 1 | U.S. Virgin Islands | 1 | 12 | North Dakota | 1 | Puerto Rico | 3 | ||||||||||||||||||||||
Puerto Rico | 3 |
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ITEM 3. | LEGAL PROCEEDINGS |
ITEM 4. |
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ITEM 5. | MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |
For the Fiscal Year Ended January 31, 2009 | High | Low | ||||||
Fourth Quarter (November 2, 2008 - January 31, 2009) | $ | 4.44 | $ | 1.72 | ||||
Third Quarter (August 3, 2008 - November 1, 2008) | 7.99 | 2.24 | ||||||
Second Quarter (May 4, 2008 - August 2, 2008) | 8.18 | 4.26 | ||||||
First Quarter (February 3, 2008 - May 3, 2008) | 10.72 | 5.42 |
For the Fiscal Year Ended January 30, 2010 | High | Low | ||||||
Fourth Quarter (November 1, 2009 - January 30, 2010) | $ | 15.43 | $ | 11.95 | ||||
Third Quarter (August 2, 2009 - October 31, 2009) | 14.14 | 11.03 | ||||||
Second Quarter (May 3, 2009 - August 1, 2009) | 11.69 | 7.17 | ||||||
First Quarter (February 1, 2009 - May 2, 2009) | 8.05 | 3.40 |
For the Fiscal Year Ended February 2, 2008 | High | Low | ||||||
Fourth Quarter (November 4, 2007 - February 2, 2008) | $ | 12.87 | $ | 6.70 | ||||
Third Quarter (August 5, 2007 - November 3, 2007) | 20.12 | 11.90 | ||||||
Second Quarter (May 6, 2007 - August 4, 2007) | 27.70 | 17.98 | ||||||
First Quarter (February 4, 2007 - May 5, 2007) | 27.94 | 20.06 |
For the Fiscal Year Ended January 31, 2009 | High | Low | ||||||
Fourth Quarter (November 2, 2008 - January 31, 2009) | $ | 4.44 | $ | 1.72 | ||||
Third Quarter (August 3, 2008 - November 1, 2008) | 7.99 | 2.24 | ||||||
Second Quarter (May 4, 2008 - August 2, 2008) | 8.18 | 4.26 | ||||||
First Quarter (February 3, 2008 - May 3, 2008) | 10.72 | 5.42 |
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Approximate | ||||||||||||||||
Total | Dollar Value | |||||||||||||||
Number of | of Shares that | |||||||||||||||
Shares | May Yet Be | |||||||||||||||
Purchased as | Purchased | |||||||||||||||
Part of | Under the | |||||||||||||||
Total Number | Average | Publicly | Publicly | |||||||||||||
of Shares | Price Paid | Announced | Announced | |||||||||||||
Period | Purchased | per Share | Plans | Plans | ||||||||||||
November 2, 2008 to November 29, 2008 | — | $ | — | — | $ | — | ||||||||||
November 30, 2008 to January 3, 2009 | 4,504 | $ | 3.28 | — | $ | — | ||||||||||
January 4, 2009 to January 31, 2009 | 26,990 | $ | 3.73 | — | $ | — | ||||||||||
Total | 31,494 | $ | 3.66 | — | $ | — | ||||||||||
Approximate | ||||||||||||||||
Total | Dollar Value | |||||||||||||||
Number of | of Shares that | |||||||||||||||
Shares | May Yet Be | |||||||||||||||
Purchased as | Purchased | |||||||||||||||
Part of | Under the | |||||||||||||||
Total Number | Average | Publicly | Publicly | |||||||||||||
of Shares | Price Paid | Announced | Announced | |||||||||||||
Period | Purchased | per Share | Plans | Plans | ||||||||||||
November 1, 2009 to November 28, 2009 | 45,482 | $ | 14.74 | — | $ | — | ||||||||||
November 29, 2009 to January 2, 2010 | 5,842 | $ | 13.87 | — | $ | — | ||||||||||
January 3, 2010 to January 30, 2010 | — | $ | — | — | $ | — | ||||||||||
Total | 51,324 | $ | 14.64 | — | $ | — | ||||||||||
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1/31/2004 | 1/29/2005 | 1/28/2006 | 2/3/2007 | 2/2/2008 | 1/31/2009 | 1/29/2005 | 1/28/2006 | 2/3/2007 | 2/2/2008 | 1/31/2009 | 1/30/2010 | |||||||||||||||||||||||||||||||||||||||||||||||||
Chico’s FAS, Inc. | $ | 100 | $ | 138 | $ | 229 | $ | 119 | $ | 58 | $ | 22 | $ | 100 | $ | 166 | $ | 86 | $ | 42 | $ | 16 | $ | 50 | ||||||||||||||||||||||||||||||||||||
S&P 500 Index | $ | 100 | $ | 105 | $ | 118 | $ | 135 | $ | 133 | $ | 81 | $ | 100 | $ | 112 | $ | 128 | $ | 126 | $ | 76 | $ | 102 | ||||||||||||||||||||||||||||||||||||
S&P 500 Apparel Retail Index | $ | 100 | $ | 120 | $ | 111 | $ | 132 | $ | 128 | $ | 64 | $ | 100 | $ | 93 | $ | 110 | $ | 107 | $ | 54 | $ | 106 | ||||||||||||||||||||||||||||||||||||
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ITEM 6. | SELECTED FINANCIAL DATA |
Fiscal Year Ended | ||||||||||||||||||||
January .31, | February 2, | February 3, | January 28, | January 29, | ||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
(52 weeks) | (52 weeks) | (53 weeks) | (52 weeks) | (52 weeks) | ||||||||||||||||
(In thousands, except per share and selected operating data) | ||||||||||||||||||||
Operating Statement Data: | ||||||||||||||||||||
Net sales by Chico’s/Soma stores | $ | 1,074,939 | $ | 1,223,217 | $ | 1,210,474 | $ | 1,095,938 | $ | 889,429 | ||||||||||
Net sales by WH|BM stores | 436,875 | 418,901 | 367,063 | 261,601 | 142,092 | |||||||||||||||
Net sales bydirect-to-consumer | 70,591 | 72,093 | 52,959 | 36,151 | 26,831 | |||||||||||||||
Other net sales(1) | — | 115 | 10,431 | 10,885 | 8,530 | |||||||||||||||
Net sales | 1,582,405 | 1,714,326 | 1,640,927 | 1,404,575 | 1,066,882 | |||||||||||||||
Cost of goods sold(2) | 762,913 | 745,265 | 673,742 | 547,532 | 411,908 | |||||||||||||||
Gross margin | 819,492 | 969,061 | 967,185 | 857,043 | 654,974 | |||||||||||||||
Store operating expenses | 645,352 | 633,288 | 525,529 | 416,833 | 328,491 | |||||||||||||||
Marketing | 80,326 | 95,717 | 75,121 | 58,164 | 43,441 | |||||||||||||||
Shared services | 109,744 | 118,598 | 102,835 | 83,733 | 58,666 | |||||||||||||||
Impairment and restructuring charges | 23,664 | — | — | — | — | |||||||||||||||
Income (loss) from operations | (39,594 | ) | 121,458 | 263,700 | 298,313 | 224,376 | ||||||||||||||
Gain on sale of investment | — | 6,833 | — | — | — | |||||||||||||||
Interest income, net | 7,757 | 10,869 | 10,626 | 8,236 | 2,327 | |||||||||||||||
Income (loss) before income taxes | (31,837 | ) | 139,160 | 274,326 | 306,549 | 226,703 | ||||||||||||||
Income tax provision (benefit) | (12,700 | ) | 48,012 | 99,635 | 112,568 | 85,497 | ||||||||||||||
Income (loss) from continuing operations | (19,137 | ) | 91,148 | 174,691 | 193,981 | 141,206 | ||||||||||||||
Loss on discontinued operations, net of tax | — | 2,273 | 8,055 | — | — | |||||||||||||||
Net income (loss) | $ | (19,137 | ) | $ | 88,875 | $ | 166,636 | $ | 193,981 | $ | 141,206 | |||||||||
Income (loss) from continuing operations-basic(3) | $ | (0.11 | ) | $ | 0.52 | $ | 0.99 | $ | 1.07 | $ | 0.79 | |||||||||
Loss on discontinued operations-basic(3) | — | (0.01 | ) | (0.05 | ) | — | — | |||||||||||||
Basic net income (loss) per share(3) | $ | (0.11 | ) | $ | 0.51 | $ | 0.94 | $ | 1.07 | $ | 0.79 | |||||||||
Income (loss) from continuing operations-diluted(3) | $ | (0.11 | ) | $ | 0.51 | $ | 0.98 | $ | 1.06 | $ | 0.78 | |||||||||
Loss on discontinued operations-diluted(3) | — | (0.01 | ) | (0.05 | ) | — | — | |||||||||||||
Diluted net income (loss) per share(3) | $ | (0.11 | ) | $ | 0.50 | $ | 0.93 | $ | 1.06 | $ | 0.78 | |||||||||
Weighted average shares outstanding-basic(3) | 175,861 | 175,574 | 177,273 | 180,465 | 178,256 | |||||||||||||||
Weighted average shares outstanding-diluted(3) | 175,861 | 176,355 | 178,452 | 182,408 | 180,149 | |||||||||||||||
Selected Operating Data: | ||||||||||||||||||||
Total stores at period end | 1,076 | 1,038 | 920 | 763 | 657 | |||||||||||||||
Average net sales per Company store:(4) | ||||||||||||||||||||
Chico’s | $ | 1,564 | $ | 1,929 | $ | 2,139 | $ | 2,179 | $ | 2,010 | ||||||||||
WH|BM | 1,291 | 1,418 | 1,575 | 1,402 | 995 | |||||||||||||||
Soma | 893 | 818 | 1,044 | 1,054 | — | |||||||||||||||
Average net sales per selling square foot at Company stores:(4) | ||||||||||||||||||||
Chico’s | $ | 598 | $ | 792 | $ | 961 | $ | 1,028 | $ | 988 | ||||||||||
WH|BM | 656 | 804 | 1,040 | 1,028 | 814 | |||||||||||||||
Soma | 469 | 400 | 434 | 460 | — | |||||||||||||||
Percentage (decrease) increase in comparable Company store net sales | (15.1 | )% | (8.1 | )% | 2.1 | % | 14.3 | % | 12.9 | % | ||||||||||
Balance Sheet Data (at year end): | ||||||||||||||||||||
Total assets | $ | 1,226,183 | $ | 1,250,126 | $ | 1,060,627 | $ | 999,413 | $ | 715,729 | ||||||||||
Long-term debt | — | — | — | — | — | |||||||||||||||
Other noncurrent liabilities | 177,251 | 156,417 | 116,860 | 70,318 | 59,546 | |||||||||||||||
Stockholders’ equity | 902,196 | 912,516 | 803,931 | 806,427 | 560,868 | |||||||||||||||
Working capital | $ | 339,639 | $ | 305,540 | $ | 334,513 | $ | 415,310 | $ | 269,252 |
Fiscal Year | ||||||||||||||||||||
2009 | 2008 | 2007 | 2006 | 2005 | ||||||||||||||||
Summary of operations: | ||||||||||||||||||||
Net sales | $ | 1,713,150 | $ | 1,582,405 | $ | 1,714,326 | $ | 1,640,927 | $ | 1,404,575 | ||||||||||
Gross margin | $ | 959,741 | $ | 819,492 | $ | 969,061 | $ | 967,185 | $ | 857,043 | ||||||||||
Gross margin as a percent of net sales | 56.0 | % | 51.8 | % | 56.5 | % | 58.9 | % | 61.0 | % | ||||||||||
Income (loss) from operations | $ | 108,153 | $ | (39,594 | ) | $ | 121,458 | $ | 263,700 | $ | 298,313 | |||||||||
Net income (loss) | $ | 69,646 | $ | (19,137 | ) | $ | 88,875 | $ | 166,636 | $ | 193,981 | |||||||||
Net income (loss) as a percent of net sales | 4.1 | % | (1.2 | )% | 5.2 | % | 10.2 | % | 13.8 | % | ||||||||||
Per share results: | ||||||||||||||||||||
Basic | $ | 0.39 | $ | (0.11 | ) | $ | 0.51 | $ | 0.94 | $ | 1.07 | |||||||||
Diluted | $ | 0.39 | $ | (0.11 | ) | $ | 0.50 | $ | 0.93 | $ | 1.06 | |||||||||
Weighted average shares outstanding-basic | 177,499 | 176,606 | 176,082 | 177,627 | 180,649 | |||||||||||||||
Weighted average shares outstanding-diluted | 178,858 | 176,606 | 176,735 | 178,679 | 182,219 | |||||||||||||||
Balance sheet data (at year end) : | ||||||||||||||||||||
Cash and marketable securities | $ | 423,543 | $ | 268,702 | $ | 274,270 | $ | 275,539 | $ | 404,480 | ||||||||||
Total assets | 1,318,803 | 1,226,183 | 1,250,126 | 1,060,627 | 999,413 | |||||||||||||||
