Chico's announces CFO departure, raises Q4 outlook following positive holiday season
Chico’s FAS, Inc. has announced the resignation of executive vice president and chief financial officer Todd E. Vogensen, effective January 17, 2020, to accept a CFO position with another company. The company added that Jennifer Ellis, Senior Vice President, Finance, has been appointed Interim Chief Financial Officer, effective February 3, 2020. The company is also raising its fiscal 2019 fourth quarter outlook to reflect further improvements in the business following a strong holiday season.
On behalf of the Board and the leadership team, I would like to thank Todd for his contributions to Chico’s FAS and wish him well in his future endeavours,” said Bonnie Brooks, the company’s CEO and President.
Chico’s raises Q4 outlook after positive holiday season
For the fiscal 2019 fourth quarter, the company anticipates total net sales and consolidated comparable sales to be approximately flat, an improvement on its previous outlook of a low single-digit decline. The revised outlook reflects sequential comparable sales improvement at Chico’s and White House Black Market, as well as continued strong sales growth at Soma. The company expects adjusted gross margin as a percent of sales to be approximately flat to last year’s adjusted gross margin of 32.3 percent, favourable to its previous outlook of down 100 to 150 basis points.
“We are experiencing continued comparable sales improvement across all three brands for the first time in several years, and as a result, today we are raising our outlook for the fourth quarter,” added Brooks.
Picture:chico's press room