The FY20 Q4 sales of Chico's FAS, a US-based omnichannel specialty retailer of women's private branded, casual-to-dressy clothing, declined 26.7 per cent to $386.2 million compared to $527.1 million in the same period prior fiscal. The company incurred a net loss of $79.1 million. The company’s gross margin for the quarter declined to $73.3 million from $171.4 million reported during the same quarter in previous fiscal. Its selling, general and administrative expenses declined to $136.2 million from $176.9 million. The company’s loss from operations increased to $64.0 million from $5.6 million.
Sales of Chico’s brand slipped to $161.1 million from $249.6 million. Sales of its House Black Market brand dropped to $106.0 million while those of Soma brand fell to $119.0 million.
The company is reinvigorating growth through new initiatives that emphasize loyalty, community and design. Its White House Black Market brand is focusing on fabric, fit and fashion that meets its customer’s needs.