Working capital | 405,274 | 322,728 | 305,540 | 334,513 | 415,310 | |||||||||||||||
Stockholders’ equity | 981,918 | 902,196 | 912,516 | 803,931 | 806,427 | |||||||||||||||
Other selected operating data: | ||||||||||||||||||||
Capital expenditures | $ | 67,920 | $ | 104,615 | $ | 202,223 | $ | 218,311 | $ | 147,635 | ||||||||||
Total depreciation and amortization | 96,372 | 97,572 | 91,979 | 69,404 | 48,852 | |||||||||||||||
Total inventory per selling square foot | 53 | 51 | 60 | 57 | 64 | |||||||||||||||
Total stores at period end | 1,080 | 1,076 | 1,038 | 920 | 763 | |||||||||||||||
Total selling square feet | 2,619 | 2,596 | 2,405 | 1,954 | 1,490 | |||||||||||||||
Average net sales per selling square foot at Company stores: * | ||||||||||||||||||||
Chico’s | $ | 606 | $ | 598 | $ | 792 | $ | 961 | $ | 1,028 | ||||||||||
WH|BM | 682 | 656 | 804 | 1,040 | 1,028 | |||||||||||||||
Total number of associates (rounded) | 16,200 | 14,500 | 14,300 | 12,500 | 11,000 | |||||||||||||||
Percentage increase (decrease) in comparable store net sales | 6.1 | % | (15.1 | )% | (8.1 | )% | 2.1 | % | 14.3 | % |
Average |
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ITEM 7. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | Improving the performance of the Chico’s brand | |
• | Investing in the growth potential of the WH|BM and Soma brands | |
• | Accelerating the investment in and growth of thedirect-to-consumer (“DTC”) channel | |
• | Controlling expenses and rationalizing the expense structure | |
• | Improving inventory control |
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• | Net sales increased 8.2% to $1.71 billion compared to $1.58 billion in 2008, and consolidated comparable store sales increased 6.1% compared with a decrease of (15.1)% last year. | |
• | Gross margin rate increased to 56.0% from 51.8% in 2008, and operating income was $108.2 million compared to an operating loss last year of $(39.6) million. | |
• | Net income in 2009 was $69.6 million compared to a net loss of $(19.1) million in 2008, and earnings per diluted share was $0.39 compared to a loss of $(0.11) last year. Net income for 2009 included $15.0 million of pre-tax non-cash impairment charges compared to the 2008 net loss which included total impairment and restructuring pre-tax charges of $23.7 million. | |
• | Net sales for the DTC channel increased 39.3% in 2009 to $98.3 million. | |
• | Cash and marketable securities ended the year at $423.5 million, an increase of 57.6% over last year. | |
• | Cash flows from operations were $215.4 million compared with $99.4 million in 2008. |
• | Comparable store sales growth— In | |
• | Positive operating cash flow and capital expenditures— |
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• | Store productivity— | |
• | Inventory | |
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Fiscal 2008 | % | Fiscal 2007 | % | Fiscal 2006 | % | |||||||||||||||||||
Net sales by Chico’s/Soma stores | $ | 1,074,939 | 67.9 | % | $ | 1,223,217 | 71.4 | % | $ | 1,210,474 | 73.8 | % | ||||||||||||
Net sales by WH|BM stores | 436,875 | 27.6 | 418,901 | 24.4 | 367,063 | 22.4 | ||||||||||||||||||
Net sales bydirect-to-consumer | 70,591 | 4.5 | 72,093 | 4.2 | 52,959 | 3.2 | ||||||||||||||||||
Other net sales | — | — | 115 | 0.0 | 10,431 | 0.6 | ||||||||||||||||||
Net sales | $ | 1,582,405 | 100.0 | % | $ | 1,714,326 | 100.0 | % | $ | 1,640,927 | 100.0 | % | ||||||||||||
Net sales: | Fiscal 2009 | % | Fiscal 2008 | % | Fiscal 2007 | % | ||||||||||||||||||
Chico’s/Soma stores | $ | 1,125,192 | 65.7 | % | $ | 1,074,939 | 67.9 | % | $ | 1,223,217 | 71.4 | % | ||||||||||||
WH|BM stores | 489,631 | 28.6 | 436,875 | 27.6 | 418,901 | 24.4 | ||||||||||||||||||
Direct-to-consumer | 98,327 | 5.7 | 70,591 | 4.5 | 72,093 | 4.2 | ||||||||||||||||||
Other net sales | — | — | — | — | 115 | 0.0 | ||||||||||||||||||
Total net sales | $ | 1,713,150 | 100.0 | % | $ | 1,582,405 | 100.0 | % | $ | 1,714,326 | 100.0 | % | ||||||||||||
Fiscal 2008 | Fiscal 2007 | Fiscal 2006 | ||||||||||
Comparable store sales (decreases) increases | $ | (242,407 | ) | $ | (123,096 | ) | $ | 28,248 | ||||
Comparable same store sales % | (15.1 | )% | (8.1 | )% | 2.1 | % | ||||||
New store sales increases | $ | 112,103 | $ | 187,677 | $ | 191,750 | ||||||
Number of new Company-owned stores opened, net | 38 | 128 | * | 145 | * |
Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | ||||||||||
Comparable store sales increases (decreases) | $ | 89,698 | $ | (242,407 | ) | $ | (123,096 | ) | ||||
Comparable store sales % | 6.1 | % | (15.1 | )% | (8.1 | )% | ||||||
Non-comp store sales increases | $ | 13,311 | $ | 112,103 | $ | 187,677 | ||||||
Number of new stores opened, net | 4 | 38 | 128 | * |
* | Does not include Fitigues stores acquired in fiscal 2006 and closed in fiscal 2007 |
24
22
Fiscal 2008 | Fiscal 2007 | Fiscal 2006 | Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | |||||||||||||||||||
Cost of goods sold | $ | 762,913 | $ | 745,265 | $ | 673,742 | $ | 753,409 | $ | 762,913 | $ | 745,265 | ||||||||||||
Gross margin | $ | 819,492 | $ | 969,061 | $ | 967,185 | $ | 959,741 | $ | 819,492 | $ | 969,061 | ||||||||||||
Gross margin percentage | 51.8 | % | 56.5 | % | 58.9 | % | 56.0 | % | 51.8 | % | 56.5 | % |
25
Fiscal 2008 | Fiscal 2007 | Fiscal 2006 | Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | |||||||||||||||||||
Store operating expenses | $ | 645,352 | $ | 633,288 | $ | 525,529 | $ | 647,040 | $ | 645,352 | $ | 633,288 | ||||||||||||
Percentage of total net sales | 40.8 | % | 36.9 | % | 32.0 | % | 37.8 | % | 40.8 | % | 36.9 | % |
23
Fiscal 2008 | Fiscal 2007 | Fiscal 2006 | Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | |||||||||||||||||||
Marketing | $ | 80,326 | $ | 95,717 | $ | 75,121 | $ | 78,075 | $ | 80,326 | $ | 95,717 | ||||||||||||
Percentage of total net sales | 5.1 | % | 5.6 | % | 4.6 | % | 4.6 | % | 5.1 | % | 5.6 | % |
26
Fiscal 2008 | Fiscal 2007 | Fiscal 2006 | Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | |||||||||||||||||||
Shared services | $ | 109,744 | $ | 118,598 | $ | 102,835 | ||||||||||||||||||
NSSC | $ | 111,447 | $ | 109,744 | $ | 118,598 | ||||||||||||||||||
Percentage of total net sales | 6.9 | % | 6.9 | % | 6.3 | % | 6.5 | % | 6.9 | % | 6.9 | % |
Fiscal 2008 | ||||||||||||||||
Fiscal 2009 | Fiscal 2008 | |||||||||||||||
Impairment and restructuring charges | $ | 23,664 | $ | 15,026 | $ | 23,664 | ||||||||||
Percentage of total net sales | 1.5 | % | 0.9 | % | 1.5 | % |
24
27
Fiscal 2008 | Fiscal 2007 | Fiscal 2006 | ||||||||||||||||||||||
Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | ||||||||||||||||||||||
Interest income, net | $ | 7,757 | $ | 10,869 | $ | 10,626 | $ | 1,693 | $ | 7,757 | $ | 10,869 | ||||||||||||
Percentage of total net sales | 0.5 | % | 0.6 | % | 0.6 | % | 0.1 | % | 0.5 | % | 0.6 | % |
Fiscal 2008 | Fiscal 2007 | |||||||||||||||
Fiscal 2009 | Fiscal 2008 | |||||||||||||||
Cash and cash equivalents | $ | 26,549 | $ | 13,801 | $ | 37,043 | $ | 26,549 | ||||||||
Marketable securities | 242,153 | 260,469 | 386,500 | 242,153 | ||||||||||||
Working capital | 339,639 | 305,540 | 405,274 | 322,728 |
25
28
29
26
30
Less than | After | Less than | After | |||||||||||||||||||||||||||||||||||||
Total | 1 year | 1-3 years | 4-5 years | 5 years | Total | 1 year | 1-3 years | 4-5 years | 5 years | |||||||||||||||||||||||||||||||
Long-term debt | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||||||||||||
Short-term borrowings | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Capital lease obligations | — | — | — | — | — | |||||||||||||||||||||||||||||||||||
Operating leases | 800,415 | 128,332 | 234,500 | 185,576 | 252,007 | $ | 735,209 | 129,244 | 227,254 | 178,175 | 200,536 | |||||||||||||||||||||||||||||
Non-cancelable purchase commitments | 213,882 | 213,882 | — | — | — | 252,652 | 252,652 | — | — | — | ||||||||||||||||||||||||||||||
Total | $ | 1,014,297 | $ | 342,214 | $ | 234,500 | $ | 185,576 | $ | 252,007 | $ | 987,861 | $ | 381,896 | $ | 227,254 | $ | 178,175 | $ | 200,536 | ||||||||||||||||||||
27
31
28
3229
33
30
34
31
35
ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
3632
ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA |
3733
January 31, | February 2, | |||||||
2009 | 2008 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 26,549 | $ | 13,801 | ||||
Marketable securities, at market | 242,153 | 260,469 | ||||||
Receivables | 33,993 | 11,924 | ||||||
Income tax receivable | 11,706 | 23,973 | ||||||
Inventories | 132,413 | 144,261 | ||||||
Prepaid expenses | 21,702 | 18,999 | ||||||
Deferred taxes | 17,859 | 13,306 | ||||||
Total current assets | 486,375 | 486,733 | ||||||
Property and Equipment: | ||||||||
Land and land improvements | 18,627 | 17,867 | ||||||
Building and building improvements | 74,998 | 62,877 | ||||||
Equipment, furniture and fixtures | 376,218 | 347,937 | ||||||
Leasehold improvements | 418,691 | 396,650 | ||||||
Total property and equipment | 888,534 | 825,331 | ||||||
Less accumulated depreciation and amortization | (327,989 | ) | (257,378 | ) | ||||
Property and equipment, net | 560,545 | 567,953 | ||||||
Goodwill | 96,774 | 96,774 | ||||||
Other Intangible Assets | 38,930 | 38,930 | ||||||
Deferred Taxes | 38,458 | 22,503 | ||||||
Other Assets, Net | 5,101 | 37,233 | ||||||
$ | 1,226,183 | $ | 1,250,126 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 56,542 | $ | 79,030 | ||||
Accrued liabilities | 88,446 | 100,726 | ||||||
Current portion of deferred liabilities | 1,748 | 1,437 | ||||||
Total current liabilities | 146,736 | 181,193 | ||||||
Noncurrent Liabilities: | ||||||||
Deferred liabilities | 177,251 | 156,417 | ||||||
