<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) December 3, 1996
------------------------------
CHICO'S FAS, INC.
(Exact name of registrant as specified in its charter)
FLORIDA 0-21258 59-2389435
- ---------------------------- --------------------- -------------------
(State or other Jurisdiction (Commission File No.) (I.R.S. Employer
of Incorporation) Identification No.)
11215 Metro Parkway, Fort Myers, Florida 33912
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (941) 277-6200
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(Former name or former address, if changed since last report)
<PAGE> 2
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 2
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ITEM 8. CHANGE IN FISCAL YEAR.
The purpose of this Current Report on Form 8-K is to disclose that the
Board of Directors of Chico's FAS, Inc., a corporation organized under the laws
of the state of Florida, (the "Company") determined on December 3, 1996 to
change the Company's fiscal year end from a 52-53 week year ending on the Sunday
closest to December 31, as used in the Company's most recent report on Form
10-K, to a 52-53 week year ending on the Saturday closest to January 31,
effective with the period ended January 28, 1996. In accordance with Rule
13a-10(d) under the Securities Exchange Act of 1934, as amended, because the
transition period (January 1, 1996 through January 28, 1996) covers a period of
one month or less and the first report required to be filed by the Company for
its newly adopted fiscal year after the date of the Company's determination to
change the fiscal year end is an annual report on Form 10-K (for the fiscal year
January 29, 1996 through February 1, 1997), the Company will not be filing a
separate transition report for the transition period, but instead will include a
report on the January 1, 1996 through January 28, 1996 transition period in and
as part of the Company's Annual Report on Form 10-K for the fiscal year ending
February 1, 1997.
Unaudited quarterly and year-end condensed statements of income for the
most recent eleven quarters, restated as if the above-described change in fiscal
year had been effective during such entire period are presented as follows:
<TABLE>
<CAPTION>
Fiscal year ended January 28, 1996 and January 29, 1995: Page
----
<S> <C>
Quarters ended 4/30/95 and 5/01/94 3
Quarters ended 7/30/95 and 7/31/94 4
Quarters ended 10/29/95 and 10/30/94 5
Quarters ended 1/28/96 and 1/29/95 6
Fiscal year ending February 1, 1997:
Quarter ended 4/28/96 7
Quarter ended 7/28/96 8
Quarter ended 10/27/96 9
</TABLE>
<PAGE> 3
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 3
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Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Thirteen Weeks Ended
4/30/95 5/1/94
----------- ----------
<S> <C> <C>
Net Sales by Company Stores $15,456,222 $15,180,985
Net Sales to Franchisees 840,752 813,722
----------- -----------
Net Sales 16,296,974 15,994,707
Cost of Goods Sold 7,497,201 5,472,071
----------- -----------
Gross Profit 8,799,773 10,522,636
General, Administrative and Store
Operating Expenses 7,609,123 7,024,553
----------- -----------
Income from Operations 1,190,650 3,498,083
Interest Expense, net 151,752 13,078
----------- -----------
Income Before Taxes 1,038,898 3,485,005
Provision for Income Taxes 418,000 1,379,000
----------- -----------
Net Income $ 620,898 $ 2,106,005
=========== ===========
Net income per common and
common equivalent share $ 0.08 $ 0.26
=========== ===========
Weighted average common and
common equivalent shares
outstanding 7,918,385 8,033,153
=========== ===========
</TABLE>
<PAGE> 4
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 4
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Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Twenty-Six Weeks Ended Thirteen Weeks Ended
7/30/95 7/31/94 7/30/95 7/31/94
----------- ----------- ----------- -----------
<S> <C> <C> <C> <C>
Net Sales by Company Stores $30,142,832 $29,028,355 $14,686,610 $13,847,370
Net Sales to Franchisees 1,590,963 1,972,555 750,211 1,158,833
----------- ----------- ----------- -----------
Net Sales 31,733,795 31,000,910 15,436,821 15,006,203
Cost of Goods Sold 13,749,184 10,942,831 6,251,983 5,470,760
