CHS - Chico's FAS reports Q4 earnings; initiates Q1 and FY23 outlook

• Chico's FAS press release ( NYSE: CHS ): Q4 GAAP EPS of $0.06.
• Revenue of $524.1M (+5.6% Y/Y) beats by $12.1M .
• For the fourth quarter, gross margin was $182.9 million, or 34.9% of net sales, compared to $171.3 million, or 34.5% of net sales, in last year's fourth quarter.
• For the fiscal 2023 first quarter the Company currently expects : Consolidated net sales of $535 million to $550 million; Gross margin rate as a percent of net sales of 41.3% to 41.8%; SG&A expenses as a percent of net sales of 32.8% to 33.3%; Effective income tax rate of 25%; and Earnings per diluted share of $0.26 to $0.30 vs $0.30 consensus.
• For the fiscal 2023, a 53-week year, the Company currently expects : Consolidated net sales of $2,220 million to $2,250 million vs $2.25B consensus; Gross margin rate as a percent of net sales of 39.4% to 39.8%; SG&A expenses as a percent of net sales of 33.0% to 33.4%; Effective income tax rate of 26%; Earnings per diluted share of $0.79 to $0.91 vs $0.95 consensus; and Capital and cloud-based expenditures of approximately $80 million to $90 million.

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