Total noncurrent liabilities | 177,251 | 156,417 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity: | ||||||||
Common stock, $.01 par value; 400,000 shares authorized and 177,130 and 176,245 shares issued and outstanding, respectively | 1,771 | 1,762 | ||||||
Additional paid-in capital | 258,312 | 249,639 | ||||||
Retained earnings | 641,978 | 661,115 | ||||||
Other accumulated comprehensive income | 135 | — | ||||||
Total stockholders’ equity | 902,196 | 912,516 | ||||||
$ | 1,226,183 | $ | 1,250,126 | |||||
Fiscal Year Ended | ||||||||||||
January 30, | January 31, | February 2, | ||||||||||
2010 | 2009 | 2008 | ||||||||||
Net sales: | ||||||||||||
Chico’s/Soma stores | $ | 1,125,192 | $ | 1,074,939 | $ | 1,223,217 | ||||||
WH|BM stores | 489,631 | 436,875 | 418,901 | |||||||||
Direct-to-consumer | 98,327 | 70,591 | 72,093 | |||||||||
Other net sales | — | — | 115 | |||||||||
Total net sales | 1,713,150 | 1,582,405 | 1,714,326 | |||||||||
Cost of goods sold | 753,409 | 762,913 | 745,265 | |||||||||
Gross margin | 959,741 | 819,492 | 969,061 | |||||||||
Selling, general and administrative expenses: | ||||||||||||
Store operating expenses | 647,040 | 645,352 | 633,288 | |||||||||
Marketing | 78,075 | 80,326 | 95,717 | |||||||||
National Store Support Center | 111,447 | 109,744 | 118,598 | |||||||||
Impairment and restructuring charges | 15,026 | 23,664 | — | |||||||||
Total selling, general and administrative expenses | 851,588 | 859,086 | 847,603 | |||||||||
Income (loss) from operations | 108,153 | (39,594 | ) | 121,458 | ||||||||
Gain on sale of investment | — | — | 6,833 | |||||||||
Interest income, net | 1,693 | 7,757 | 10,869 | |||||||||
Income (loss) before income taxes | 109,846 | (31,837 | ) | 139,160 | ||||||||
Income tax provision (benefit) | 40,200 | (12,700 | ) | 48,012 | ||||||||
Income (loss) from continuing operations | 69,646 | (19,137 | ) | 91,148 | ||||||||
Loss on discontinued operations, net of tax | — | — | 2,273 | |||||||||
Net income (loss) | $ | 69,646 | $ | (19,137 | ) | $ | 88,875 | |||||
Per share data: | ||||||||||||
Income (loss) from continuing operations per common share-basic | $ | 0.39 | $ | (0.11 | ) | $ | 0.52 | |||||
Loss on discontinued operations per common share-basic | — | — | (0.01 | ) | ||||||||
Net income (loss) per common share-basic | $ | 0.39 | $ | (0.11 | ) | $ | 0.51 | |||||
Income (loss) from continuing operations per common & common equivalent share-diluted | $ | 0.39 | $ | (0.11 | ) | $ | 0.51 | |||||
Loss on discontinued operations per common & common equivalent share-diluted | — | — | (0.01 | ) | ||||||||
Net income (loss) per common & common equivalent share — diluted | $ | 0.39 | $ | (0.11 | ) | $ | 0.50 | |||||
Weighted average common shares outstanding — basic | 177,499 | 176,606 | 176,082 | |||||||||
Weighted average common & common equivalent shares outstanding — diluted | 178,858 | 176,606 | 176,735 | |||||||||
3834
Fiscal Year Ended | ||||||||||||
January 31, | February 2, | February 3, | ||||||||||
2009 | 2008 | 2007 | ||||||||||
Net sales by Chico’s/Soma stores | $ | 1,074,939 | $ | 1,223,217 | $ | 1,210,474 | ||||||
Net sales by WH|BM stores | 436,875 | 418,901 | 367,063 | |||||||||
Net sales bydirect-to-consumer | 70,591 | 72,093 | 52,959 | |||||||||
Other net sales | — | 115 | 10,431 | |||||||||
Net sales | 1,582,405 | 1,714,326 | 1,640,927 | |||||||||
Cost of goods sold | 762,913 | 745,265 | 673,742 | |||||||||
Gross margin | 819,492 | 969,061 | 967,185 | |||||||||
Selling, general and administrative expenses: | ||||||||||||
Store operating expenses | 645,352 | 633,288 | 525,529 | |||||||||
Marketing | 80,326 | 95,717 | 75,121 | |||||||||
Shared services | 109,744 | 118,598 | 102,835 | |||||||||
Impairment and restructuring charges | 23,664 | — | — | |||||||||
Total selling, general, and administrative expenses | 859,086 | 847,603 | 703,485 | |||||||||
Income (loss) from operations | (39,594 | ) | 121,458 | 263,700 | ||||||||
Gain on sale of investment | — | 6,833 | — | |||||||||
Interest income, net | 7,757 | 10,869 | 10,626 | |||||||||
Income (loss) before income taxes | (31,837 | ) | 139,160 | 274,326 | ||||||||
Income tax provision (benefit) | (12,700 | ) | 48,012 | 99,635 | ||||||||
Income (loss) from continuing operations | (19,137 | ) | 91,148 | 174,691 | ||||||||
Loss on discontinued operations, net of tax | — | 2,273 | 8,055 | |||||||||
Net income (loss) | $ | (19,137 | ) | $ | 88,875 | $ | 166,636 | |||||
Per share data: | ||||||||||||
Income (loss) from continuing operations per common share-basic | $ | (0.11 | ) | $ | 0.52 | $ | 0.99 | |||||
Loss on discontinued operations per common share-basic | — | (0.01 | ) | ( 0.05 | ) | |||||||
Net income (loss) per common share-basic | $ | (0.11 | ) | $ | 0.51 | $ | 0.94 | |||||
Income (loss) from continuing operations per common & common equivalent share-diluted | $ | (0.11 | ) | $ | 0.51 | $ | 0.98 | |||||
Loss on discontinued operations per common & common equivalent share-diluted | — | (0.01 | ) | ( 0.05 | ) | |||||||
Net income (loss) per common & common equivalent share — diluted | $ | (0.11 | ) | $ | 0.50 | $ | 0.93 | |||||
Weighted average common shares outstanding — basic | 175,861 | 175,574 | 177,273 | |||||||||
Weighted average common & common equivalent shares outstanding — diluted | 175,861 | 176,355 | 178,452 | |||||||||
January 30, | January 31, | |||||||
2010 | 2009 | |||||||
ASSETS | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | 37,043 | $ | 26,549 | ||||
Marketable securities, at fair value | 386,500 | 242,153 | ||||||
Receivables | 3,922 | 33,993 | ||||||
Income tax receivable | 312 | 11,706 | ||||||
Inventories | 138,516 | 132,413 | ||||||
Prepaid expenses | 24,023 | 21,702 | ||||||
Deferred taxes | 9,664 | 17,859 | ||||||
Total current assets | 599,980 | 486,375 | ||||||
Property and Equipment: | ||||||||
Land and land improvements | 21,978 | 18,627 | ||||||
Building and building improvements | 82,169 | 74,998 | ||||||
Equipment, furniture and fixtures | 388,392 | 376,218 | ||||||
Leasehold improvements | 412,834 | 418,691 | ||||||
Total property and equipment | 905,373 | 888,534 | ||||||
Less accumulated depreciation and amortization | (383,844 | ) | (327,989 | ) | ||||
Property and equipment, net | 521,529 | 560,545 | ||||||
Goodwill | 96,774 | 96,774 | ||||||
Other Intangible Assets | 38,930 | 38,930 | ||||||
Deferred Taxes | 36,321 | 38,458 | ||||||
Other Assets, Net | 25,269 | 5,101 | ||||||
$ | 1,318,803 | $ | 1,226,183 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current Liabilities: | ||||||||
Accounts payable | $ | 79,219 | $ | 56,542 | ||||
Accrued liabilities | 95,862 | 88,446 | ||||||
Current portion of deferred liabilities | 19,625 | 18,659 | ||||||
Total current liabilities | 194,706 | 163,647 | ||||||
Noncurrent Liabilities: | ||||||||
Deferred liabilities | 142,179 | 160,340 | ||||||
Total noncurrent liabilities | 142,179 | 160,340 | ||||||
Commitments and Contingencies | ||||||||
Stockholders’ Equity: | ||||||||
Common stock, $.01 par value; 400,000 shares authorized with 178,126 and 177,130 shares issued and outstanding, respectively | 1,781 | 1,771 | ||||||
Additional paid-in capital | 268,109 | 258,312 | ||||||
Retained earnings | 711,624 | 641,978 | ||||||
Other accumulated comprehensive income | 404 | 135 | ||||||
Total stockholders’ equity | 981,918 | 902,196 | ||||||
$ | 1,318,803 | $ | 1,226,183 | |||||
3935
Accumulated | Accumulated | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock | Additional | Other | Common Stock | Additional | Other | |||||||||||||||||||||||||||||||||||||||||||||||
Par | Paid-in | Unearned | Retained | Comprehensive | Par | Paid-in | Retained | Comprehensive | ||||||||||||||||||||||||||||||||||||||||||||
Shares | Value | Capital | Compensation | Earnings | (Loss) Income | Total | Shares | Value | Capital | Earnings | Income | Total | ||||||||||||||||||||||||||||||||||||||||
BALANCE, January 28, 2006 | 181,726 | $ | 1,817 | $ | 202,878 | $ | (3,710 | ) | $ | 605,537 | $ | (95 | ) | $ | 806,427 | |||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 166,636 | — | 166,636 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on marketable securities, net | — | — | — | — | — | 95 | 95 | |||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 166,731 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 703 | 7 | 6,395 | — | — | — | 6,402 | |||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (6,680 | ) | (67 | ) | (148 | ) | — | (199,933 | ) | — | (200,148 | ) | ||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 21,241 | — | — | — | 21,241 | |||||||||||||||||||||||||||||||||||||||||||||
Reversal of unearned compensation upon adoption of SFAS 123R | — | — | (3,710 | ) | 3,710 | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Tax benefit of stock options exercised | — | — | 3,278 | — | — | — | 3,278 | |||||||||||||||||||||||||||||||||||||||||||||
BALANCE, February 3, 2007 | 175,749 | 1,757 | 229,934 | — | 572,240 | — | 803,931 | 175,749 | $ | 1,757 | $ | 229,934 | $ | 572,240 | $ | — | $ | 803,931 | ||||||||||||||||||||||||||||||||||
Net income and comprehensive income | — | — | — | — | 88,875 | — | 88,875 | — | — | — | 88,875 | — | 88,875 | |||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 550 | 5 | 3,528 | — | — | — | 3,533 | 550 | 5 | 3,528 | — | — | 3,533 | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (54 | ) | — | (694 | ) | — | — | — | (694 | ) | (54 | ) | — | (694 | ) | — | — | (694 | ) | |||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 17,080 | — | — | — | 17,080 | — | — | 17,080 | — | — | 17,080 | |||||||||||||||||||||||||||||||||||||||