----------- ----------- ----------- -----------
Gross Profit 17,984,611 20,058,079 9,184,838 9,535,443
General, Administrative and
Store Operating Expenses 15,418,254 14,598,280 7,809,131 7,573,727
----------- ----------- ----------- -----------
Income from Operations 2,566,357 5,459,799 1,375,707 1,961,716
Interest Expense (Income), net 295,920 10,859 144,168 (2,219)
----------- ----------- ----------- -----------
Income Before Taxes 2,270,437 5,448,940 1,231,539 1,963,935
Provision for Income Taxes 927,000 2,146,000 509,000 767,000
----------- ----------- ----------- -----------
Net Income $ 1,343,437 $ 3,302,940 $ 722,539 $ 1,196,935
=========== =========== =========== ===========
Net income per common and
common equivalent share $ 0.17 $ 0.41 $ 0.09 $ 0.15
=========== =========== =========== ===========
Weighted average common and
common equivalent shares
outstanding 7,898,472 8,053,104 7,885,642 8,067,753
=========== =========== =========== ===========
</TABLE>
<PAGE> 5
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 5
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Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Thirty-Nine Weeks Ended Thirteen Weeks Ended
10/29/95 10/30/94 10/29/95 10/30/94
-------- -------- ------- --------
<S> <C> <C> <C> <C>
Net Sales by Company Stores $44,370,277 $42,874,790 $14,227,445 $13,846,435
Net Sales to Franchisees 2,176,118 3,106,332 585,155 1,133,777
----------- ----------- ----------- ----------
Net Sales 46,546,395 45,981,122 14,812,600 14,980,212
Cost of Goods Sold 20,038,685 16,759,913 6,289,501 5,817,082
----------- ----------- ----------- -----------
Gross Profit 26,507,710 29,221,209 8,523,099 9,163,130
General, Administrative and
Store Operating Expenses 23,028,102 22,413,767 7,609,848 7,815,487
----------- ----------- ----------- ----------
Income from Operations 3,479,608 6,807,442 913,251 1,347,643
Interest Expense, net 455,957 33,571 160,037 22,712
----------- ----------- ----------- ----------
Income Before Taxes 3,023,651 6,773,871 753,214 1,324,931
Provision for Income Taxes 1,210,000 2,671,000 283,000 525,000
----------- ----------- ----------- ----------
Net Income $ 1,813,651 $ 4,102,871 $ 470,214 $ 799,931
=========== =========== =========== ===========
Net income per common and
common equivalent share $ 0.23 $ 0.51 $ 0.06 $ 0.10
=========== =========== =========== ===========
Weighted average common and
common equivalent shares
outstanding 7,888,986 8,033,031 7,862,020 7,959,869
=========== =========== =========== ===========
</TABLE>
<PAGE> 6
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 6
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Condensed Statements of Income (Loss)
(Unaudited)
<TABLE>
<CAPTION>
Fifty-Two Weeks Ended Thirteen Weeks Ended
1/28/96 1/29/95 1/28/96 1/29/95
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net Sales by Company Stores $58,090,908 $55,559,863 $13,720,631 $12,685,073
Net Sales to Franchisees 2,672,345 3,693,492 496,227 587,160
----------- ----------- ----------- -----------
Net Sales 60,763,253 59,253,355 14,216,858 13,272,233
Cost of Goods Sold 26,483,643 22,670,686 6,444,958 5,910,773
----------- ----------- ----------- -----------
Gross Profit 34,279,610 36,582,669 7,771,900 7,361,460
General, Administrative and
Store Operating Expenses 30,842,370 31,306,322 7,814,268 8,892,555
----------- ----------- ----------- -----------
Income (loss) from
Operations 3,437,240 5,276,347 (42,368) (1,531,095)
Interest Expense, net 619,957 159,047 164,000 125,476
----------- ----------- ----------- -----------
Income (loss) Before Taxes 2,817,283 5,117,300 (206,368) (1,656,571)
Provision for (Benefit from)
Income Taxes 1,141,000 2,095,000 (69,000) (576,000)
----------- ----------- ----------- -----------
Net Income (loss) $ 1,676,283 $ 3,022,300 $ (137,368) $(1,080,571)
=========== =========== =========== ===========
Net income (loss) per common
and common equivalent share $ 0.21 $ 0.38 $ (0.02) $ (0.14)
=========== =========== =========== ===========
Weighted average common and
common equivalent shares
outstanding 7,872,787 8,002,869 7,826,534 7,924,442
=========== =========== =========== ===========
</TABLE>
<PAGE> 7
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 7
