From: ASAP
Chico's FAS, Inc. (NYSE: CHS) reported February sales results for the four week period ended March 2, 2002 increased 36.9% to $33.2 million from $24.2 million reported for the prior year's four week period ended March 3, 2001. Comparable store sales for the Company-owned stores increased 10.7% for the four week period ending March 2, 2002 compared to the same four week period last year. Marvin Gralnick, Chico's Chairman and CEO commented, "February's sales increase of 36.9% and same store sales increase of 10.7% reflects strong acceptance of our new Spring assortment. Because of our higher than expected sales in January, we started February with somewhat lower inventory levels. Still, we were able to accomplish the impressive results this month and, at the same time, we have been able to increase inventories back up to our planned levels". Chico's sells exclusively designed, private-label women's casual clothing and related accessories. The Company operates a chain of 313 stores in 40 states and the District of Columbia. The Company owns 302 stores, franchisees own 11
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