Adjustment to excess tax benefit from stock-based compensation | — | — | (209 | ) | — | — | — | (209 | ) | — | — | (209 | ) | — | — | (209 | ) | |||||||||||||||||||||||||||||||||||
BALANCE, February 2, 2008 | 176,245 | 1,762 | 249,639 | — | 661,115 | — | 912,516 | 176,245 | 1,762 | 249,639 | 661,115 | — | 912,516 | |||||||||||||||||||||||||||||||||||||||
Net loss | — | — | — | — | (19,137 | ) | — | (19,137 | ) | — | — | — | (19,137 | ) | — | (19,137 | ) | |||||||||||||||||||||||||||||||||||
Unrealized gain on marketable securities, net | — | — | — | — | — | 135 | 135 | |||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on marketable securities, net of taxes | — | — | — | — | 135 | 135 | ||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive loss | (19,002 | ) | (19,002 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 945 | 9 | 297 | — | — | — | 306 | 945 | 9 | 297 | — | — | 306 | |||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (60 | ) | — | (311 | ) | — | — | (311 | ) | (60 | ) | — | (311 | ) | — | — | (311 | ) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 12,590 | — | — | — | 12,590 | — | — | 12,590 | — | — | 12,590 | |||||||||||||||||||||||||||||||||||||||
Adjustment to excess tax benefit from stock-based compensation | — | — | (3,903 | ) | — | — | — | (3,903 | ) | — | — | (3,903 | ) | — | — | (3,903 | ) | |||||||||||||||||||||||||||||||||||
BALANCE, January 31, 2009 | 177,130 | $ | 1,771 | $ | 258,312 | $ | — | $ | 641,978 | $ | 135 | $ | 902,196 | 177,130 | $ | 1,771 | $ | 258,312 | $ | 641,978 | $ | 135 | $ | 902,196 | ||||||||||||||||||||||||||||
Net income | — | — | — | 69,646 | — | 69,646 | ||||||||||||||||||||||||||||||||||||||||||||||
Unrealized gain on marketable securities, net of taxes | — | — | — | — | 269 | 269 | ||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive income | 69,915 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock | 1,072 | 11 | 4,846 | — | — | 4,857 | ||||||||||||||||||||||||||||||||||||||||||||||
Repurchase of common stock | (76 | ) | (1 | ) | (929 | ) | — | — | (930 | ) | ||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 7,402 | — | — | 7,402 | ||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to excess tax benefit from stock-based compensation | — | — | (1,522 | ) | — | — | (1,522 | ) | ||||||||||||||||||||||||||||||||||||||||||||
BALANCE, January 30, 2010 | 178,126 | $ | 1,781 | $ | 268,109 | $ | 711,624 | $ | 404 | $ | 981,918 | |||||||||||||||||||||||||||||||||||||||||
4036
Fiscal Year Ended | Fiscal Year Ended | |||||||||||||||||||||||
January 31, | February 2, | February 3, | January 30, | January 31, | February 2, | |||||||||||||||||||
2009 | 2008 | 2007 | 2010 | 2009 | 2008 | |||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||||||
Net (loss) income | $ | (19,137 | ) | $ | 88,875 | $ | 166,636 | |||||||||||||||||
Net income (loss) | $ | 69,646 | $ | (19,137 | ) | $ | 88,875 | |||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities — | ||||||||||||||||||||||||
Depreciation and amortization, cost of goods sold | 8,782 | 10,386 | 7,564 | |||||||||||||||||||||
Depreciation and amortization, other | 88,790 | 81,593 | 61,840 | |||||||||||||||||||||
Deferred tax benefit | (20,507 | ) | (6,635 | ) | (22,324 | ) | ||||||||||||||||||
Stock-based compensation expense, cost of goods sold | 2,769 | 4,909 | 6,004 | |||||||||||||||||||||
Stock-based compensation expense, other | 9,821 | 12,171 | 15,237 | |||||||||||||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities — | ||||||||||||||||||||||||
Depreciation and amortization | 96,372 | 97,572 | 91,979 | |||||||||||||||||||||
Deferred tax expense (benefit) | 5,647 | (20,507 | ) | (6,635 | ) | |||||||||||||||||||
Stock-based compensation expense | 7,402 | 12,590 | 17,080 | |||||||||||||||||||||
Excess tax benefit from stock-based compensation | (100 | ) | (209 | ) | (2,365 | ) | (3,194 | ) | (100 | ) | (209 | ) | ||||||||||||
Deferred rent expense, net | 6,060 | 9,508 | 6,867 | 2,338 | 6,060 | 9,508 | ||||||||||||||||||
Goodwill impairment | − | − | 6,752 | |||||||||||||||||||||
Gain on sale of investment | − | (6,833 | ) | − | − | − | (6,833 | ) | ||||||||||||||||
Impairment of long-lived assets | 13,691 | − | − | |||||||||||||||||||||
Impairment charges | 15,026 | 13,691 | − | |||||||||||||||||||||
Loss (gain) on disposal of property and equipment | 761 | (908 | ) | 826 | 1,372 | 761 | (908 | ) | ||||||||||||||||
Decrease (increase) in assets — | ||||||||||||||||||||||||
Receivables, net | 3,766 | (18,770 | ) | (4,517 | ) | 4,237 | 3,766 | (18,770 | ) | |||||||||||||||
Income tax receivable | 12,267 | − | − | 11,394 | 12,267 | − | ||||||||||||||||||
Inventories | 11,847 | (32,388 | ) | (14,696 | ) | (6,103 | ) | 11,847 | (32,388 | ) | ||||||||||||||
Prepaid expenses and other | 4,224 | (3,958 | ) | (3,676 | ) | (2,489 | ) | 4,224 | (3,958 | ) | ||||||||||||||
(Decrease) increase in liabilities — | ||||||||||||||||||||||||
Increase (decrease) in liabilities — | ||||||||||||||||||||||||
Accounts payable | (22,488 | ) | 24,119 | 7,532 | 22,677 | (22,488 | ) | 24,119 | ||||||||||||||||
Accrued and other deferred liabilities | (1,100 | ) | 46,787 | 57,314 | (8,955 | ) | (1,100 | ) | 46,787 | |||||||||||||||
Total adjustments | 118,583 | 119,772 | 122,358 | 145,724 | 118,583 | 119,772 | ||||||||||||||||||
Net cash provided by operating activities | 99,446 | 208,647 | 288,994 | 215,370 | 99,446 | 208,647 | ||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||||||
Purchases of marketable securities | (569,358 | ) | (1,212,894 | ) | (162,690 | ) | (590,223 | ) | (569,358 | ) | (1,212,894 | ) | ||||||||||||
Proceeds from sale of marketable securities | 587,809 | 1,190,761 | 325,894 | 446,146 | 587,809 | 1,190,761 | ||||||||||||||||||
Purchase of Fitigues assets | − | − | (7,527 | ) | ||||||||||||||||||||
Purchase of Minnesota franchise rights and stores | − | (32,896 | ) | − | − | − | (32,896 | ) | ||||||||||||||||
Acquisition of other franchise stores | − | (6,361 | ) | (811 | ) | − | − | (6,361 | ) | |||||||||||||||
Proceeds from sale of land | − | 13,426 | − | − | − | 13,426 | ||||||||||||||||||
Proceeds from sale of investment | − | 15,090 | − | − | − | 15,090 | ||||||||||||||||||
Purchases of property and equipment | (104,615 | ) | (202,223 | ) | (218,311 | ) | (67,920 | ) | (104,615 | ) | (202,223 | ) | ||||||||||||
Net cash used in investing activities | (86,164 | ) | (235,097 | ) | (63,445 | ) | (211,997 | ) | (86,164 | ) | (235,097 | ) | ||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Proceeds from issuance of common stock | 306 | 3,533 | 6,402 | 4,857 | 306 | 3,533 | ||||||||||||||||||
Excess tax benefit from stock-based compensation | 100 | 209 | 2,365 | 3,194 | 100 | 209 | ||||||||||||||||||
Cash paid for deferred financing costs | (629 | ) | − | − | − | (629 | ) | − | ||||||||||||||||
Repurchase of common stock | (311 | ) | (694 | ) | (200,148 | ) | (930 | ) | (311 | ) | (694 | ) | ||||||||||||
Net cash (used in) provided by financing activities | (534 | ) | 3,048 | (191,381 | ) | |||||||||||||||||||
Net cash provided by (used in) financing activities | 7,121 | (534 | ) | 3,048 | ||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 12,748 | (23,402 | ) | 34,168 | 10,494 | 12,748 | (23,402 | ) | ||||||||||||||||
CASH AND CASH EQUIVALENTS,Beginning of period | 13,801 | 37,203 | 3,035 | 26,549 | 13,801 | 37,203 | ||||||||||||||||||
CASH AND CASH EQUIVALENTS,End of period | $ | 26,549 | $ | 13,801 | $ | 37,203 | $ | 37,043 | $ | 26,549 | $ | 13,801 | ||||||||||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||||||||||||||||||||||||
Cash paid for interest | $ | 159 | $ | 461 | $ | 107 | $ | 304 | $ | 159 | $ | 461 | ||||||||||||
Cash paid for income taxes, net | $ | 13,591 | $ | 74,563 | $ | 105,646 | $ | 29,530 | $ | 13,591 | $ | 74,563 | ||||||||||||
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||||||||||||||||||||||||
Receipt of note receivable for sale of land | − | $ | 25,834 | − | − | − | $ | 25,834 | ||||||||||||||||
Receivable from sale of equity investment | − | $ | 2,161 | − | − | − | $ | 2,161 |
4137
1. | Business Organization and Significant Accounting Policies: |
42
38
43
Estimated Useful Lives | ||
Land improvements | 35 years | |
Building and building improvements | 20 - 35 years | |
Equipment, furniture and fixtures | 2 - 10 years | |
Leasehold improvements | 5 - 10 years or term of lease, if shorter |
39
44
40
45
41
42
Fiscal | Fiscal | Fiscal | ||||||||||
2009 | 2008 | 2007 | ||||||||||
Weighted average common shares outstanding — basic | 177,498,862 | 176,606,274 | 176,082,322 | |||||||||
Dilutive effect of stock options and performance awards outstanding | 1,358,678 | − | 653,171 | |||||||||
Weighted average common and common equivalent shares outstanding — diluted | 178,857,540 | 176,606,274 | 176,735,493 | |||||||||
43
2. | Impairment and Restructuring Charges: |
Impairment of long-lived assets related to underperforming stores | $ | 1,134 | ||
Impairment of software development costs | 8,058 | |||
Impairment of note receivable | 5,834 | |||
Total pre-tax impairment charges | $ | 15,026 | ||
44
Impairment of long-lived assets related to underperforming stores | $ | 13,691 | ||
Severance and workforce reduction charges | 9,973 | |||
Total pre-tax impairment and restructuring charges | $ | 23,664 | ||
Beginning | Non-Cash | Ending | ||||||||||||||||||
Balance | Charges | Expense | Payments | Balance | ||||||||||||||||
Fiscal 2008 | $ | — | $ | 9,973 | $ | (1,275 | ) | $ | — | $ | 8,698 | |||||||||
Fiscal 2009 | $ | 8,698 | $ | — | $ | — | $ | 8,582 | $ | 116 | ||||||||||
3. | Acquisitions of Chico’s Franchised Stores: |
45
4. | Discontinued Operations: |
Fiscal Year Ended | ||||
February 2, 2008 | ||||
Net sales | $ | 1,688 | ||
Loss from operations | 3,470 | |||
