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CHS

Chico's

$5.93

-0.49 (-7.63%)

07:36
01/11/19
01/11
07:36
01/11/19
07:36

Chico's announces fleet optimization plan, expanded review of operations

The company has made significant progress in developing an integrated omnichannel platform with advanced capabilities to modernize, digitize and personalize the customer experience. Important investments in technology, including a shared inventory system, endless aisle, Client Book and BOPIS have been made. The company has also forged key partnerships with ShopRunner, Amazon and QVC. As a result, the company now has the technology and tools in place to capture and stay connected with its eight million customers in new ways, whether in-store, online or virtually, and to fully activate its omnichannel strategy. As such, the company has made the strategic decision to rebalance the mix between its physical store presence with its digital network and to close at least 250 stores in the U.S. over a three-year period. This will allow the company to take advantage of its lease expiration cadence, while improving profitability and return on invested capital. Closings will be across the three brands and weighted to years two and three. Building upon management's strategic decision to right-size its fleet, the company has commenced a comprehensive review of its operations to ensure that the business is structured for innovation, agility and speed. With constantly changing customer needs and shopping patterns, the company is committed to enhancing its effectiveness and efficiency to better meet her expectations and drive profitable growth. The company has a long record of strong cost management, and this comprehensive review will further include an assessment of SG&A expenses and business processes across the entire organization.

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CHS Chico's
$5.93

-0.49 (-7.63%)

05/31/18
RHCO
05/31/18
NO CHANGE
Target $10
RHCO
Buy
Chico's price target lowered to $10 from $14 at SunTrust
SunTrust analyst Pamela Quintiliano lowered her price target on Chico's FAS shares to $10 from $14 following the company's Q1 report, which she said "took a few steps back" from the better-than-expected Q4. In a research note to investors, the analyst, who has a Buy rating on shares, said traffic was the primary negative factor in Q1, adding that delayed shipments and lack of newness "were also issues."
11/28/18
RBCM
11/28/18
DOWNGRADE
RBCM
Sector Perform
Chico's downgraded to Sector Perform from Outperform at RBC Capital
11/29/18
RBCM
11/29/18
DOWNGRADE
Target $4.5
RBCM
Sector Perform
Chico's downgraded to Sector Perform at RBC Capital on earnings miss and outlook
As reported earlier, RBC Capital analyst Brian Tunick downgraded Chico's to Sector Perform from Outperform and lowered his price target to $4.50 from $10. The analyst cites the company's latest earnings miss and guide-down for Q4, saying that while he had initially anticipated its cost-savings programs to correct the volatility of its portfolio, the financial uncertainty has become "harder to ignore". Tunick adds that he anticipates ongoing margin pressure into 2019 on negative comps and omnichannel headwinds.
11/29/18
MKMP
11/29/18
NO CHANGE
Target $4.5
MKMP
Neutral
Chico's price target lowered to $4.50 from $8.00 at MKM Partners
MKM Partners analyst Roxanne Meyer lowered her price target on Chico's to $4.50 and kept her Neutral rating. The analyst notes that in spite of the management's efforts to improve costs and productivity, Q3 results and Q4 outlook suggest that 2018 will go down as a year of missteps in terms of product and branding. Meyer further warns that 2019 could be also hampered by the delays in Chico's product realignment until the second half of 2019 and continued near-term gross margin pressure from elevated shipping costs.

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