Income tax benefit | (1,197 | ) | ||
Net loss on discontinued operations | $ | 2,273 | ||
5. | Marketable Securities: |
January 30, 2010 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
Total marketable securities | $ | 386,096 | $ | 451 | $ | 47 | $ | 386,500 | ||||||||
January 31, 2009 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
Total marketable securities | $ | 242,018 | $ | 135 | $ | — | $ | 242,153 | ||||||||
6. | Fair Value Measurements: |
46
46
As of January 31, 2009 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Current Assets | ||||||||||||||||
Cash Equivalents | ||||||||||||||||
Money market accounts | $ | 25,103 | $ | 25,103 | $ | — | $ | — | ||||||||
Marketable Securities | ||||||||||||||||
Variable rate demand notes | $ | 186,805 | — | 186,805 | — | |||||||||||
Municipal bonds | $ | 55,348 | — | 55,348 | — | |||||||||||
Non Current Assets | ||||||||||||||||
Plan Assets | ||||||||||||||||
Deferred compensation plan assets | $ | 4,023 | $ | 4,023 | — | — | ||||||||||
Total | $ | 271,279 | $ | 29,126 | $ | 242,153 | $ | — | ||||||||
As of January 30, 2010 | ||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||
Current Assets | ||||||||||||||||
Cash equivalents | $ | 8,256 | $ | 8,256 | $ | — | $ | — | ||||||||
Marketable securities | 386,500 | 33,383 | 353,117 | — | ||||||||||||
Non Current Assets | ||||||||||||||||
Note receivable | 20,000 | — | 20,000 | — | ||||||||||||
Deferred compensation plan assets | 4,050 | 4,050 | — | — | ||||||||||||
Total | $ | 418,806 | $ | 45,689 | $ | 373,117 | $ | — | ||||||||
7. | Receivables: |
January 30, | January 31, | |||||||
2010 | 2009 | |||||||
Tenant improvement advances | $ | 704 | $ | 1,254 | ||||
Note receivable | — | 25,834 | ||||||
Other | 3,218 | 6,905 | ||||||
Total receivables | $ | 3,922 | $ | 33,993 | ||||
47
8. | Accrued Liabilities: |
January 30, | January 31, | |||||||
2010 | 2009 | |||||||
Allowance for estimated customer returns, gift cards and store credits outstanding | $ | 40,669 | $ | 36,411 | ||||
Accrued payroll and benefits, bonuses and severance costs | 34,038 | 34,505 | ||||||
Sales and income taxes | 7,754 | 5,225 | ||||||
Other | 13,401 | 12,305 | ||||||
Total accrued liabilities | $ | 95,862 | $ | 88,446 | ||||
9. | Income Taxes: |
Fiscal | Fiscal | Fiscal | ||||||||||
2008 | 2007 | 2006 | ||||||||||
Weighted average common shares outstanding — basic | 175,861,224 | 175,574,116 | 177,273,138 | |||||||||
Dilutive effect of stock options and unvested restricted stock outstanding | — | 780,991 | 1,178,745 | |||||||||
Weighted average common and common equivalent shares outstanding — diluted | 175,861,224 | 176,355,107 | 178,451,883 | |||||||||
Fiscal | Fiscal | Fiscal | ||||||||||
2009 | 2008 | 2007 | ||||||||||
Current: | ||||||||||||
Federal | $ | 30,555 | $ | 4,562 | $ | 49,854 | ||||||
State | 3,998 | 5,924 | 7,648 | |||||||||
Deferred: | ||||||||||||
Federal | 5,451 | (18,992 | ) | (8,218 | ) | |||||||
State | 196 | (4,194 | ) | (1,272 | ) | |||||||
Total income tax provision (benefit) | $ | 40,200 | $ | (12,700 | ) | $ | 48,012 | |||||
Fiscal | Fiscal | Fiscal | ||||||||||
2009 | 2008 | 2007 | ||||||||||
Federal income tax rate | 35.0 | % | (35.0 | )% | 35.0 | % | ||||||
State income tax, net of federal tax benefit | 2.5 | 5.6 | 2.9 | |||||||||
Municipal interest income | (0.6 | ) | (6.4 | ) | (2.2 | ) | ||||||
Enhanced charitable contribution | (1.1 | ) | (6.8 | ) | (2.5 | ) | ||||||
Decrease in deferred compensation plan assets | — | 4.2 | — | |||||||||
Other items, net | 0.8 | (1.5 | ) | 1.3 | ||||||||
Total | 36.6 | % | (39.9 | )% | 34.5 | % | ||||||
48
49
Fiscal | ||||
2008 | ||||
Impairment of long-lived assets related to Company stores | $ | 13,691 | ||
Severance and workforce reduction charges | 9,973 | |||
Total pre-tax impairment and restructuring charges | $ | 23,664 | ||
Fiscal 2008 | ||||||||||||||||
Beginning | Non-Cash | Ending | ||||||||||||||
Balance | Charges | Expense | Balance | |||||||||||||
Severance and workforce reduction charges | $ | — | $ | 9,973 | $ | (1,275 | ) | $ | 8,698 | |||||||
50
Fiscal Year Ended | ||||||||
February 2, | February 3, | |||||||
2008 | 2007 | |||||||
Net sales | $ | 1,688 | $ | 5,555 | ||||
Loss from operations | 3,470 | 12,647 | ||||||
Income tax benefit | 1,197 | 4,592 | ||||||
Net loss on discontinued operations | $ | 2,273 | $ | 8,055 | ||||
January 31, 2009 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
Total marketable securities | $ | 242,018 | $ | 135 | $ | — | $ | 242,153 | ||||||||
February 2, 2008 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
Total marketable securities | $ | 260,469 | $ | — | $ | — | $ | 260,469 | ||||||||
51
January 31, | February 2, | |||||||
2009 | 2008 | |||||||
Tenant improvement advances | $ | 1,254 | $ | 6,497 | ||||
Note receivable | 25,834 | — | ||||||
Other | 6,905 | 5,427 | ||||||
Total receivables | $ | 33,993 | $ | 11,924 | ||||
January 31, | February 2, | |||||||
2009 | 2008 | |||||||
Allowance for estimated customer returns, gift cards and store credits outstanding | $ | 36,411 | $ | 41,809 | ||||
Accrued payroll and benefits, bonuses and severance costs | 34,505 | 23,607 | ||||||
Accrued sales taxes | 5,225 | 3,967 | ||||||
Allowance for construction in progress | 1,908 | 8,407 | ||||||
Accrued marketing costs | 1,467 | 9,104 | ||||||
Other | 8,930 | 13,832 | ||||||
Total accrued liabilities | $ | 88,446 | $ | 100,726 | ||||
Fiscal | Fiscal | Fiscal | ||||||||||
2008 | 2007 | 2006 | ||||||||||
Current: | ||||||||||||
Federal | $ | 4,562 | $ | 49,854 | $ | 105,172 | ||||||
State | 5,924 | 7,648 | 14,199 | |||||||||
Deferred: | ||||||||||||
Federal | (18,992 | ) | (8,218 | ) | (19,119 | ) | ||||||
State | (4,194 | ) | (1,272 | ) | (617 | ) | ||||||
Total income tax provision (benefit) | $ | (12,700 | ) | $ | 48,012 | $ | 99,635 | |||||
52
Fiscal | Fiscal | Fiscal | ||||||||||
2008 | 2007 | 2006 | ||||||||||
Federal income tax rate | (35.0 | )% | 35.0 | % | 35.0 | % | ||||||
State income tax, net of federal tax benefit | 5.6 | 2.9 | 2.8 | |||||||||
Municipal interest income | (6.4 | ) | (2.2 | ) | (1.2 | ) | ||||||
Enhanced charitable contribution | (6.8 | ) | (2.5 | ) | (1.0 | ) | ||||||
Decrease in deferred compensation plan assets | 4.2 | — | — | |||||||||
Other items, net | (1.5 | ) | 1.3 | 0.7 | ||||||||
Total | (39.9 | )% | 34.5 | % | 36.3 | % | ||||||
January 31, | February 2, | January 30, | January 31, | |||||||||||||
2009 | 2008 | 2010 | 2009 | |||||||||||||
Current deferred tax assets: | ||||||||||||||||
Accrued liabilities and allowances | $ | 12,152 | $ | 9,060 | $ | 12,287 | $ | 12,152 | ||||||||
Inventories | 2,804 | 1,380 | — | 2,804 | ||||||||||||
Other, net | 2,903 | 2,866 | 1,932 | 2,903 | ||||||||||||
$ | 17,859 | $ | 13,306 | $ | 14,219 | $ | 17,859 | |||||||||
Noncurrent deferred tax assets: | ||||||||||||||||
Property related, net | $ | 16,647 | $ | 6,935 | $ | 19,516 | $ | 16,647 | ||||||||
Accrued liabilities and allowances | 4,658 | 2,527 | 3,480 | 4,658 | ||||||||||||
Accrued straight-line rent | 15,239 | 13,019 | 16,381 | 15,239 | ||||||||||||
SFAS 123R compensation | 13,003 | 12,878 | ||||||||||||||
Stock-based compensation | 9,851 | 13,003 | ||||||||||||||
Other, net | 4,632 | 1,551 | 4,060 | 4,632 | ||||||||||||
$ | 53,288 | $ | 54,179 | |||||||||||||
Current deferred tax liabilities: | ||||||||||||||||
Inventories | $ | (4,555 | ) | $ | — | |||||||||||
$ | 54,179 | $ | 36,910 | $ | (4,555 | ) | $ | — | ||||||||
Noncurrent deferred tax liabilities: | ||||||||||||||||
Other intangible assets | (15,721 | ) | (14,407 | ) | $ | (16,967 | ) | $ | (15,721 | ) | ||||||
$ | (15,721 | ) | $ | (14,407 | ) | $ | (16,967 | ) | $ | (15,721 | ) | |||||
Fiscal | Fiscal | |||||||
2009 | 2008 | |||||||
Balance at beginning of year | $ | 10,567 | $ | 6,367 | ||||
Additions for tax positions of prior years | 411 | 5,675 | ||||||
Reductions for tax positions of prior years | (937 | ) | (642 | ) | ||||
Additions for tax positions for the current year | 173 | — | ||||||
Reductions for tax positions for the current year | — | (200 | ) | |||||
Settlements with tax authorities | (2,708 | ) | (285 | ) | ||||
Reductions due to lapse of applicable statutes of limitation | (620 | ) | (348 | ) | ||||
Balance at end of year | $ | 6,886 | $ | 10,567 | ||||
5349
Balance at February 4, 2007 | $ | 7,971 | ||
Additions for tax positions of prior year | 329 | |||
Reductions for tax positions of prior year | (549 | ) | ||
Additions for tax positions of current year | 981 | |||
Reductions for tax positions of current year | — | |||
Settlements with tax authorities | (1,873 | ) | ||
Reductions due to lapse of applicable statutes of limitation | (492 | ) | ||
Balance at February 2, 2008 | $ | 6,367 | ||
Additions for tax positions of prior year | 5,675 | |||
Reductions for tax positions of prior year | (642 | ) | ||
Additions for tax positions of current year | — | |||
Reductions for tax positions of current year | (200 | ) | ||
Settlements with tax authorities | (285 | ) | ||
Reductions due to lapse of applicable statutes of limitation | (348 | ) | ||
Balance at January 31, 2009 | $ | 10,567 | ||
54
Deferred Liabilities: |
January 31, | February 2, | January 30, | January 31, | |||||||||||||
2009 | 2008 | 2010 | 2009 | |||||||||||||
Deferred rent | $ | 39,276 | $ | 33,215 | $ | 41,614 | $ | 39,276 | ||||||||
Deferred lease credits and other | 139,723 | 124,639 | ||||||||||||||
Deferred lease credits | 107,714 | 122,127 | ||||||||||||||
Other deferred liabilities | 12,476 | 17,596 | ||||||||||||||
Total deferred liabilities | 178,999 | 157,854 | 161,804 | 178,999 | ||||||||||||
Less current portion | (1,748 | ) | (1,437 | ) | (19,625 | ) | (18,659 | ) | ||||||||
Total deferred liabilities | $ | 177,251 | $ | 156,417 | $ | 142,179 | $ | 160,340 | ||||||||
Commitments and Contingencies: |
50
FISCAL YEAR ENDING: | ||||||||||||||||
January 30, 2010 | $ | 128,332 | ||||||||||||||
January 29, 2011 | 121,909 | $ | 129,244 | |||||||||||||
January 28, 2012 | 112,591 | 120,213 | ||||||||||||||
February 3, 2013 | 99,742 | |||||||||||||||
February 2, 2014 | 85,834 | |||||||||||||||
February 2, 2013 | 107,041 | |||||||||||||||
February 1, 2014 | 93,271 | |||||||||||||||
January 31, 2015 | 84,904 | |||||||||||||||
Thereafter | 252,007 | 200,536 | ||||||||||||||
Total minimum lease payments | $ | 800,415 | $ | 735,209 | ||||||||||||
55
51
56
Stock Compensation Plans and Capital Stock Transactions: |
52
57
53
Fiscal 2009 | Fiscal 2008 | Fiscal 2007 | ||||||||||
Weighted average fair value of grants | $ | 3.23 | $ | 1.69 | $ | 7.46 | ||||||
Expected volatility | 63 | % | 54 | % | 43 | % | ||||||
Expected term (years) | 4.5 years | 4.5 years | 4.5 years | |||||||||
Risk-free interest rate | 1.9 | % | 2.0 | % | 4.2 | % | ||||||
Expected dividend yield | N/A | N/A | N/A |
Weighted | Aggregate | |||||||||||||||
Weighted | Average | Intrinsic | ||||||||||||||
Number of | Average | Remaining | Value | |||||||||||||
Shares | Exercise Price | Contractual Term | (in thousands) | |||||||||||||
Outstanding, beginning of period | 7,763,161 | $ | 14.10 | |||||||||||||
Granted | 1,119,850 | 6.74 | ||||||||||||||
Exercised | (782,609 | ) | 5.69 | |||||||||||||
Canceled or expired | (1,812,044 | ) | 18.61 | |||||||||||||
Outstanding, end of period | 6,288,358 | 12.54 | 6.62 | $ | 28,928 | |||||||||||
Vested and expected to vest at January 30, 2010 | 5,825,358 | 13.01 | 6.46 | 25,630 | ||||||||||||
Exercisable at January 30, 2010 | 3,479,750 | 17.94 | 5.36 | 8,111 |
5854
Fiscal 2008 | Fiscal 2007 | Fiscal 2006 | ||||||||||
Weighted average fair value of grants | $ | 1.69 | $ | 7.46 | $ | 15.12 | ||||||
Expected volatility | 54 | % | 43 | % | 46 | % | ||||||
Expected term (years) | 4.5 years | 4.5 years | 4.5 years | |||||||||
Risk-free interest rate | 2.0 | % | 4.2 | % | 4.6 | % | ||||||
Expected dividend yield | N/A | N/A | N/A |
Weighted | Aggregate | |||||||||||||||
Weighted | Average | Intrinsic | ||||||||||||||
Number of | Average | Remaining | Value | |||||||||||||
Shares | Exercise Price | Contractual Term | (in thousands) | |||||||||||||
Outstanding, beginning of period | 5,488,489 | $ | 19.94 | |||||||||||||
Granted | 3,123,550 | 3.79 | ||||||||||||||
Exercised | (33,800 | ) | 0.99 | |||||||||||||
Canceled or expired | (815,078 | ) | 14.49 | |||||||||||||
Outstanding, end of period | 7,763,161 | 14.10 | 6.38 years | $ | 2,671 | |||||||||||
Vested and expected to vest at January 31, 2009 | 7,090,072 | 14.75 | 6.09 years | $ | 2,175 | |||||||||||
Exercisable at January 31, 2009 | 4,502,765 | 19.80 | 4.15 years | $ | 62 |
59
Fiscal 2008 | Fiscal 2009 | |||||||||||||||
Weighted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Number of | Grant Date | Number of | Grant Date | |||||||||||||
Shares | Fair Value | Shares | Fair Value | |||||||||||||
Nonvested, beginning of period | 504,671 | $ | 21.21 | 1,112,004 | $ | 6.31 | ||||||||||
Granted | 1,048,928 | 3.87 | 258,976 | 9.48 | ||||||||||||
Vested | (258,433 | ) | 23.00 | (424,062 | ) | 7.67 | ||||||||||
Canceled | (183,162 | ) | 9.81 | (130,241 | ) | 5.38 | ||||||||||
Nonvested, end of period | 1,112,004 | $ | 6.31 | 816,677 | 6.76 | |||||||||||
Fiscal | Fiscal | Fiscal | ||||||||||
2008 | 2007 | 2006 | ||||||||||
Cost of goods sold | $ | 2,769 | $ | 4,909 | $ | 6,004 | ||||||
Selling, general and administrative expenses | 9,821 | 12,171 | 15,237 | |||||||||
Stock-based compensation expense before income taxes | $ | 12,590 | $ | 17,080 | $ | 21,241 | ||||||
Income tax benefit | 4,755 | 5,836 | 7,604 | |||||||||
Total stock-based compensation expense after income taxes | $ | 7,835 | $ | 11,244 | $ | 13,637 | ||||||
Retirement Plans: |
60
55
Quarterly Results of Operations (Unaudited): |
Net Income (Loss) | Net Income (Loss) | |||||||||||||||||||||||||||||||||||||||
Per | Net Income (Loss) | Per Common and | ||||||||||||||||||||||||||||||||||||||
Net Income (Loss) | Common and | Net | Per | Common | ||||||||||||||||||||||||||||||||||||
Net | Per | Common | Net | Gross | Income | Common Share – | Equivalent Share – | |||||||||||||||||||||||||||||||||
Net | Gross | Income | Common Share – | Equivalent Share – | Sales | Margin | (Loss) | Basic | Diluted | |||||||||||||||||||||||||||||||
Sales | Margin | (Loss) | Basic | Diluted | ||||||||||||||||||||||||||||||||||||
Fiscal year ended January 30, 2010: | ||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 410,643 | $ | 233,388 | $ | 14,489 | $ | 0.08 | $ | 0.08 | ||||||||||||||||||||||||||||||
Second quarter | 419,915 | 231,041 | 14,905 | 0.08 | 0.08 | |||||||||||||||||||||||||||||||||||
Third quarter | 446,863 | 257,278 | 22,745 | 0.13 | 0.13 | |||||||||||||||||||||||||||||||||||
Fourth quarter | 435,730 | 238,033 | 17,508 | 0.10 | 0.10 | |||||||||||||||||||||||||||||||||||
Fiscal year ended January 31, 2009: | ||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 409,564 | $ | 228,802 | $ | 12,732 | $ | 0.07 | $ | 0.07 | $ | 409,564 | $ | 228,802 | $ | 12,732 | $ | 0.07 | $ | 0.07 | ||||||||||||||||||||
Second quarter | 405,218 | 213,361 | 6,680 | 0.04 | 0.04 | 405,218 | 213,361 | 6,680 | 0.04 | 0.04 | ||||||||||||||||||||||||||||||
Third quarter | 394,243 | 211,373 | 1,995 | 0.01 | 0.01 | 394,243 | 211,373 | 1,995 | 0.01 | 0.01 | ||||||||||||||||||||||||||||||
Fourth quarter | 373,379 | 165,956 | (40,544 | ) | (0.23 | ) | (0.23 | ) | 373,379 | 165,956 | (40,544 | ) | (0.23 | ) | (0.23 | ) | ||||||||||||||||||||||||
Fiscal year ended February 2, 2008: | ||||||||||||||||||||||||||||||||||||||||
First quarter | $ | 453,088 | $ | 279,765 | $ | 47,158 | $ | 0.27 | $ | 0.27 | ||||||||||||||||||||||||||||||
Second quarter | 436,029 | 251,729 | 38,683 | 0.22 | 0.22 | |||||||||||||||||||||||||||||||||||
Third quarter | 415,913 | 242,464 | 23,570 | 0.13 | 0.13 | |||||||||||||||||||||||||||||||||||
Fourth quarter | 409,297 | 195,104 | (20,537 | ) | (0.12 | ) | (0.12 | ) |
15. | Subsequent Event |
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ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE |
ITEM 9A. | CONTROLS AND PROCEDURES |
6257
ITEM 9B. | OTHER INFORMATION |
6358
ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE |
ITEM 11. | EXECUTIVE COMPENSATION |
ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS |
Number of | Number of | |||||||||||||||||||||||
Securities | Securities | |||||||||||||||||||||||
Number of | Remaining Available | Number of | Remaining Available | |||||||||||||||||||||
Securities to be | for Future Issuance | Securities to be | for Future Issuance | |||||||||||||||||||||
Issued Upon | Weighted-Average | Under Equity | Issued Upon | Weighted-Average | Under Equity | |||||||||||||||||||
Exercise of | Exercise Price of | Compensation Plans | Exercise of | Exercise Price of | Compensation Plans | |||||||||||||||||||
Outstanding | Outstanding | (Excluding | Outstanding | Outstanding | (Excluding | |||||||||||||||||||
Options, Warrants | Options, Warrants | Securities | Options, Warrants | Options, Warrants | Securities | |||||||||||||||||||
Plan category | and Rights | and Rights ($) | Reflected in Column (a)) | and Rights | and Rights ($) | Reflected in Column (a)) | ||||||||||||||||||
(a) | (b) | (c) | (a) | (b) | (c) | |||||||||||||||||||
Equity compensation plans approved by security holders(1) | 7,763,161 | $ | 14.10 | 8,239,432 | 6,288,358 | $ | 12.54 | 8,778,584 | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | — | — | |||||||||||||||||||
Total | 7,763,161 | $ | 14.10 | 8,239,432 | 6,288,358 | $ | 12.54 | 8,778,584 | ||||||||||||||||
(1) | Includes shares authorized for issuance under the Company’s 1993 Stock Option Plan, Independent Directors’ Plan, and Amended and Restated 2002 Omnibus Stock and Incentive Plan. |
ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE |
ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES |
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ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES |
Financial Statements | Page in this Report | |||
35 | ||||
(2) | The following Financial Statement Schedules are included herein: |
(3) | The following exhibits are filed as part of this report (exhibits marked with an asterisk have been previously filed with the Commission as indicated and are incorporated herein by this reference): |
3 | .1* | Composite Articles of Incorporation of Chico’s FAS, Inc. (Filed as Exhibit 3.1 to the Company’sForm 10-Q as filed with the Commission on September 4, 2009) | ||
3 | .2 | Composite Amended and Restated By-laws of Chico’s FAS, Inc. | ||
4 | .1* | Composite Articles of Incorporation of Chico’s FAS, Inc. (Filed as Exhibit 3.1 to the Company’sForm 10-Q as filed with the Commission on September 4, 2009) | ||
4 | .2 | Composite Amended and Restated By-laws of Chico’s FAS, Inc. | ||
4 | .3* | Form of specimen Common Stock Certificate (Filed as Exhibit 4.9 to the Company’s Form 10-K for the year ended January 29, 2005, as filed with the Commission on April 8, 2005) | ||
10 | .1* | Employment Agreement between the Company and Scott A. Edmonds, effective as of September 3, 2003 (Filed as Exhibit 10.13 to the Company’s Form 10-K for the year ended January 31, 2004, as filed with the Commission on April 9, 2004) | ||
10 | .2* | Amendment No. 1 to Employment Agreement between the Company and Scott A. Edmonds, effective as of June 22, 2004 (Filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended July 31, 2004, as filed with the Commission on August 26, 2004) | ||
10 | .3* | Amendment No. 2 to Employment Agreement between the Company and Scott A. Edmonds, dated December 18, 2008 and effective as of January 1, 2005 (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on December 19, 2008) | ||
10 | .4* | Separation letter agreement and release between Chico’s FAS, Inc. and Scott A. Edmonds, dated as of January 7, 2009 (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on January 8, 2009) | ||
10 | .5* | Employment Agreement for Mori C. MacKenzie (Filed as Exhibit 10.4 to the Company’s Form 10-Q for the quarter ended October 1, 1995, as filed with the Commission on November 13, 1995) | ||
10 | .6* | Amendment No. 1 to Employment Agreement between the Company and Mori C. MacKenzie, effective as of August 21, 2000 (Filed as Exhibit 10.3 to the Company’s Form 10-Q for the quarter ended October 28, 2000, as filed with the Commission on December 8, 2000) |
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10 | ||||
Amendment No. 2 to Employment Agreement between the Company and | ||||
10 | ||||
10 | .9* | Amendment No. 1 to Employment Agreement between the Company and Charles L. Nesbit, Jr., dated December 18, 2008 and effective as of January 1, 2005 (Filed as Exhibit 10.2 to the Company’s Form 8-K, as filed with the Commission on December 19, 2008) | ||
10 | .10* | Employment letter agreement between the Company and | ||
10 | .11* | Employment letter agreement between | ||
10 | .12* | Employment letter agreement between the Company and David F. Dyer, dated as of January 7, 2009 (Filed as Exhibit | ||
10 | .13* | Amendment No. 1 to employment letter agreement between the Company and David F. Dyer, dated March 5, 2009 (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on March 12, 2009) | ||
10 | .14* | Employment letter agreement between the Company and Jeffrey A. Jones, dated as of February 11, 2009 (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on February 27, 2009) | ||
10 | .15* | Employment letter agreement between the Company and Cynthia S. Murray, dated as of January 29, 2009 (Filed as Exhibit 10.16 to the Company’s Form 10-K for the year ended January 31, 2009, as filed with the Commission on March 27, 2009) | ||
10 | .16* | 1993 Stock Option Plan (Filed as Exhibit 10.14 to the Company’s Form 10-K for the year ended January 2, 1994, as filed with the Commission on April 1, 1994) | ||
10 | .17* | First Amendment to 1993 Stock Option Plan (Filed as Exhibit 10.9 to the Company’s Form 10-K for the year ended January 30, 1999, as filed with the Commission on April 28, 1999) | ||
10 | .18* | Second Amendment to 1993 Stock Option Plan (Filed as Exhibit 10.21 to the Company’s Form 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
10 | .19* | 2002 Omnibus Stock and Incentive Plan (Filed as Exhibit 10.22 to the Company’s Form 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
10 | .20* | First Amendment to Chico’s FAS, Inc. 2002 Omnibus Stock and Incentive Plan, effective as of June 20, 2006 (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on June 22, 2006) | ||
10 | .21* | Amended and Restated 2002 Omnibus Stock and Incentive Plan (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on July 2, 2008) | ||
10 | .22* | Form of 2002 Omnibus Stock and Incentive Plan Stock Option Certificate for Employees (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .23* | Form of 2002 Omnibus Stock and Incentive Plan Stock Option Certificate for Non-Management Directors (Filed as Exhibit 10.2 to the Company’s Form 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .24* | Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Employees (Filed as Exhibit 10.3 to the Company’s Form 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .25* | Revised Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Employees (Filed as Exhibit 10.25 to the Company’s Form 10-K for the year ended January 31, 2009, as filed with the Commission on March 28, 2008) | ||
10 | .26* | Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Non-Management Directors (Filed as Exhibit 10.4 to the Company’s Form 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .27* | Revised Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Non-Management Directors (Filed as Exhibit 10.28 to the Company’s Form 10-K for the year ended February 2, 2008, as filed with the Commission on March 27, 2009) |
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10 | .5* | Employment Agreement for Mori C. MacKenzie (Filed as Exhibit 10.4 to the Company’sForm 10-Q for the quarter ended October 1, 1995, as filed with the Commission on November 13, 1995) | ||
10 | .6* | Amendment No. 1 to Employment Agreement between the Company and Mori C. MacKenzie, effective as of August 21, 2000 (Filed as Exhibit 10.3 to the Company’sForm 10-Q for the quarter ended October 28, 2000, as filed with the Commission on December 8, 2000) | ||
10 | .7* | Amendment No. 2 to Employment Agreement between the Company and Mori C. MacKenzie, dated December 18, 2008 and effective as of January 1, 2005 (Filed as Exhibit 10.3 to the Company’sForm 8-K, as filed with the Commission on December 19, 2008) | ||
10 | .8* | Employment Agreement between the Company and Charles L. Nesbit, Jr., effective as of August 4, 2004 (Filed as Exhibit 10.1 to the Company’sForm 10-Q as filed with the Commission on May 26, 2005) | ||
10 | .9* | Amendment No. 1 to Employment Agreement between the Company and Charles L. Nesbit, Jr., dated December 18, 2008 and effective as of January 1, 2005 (Filed as Exhibit 10.2 to the Company’s Form | ||
8-K, as filed with the Commission on December 19, 2008) | ||||
10 | .10* | Employment letter agreement between the Company and Michele M. Cloutier, with employment commencing on September 12, 2006 (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on September 13, 2006) | ||
10 | .11* | Employment letter agreement between the Company and Donna Noce Colaco, with employment commencing on August 6, 2007 (Filed as Exhibit 10.1 to the Company’sForm 10-Q for the quarter ended August 4, 2007, as filed with the Commission on August 29, 2007) | ||
10 | .12* | Employment letter agreement between the Company and Kent A. Kleeberger, with employment commencing on November 1, 2007 (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on October 23, 2007) | ||
10 | .13* | Employment letter agreement between the Company and David F. Dyer, dated as of January 7, 2009 (Filed as Exhibit 10.2 to the Company’sForm 8-K, as filed with the Commission on January 8, 2009) | ||
10 | .14* | Amendment No. 1 to employment letter agreement between the Company and David F. Dyer, dated March 5, 2009 (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on March 12, 2009) | ||
10 | .15* | Employment letter agreement between the Company and Jeffrey A. Jones, dated as of February 11, 2009 (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on February 27, 2009) | ||
10 | .16 | Employment letter agreement between the Company and Cynthia S. Murray, dated as of January 29, 2009 | ||
10 | .17* | 1993 Stock Option Plan (Filed as Exhibit 10.14 to the Company’sForm 10-K for the year ended January 2, 1994, as filed with the Commission on April 1, 1994) | ||
10 | .18* | First Amendment to 1993 Stock Option Plan (Filed as Exhibit 10.9 to the Company’sForm 10-K for the year ended January 30, 1999, as filed with the Commission on April 28, 1999) | ||
10 | .19* | Second Amendment to 1993 Stock Option Plan (Filed as Exhibit 10.21 to the Company’sForm 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
10 | .20* | 2002 Omnibus Stock and Incentive Plan (Filed as Exhibit 10.22 to the Company’sForm 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
10 | .21* | First Amendment to Chico’s FAS, Inc. 2002 Omnibus Stock and Incentive Plan, effective as of June 20, 2006 (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on June 22, 2006) | ||
10 | .22* | Amended and Restated 2002 Omnibus Stock and Incentive Plan (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on July 2, 2008) | ||
10 | .23* | Form of 2002 Omnibus Stock and Incentive Plan Stock Option Certificate for Employees (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .24* | Form of 2002 Omnibus Stock and Incentive Plan Stock Option Certificate for Non-Management Directors (Filed as Exhibit 10.2 to the Company’sForm 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .25* | Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Employees (Filed as Exhibit 10.3 to the Company’sForm 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .26* | Revised Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Employees (Filed as Exhibit 10.25 to the Company’sForm 10-K for the year ended February 2, 2008, as filed with the Commission on March 28, 2008) |
10 | .28 | Form of 2002 Omnibus Stock and Incentive Plan Performance Award Agreement for Restricted Stock Units | ||
10 | .29* | Chico’s FAS, Inc. Amended and Restated 2002 Employee Stock Purchase Plan (Filed as Exhibit 10.29 to the Company’s Form 10-K for the year ended January 31, 2004, as filed with the Commission on April 9, 2004) | ||
10 | .30* | 2005 Cash Bonus Incentive Plan (Filed as Exhibit 10.5 to the Company’s Form 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .31* | First Amendment to 2005 Cash Bonus Incentive Plan (Filed as Exhibit 10.1 to the Company’s Form 8-K, as filed with the Commission on April 5, 2006) | ||
10 | .32* | Second Amendment to 2005 Cash Bonus Incentive Plan (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on April 13, 2007) | ||
10 | .33* | Chico’s Amended and Restated Executive Severance Plan (Filed as Exhibit 10.32 to the Company’s Form 10-K for the year ended January 31, 2009, as filed with the Commission on March 28, 2008) | ||
10 | .34* | Amendment No. 1 to Chico’s FAS, Inc. Executive Severance Plan (Filed as Exhibit 10.35 to the Company’s Form 10-K for the year ended January 31, 2009, as filed with the Commission on March 27, 2009) | ||
10 | .35* | Chico’s FAS, Inc. Vice President Severance Plan (Filed as Exhibit 10.32 to the Company’s Form 10- K for the year ended February 2, 2008, as filed with the Commission on March 28, 2008) | ||
10 | .36* | Amendment No. 1 to Chico’s FAS, Inc. Vice President Severance Plan (Filed as Exhibit 10.37 to the Company’s Form 10-K for the year ended January 31, 2009, as filed with the Commission on March 27, 2009) | ||
10 | .37* | Participation Agreement with Kent A. Kleeberger (Filed as Exhibit 10.2 to the Company’s Form 8-K, as filed with the Commission on March 6, 2008) | ||
10 | .38* | Indemnification Agreement with Scott A. Edmonds (Filed as Exhibit 10.2 to the Company’s Form 10-Q for the quarter ended July 2, 1995, as filed with the Commission on August 14, 1995) | ||
10 | .39* | Indemnification Agreement with David F. Walker (Filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended October 29, 2005, as filed with the Commission on November 29, 2005) | ||
10 | .40* | Indemnification Agreements with Betsy S. Atkins, John W. Burden, III, Verna K. Gibson, and Ross E. Roeder (Filed as Exhibits 10.1-10.3 and 10.8 to the Company’s Form 8-K as filed with the Commission on December 9, 2005) | ||
10 | .41* | Indemnification Agreements with Charles L. Nesbit, Jr. and A. Alexander Rhodes (Filed asExhibits 10.1-10.2 to the Company’s Form 8-K as filed with the Commission on May 2, 2006) | ||
10 | .42* | Indemnification Agreements with John J. Mahoney and David F. Dyer (Filed as Exhibits 10.1-10.2 to the Company’s Form 8-K as filed with the Commission on July 25, 2008) | ||
10 | .43* | Credit Agreement by and among SunTrust Bank, the Company and the subsidiaries of the Company dated as of November 24, 2008, including the schedules and exhibits (Filed as Exhibit 10.1 to the Company’s Form 8-K/A (Amendment No. 2) as filed with the Commission on September 30, 2009) | ||
10 | .44* | Non-Employee Directors Stock Option Plan (Filed as Exhibit 10.49 to the Company’s Form 10-K for the year ended January 30, 1999, as filed with the Commission on April 28, 1999) | ||
10 | .45* | First Amendment to Chico’s FAS, Inc. Non-Employee Directors Stock Option Plan (Filed as Exhibit 10.51 to the Company’s Form 10-K for the year ended January 29, 2000, as filed with the Commission on April 25, 2000) | ||
10 | .46* | Chico’s FAS, Inc. Deferred Compensation Plan effective April 1, 2002 (Filed as Exhibit 10.53 to the Company’s Form 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
10 | .47* | Chico’s FAS, Inc. 2005 Deferred Compensation Plan effective January 1, 2005 (amended and restated January 1, 2008) (Filed as Exhibit 10.1 to the Company’s Form 10-Q for the quarter ended November 1, 2008, as filed with the Commission on December 9, 2008) | ||
10 | .48* | Lease Agreement between Joint Development Authority of Winder-Barrow County and Chico’s Real Estate, LLC dated as of March 25, 2002 (Filed as Exhibit 10.54 to the Company’s Form 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
21 | Subsidiaries of the Registrant |
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10 | .27* | Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Non-Management Directors (Filed as Exhibit 10.4 to the Company’sForm 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .28 | Revised Form of 2002 Omnibus Stock and Incentive Plan Restricted Stock Agreement for Non-Management Directors | ||
10 | .29* | Chico’s FAS, Inc. Amended and Restated 2002 Employee Stock Purchase Plan (Filed as Exhibit 10.29 to the Company’sForm 10-K, as filed with the Commission on April 9, 2004) | ||
10 | .30* | 2005 Cash Bonus Incentive Plan (Filed as Exhibit 10.5 to the Company’sForm 8-K, as filed with the Commission on February 3, 2005) | ||
10 | .31* | First Amendment to 2005 Cash Bonus Incentive Plan (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on April 5, 2006) | ||
10 | .32* | Second Amendment to 2005 Cash Bonus Incentive Plan (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on April 13, 2007) | ||
10 | .33* | Chico’s FAS, Inc. Executive Severance Plan effective October 1, 2007 (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on September 27, 2007) | ||
10 | .34* | Chico’s Amended and Restated Executive Severance Plan (Filed as Exhibit 10.32 to the Company’sForm 10-K for the year ended February 2, 2008, as filed with the Commission on March 28, 2008) | ||
10 | .35 | Amendment No. 1 to Chico’s FAS, Inc. Executive Severance Plan | ||
10 | .36* | Chico’s FAS, Inc. Vice President Severance Plan (Filed as Exhibit 10.32 to the Company’sForm 10-K for the year ended February 2, 2008, as filed with the Commission on March 28, 2008) | ||
10 | .37 | Amendment No. 1 to Chico’s FAS, Inc. Vice President Severance Plan | ||
10 | .38* | Participation Agreement with Scott A. Edmonds (Filed as Exhibit 10.1 to the Company’sForm 8-K, as filed with the Commission on March 6, 2008) | ||
10 | .39* | Participation Agreement with Kent A. Kleeberger (Filed as Exhibit 10.2 to the Company’sForm 8-K, as filed with the Commission on March 6, 2008) | ||
10 | .40* | Indemnification Agreement with Scott A. Edmonds (Filed as Exhibit 10.2 to the Company’sForm 10-Q for the quarter ended July 2, 1995, as filed with the Commission on August 14, 1995) | ||
10 | .41* | Indemnification Agreement with David F. Walker (Filed as Exhibit 10.1 to the Company’sForm 10-Q for the quarter ended October 29, 2005, as filed with the Commission on November 29, 2005) | ||
10 | .42* | Indemnification Agreements with Betsy S. Atkins, John W. Burden, III, Verna K. Gibson, and Ross E. Roeder (Filed asExhibits 10.1-10.3 and 10.8 to the Company’sForm 8-K as filed with the Commission on December 9, 2005) | ||
10 | .43* | Indemnification Agreements with Charles L. Nesbit, Jr. and A. Alexander Rhodes (Filed asExhibits 10.1-10.2 to the Company’sForm 8-K as filed with the Commission on May 2, 2006) | ||
10 | .44* | Indemnification Agreements with John J. Mahoney and David F. Dyer (Filed asExhibits 10.1-10.2 to the Company’sForm 8-K as filed with the Commission on July 25, 2008) | ||
10 | .45* | Credit Agreement by and among SunTrust Bank, the Company and the subsidiaries of the Company dated as of November 24, 2008 (Filed as Exhibit 10.1 to the Company’sForm 8-K as filed with the Commission on December 1, 2008) | ||
10 | .46* | Non-Employee Directors Stock Option Plan (Filed as Exhibit 10.49 to the Company’sForm 10-K for the year ended January 30, 1999, as filed with the Commission on April 28, 1999) | ||
10 | .47* | First Amendment to Chico’s FAS, Inc. Non-Employee Directors Stock Option Plan (Filed as Exhibit 10.51 to the Company’sForm 10-K for the year ended January 29, 2000, as filed with the Commission on April 25, 2000) | ||
10 | .48* | Chico’s FAS, Inc. Deferred Compensation Plan effective April 1, 2002 (Filed as Exhibit 10.53 to the Company’sForm 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
10 | .49* | Chico’s FAS, Inc. 2005 Deferred Compensation Plan effective January 1, 2005 (amended and restated January 1, 2008) (Filed as Exhibit 10.1 to the Company’sForm 10-Q for the quarter ended November 1, 2008, as filed with the Commission on December 9, 2008) |
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10 | .50* | Lease Agreement between Joint Development Authority of Winder-Barrow County and Chico’s Real Estate, LLC dated as of March 25, 2002 (Filed as Exhibit 10.54 to the Company’sForm 10-K for the year ended February 2, 2002, as filed with the Commission on April 24, 2002) | ||
10 | .51* | Letter Agreement by and among Chico’s FAS, Inc. and Spotlight Capital Partners, L.P. and its affiliates, effective February 24, 2009 (Filed as Exhibit 10.1 to the Company’sForm 8-K as filed with the Commission on February 25, 2009) | ||
21 | Subsidiaries of the Registrant | |||
23 | Consent of Ernst & Young LLP | |||
31 | .1 | Chico’s FAS, Inc. and Subsidiaries Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — Chief Executive Officer | ||
31 | .2 | Chico’s FAS, Inc. and Subsidiaries Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — Chief Financial Officer | ||
32 | .1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32 | .2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
23 | Consent of Ernst & Young LLP | |||
31 | .1 | Chico’s FAS, Inc. and Subsidiaries Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — Chief Executive Officer | ||
31 | .2 | Chico’s FAS, Inc. and Subsidiaries Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 — Chief Financial Officer | ||
32 | .1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | ||
32 | .2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
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By: | /s/ David F. Dyer |
Signature | Title | Date | ||||
/s/ David F. Dyer David F. Dyer | President, Chief Executive Officer, and Director (Principal Executive Officer) | March | ||||
/s/ Kent A. Kleeberger Kent A. Kleeberger | Executive Vice President, Chief Financial Officer and Treasurer | March | ||||
/s/ Ross E. Roeder Ross E. Roeder | Chairman of the Board | March | ||||
/s/ Betsy S. Atkins Betsy S. Atkins | Director | March | ||||
/s/ John W. Burden, III John W. Burden, III | Director | March | ||||
/s/ Verna K. Gibson Verna K. Gibson | Director | March | ||||
/s/ John J. Mahoney John J. Mahoney | Director | March | ||||
/s/ David F. Walker David F. Walker | Director | March | ||||
/s/ Andrea M. Weiss Andrea M. Weiss | Director | March |
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