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Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Thirteen Weeks Ended
4/28/96 4/30/95
------- -------
<S> <C> <C>
Net Sales by Company Stores $17,022,227 $15,456,222
Net Sales to Franchisees 280,325 840,752
----------- -----------
Net Sales 17,302,552 16,296,974
Cost of Goods Sold 7,439,905 7,497,201
----------- -----------
Gross Profit 9,862,647 8,799,773
General, Administrative and Store
Operating Expenses 7,956,100 7,609,123
----------- -----------
Income from Operations 1,906,547 1,190,650
Interest Expense, net 106,179 151,752
----------- -----------
Income Before Taxes 1,800,368 1,038,898
Provision for Income Taxes 720,000 418,000
----------- -----------
Net Income $ 1,080,368 $ 620,898
=========== ===========
Net income per common and
common equivalent share $ 0.13 $ 0.08
=========== ===========
Weighted average common and
common equivalent shares
outstanding 8,006,666 7,918,385
=========== ===========
</TABLE>
<PAGE> 8
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 8
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Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Twenty-Six Weeks Ended Thirteen Weeks Ended
7/28/96 7/30/95 7/28/96 7/30/95
------- ------- ------- -------
<S> <C> <C> <C> <C>
Net Sales by Company Stores $32,600,795 $30,142,832 $15,578,568 $14,686,610
Net Sales to Franchisees 775,046 1,590,963 494,721 750,211
----------- ----------- ----------- -----------
Net Sales 33,375,841 31,733,795 16,073,289 15,436,821
Cost of Goods Sold 13,432,773 13,749,184 5,992,868 6,251,983
----------- ----------- ----------- -----------
Gross Profit 19,943,068 17,984,611 10,080,421 9,184,838
General, Administrative and
Store Operating Expenses 16,382,731 15,418,254 8,426,631 7,809,131
----------- ----------- ----------- -----------
Income from Operations 3,560,337 2,566,357 1,653,790 1,375,707
Interest Expense, net 191,971 295,920 85,792 144,168
----------- ----------- ----------- -----------
Income Before Taxes 3,368,366 2,270,437 1,567,998 1,231,539
Provision for Income Taxes 1,347,000 927,000 627,000 509,000
----------- ----------- ----------- -----------
Net Income $ 2,021,366 $ 1,343,437 $ 940,998 $ 722,539
=========== =========== =========== ===========
Net income per common and
common equivalent share $ 0.25 $ 0.17 $ 0.11 $ 0.09
=========== =========== =========== ===========
Weighted average common and
common equivalent shares
outstanding 8,074,692 7,898,472 8,245,624 7,885,642
=========== =========== =========== ===========
</TABLE>
<PAGE> 9
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 9
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Condensed Statements of Income
(Unaudited)
<TABLE>
<CAPTION>
Thirty-Nine Weeks Ended Thirteen Weeks Ended
10/27/96 10/29/95 10/27/96 10/29/95
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net Sales by Company Stores $47,703,631 $44,370,277 $15,102,836 $14,227,445
Net Sales to Franchisees 1,399,472 2,176,118 624,426 585,155
----------- ----------- ----------- -----------
Net Sales 49,103,103 46,546,395 15,727,262 14,812,600
Cost of Goods Sold 19,791,672 20,038,685 6,358,899 6,289,501
----------- ----------- ----------- -----------
Gross Profit 29,311,431 26,507,710 9,368,363 8,523,099
General, Administrative and
Store Operating Expenses 24,559,809 23,028,102 8,177,078 7,609,848
----------- ----------- ----------- -----------
Income from Operations 4,751,622 3,479,608 1,191,285 913,251
Interest Expense, net 290,292 455,957 98,321 160,037
----------- ----------- ----------- -----------
Income Before Taxes 4,461,330 3,023,651 1,092,964 753,214
Provision for Income Taxes 1,784,000 1,210,000 437,000 283,000
----------- ----------- ----------- -----------
Net Income $ 2,677,330 $ 1,813,651 $ 655,964 $ 470,214
=========== =========== =========== ===========
Net income per common and
common equivalent share $ 0.33 $ 0.23 $ 0.08 $ 0.06
=========== =========== =========== ===========
Weighted average common and
common equivalent shares
outstanding 8,088,416 7,888,986 8,119,022 7,862,020
=========== =========== =========== ===========
</TABLE>
<PAGE> 10
CHICO'S FAS, INC. DECEMBER 12, 1996
CURRENT REPORT ON FORM 8-K PAGE 10
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CHICO'S FAS, INC.
By: /s/ Marvin Gralnick
-----------------------------
Marvin Gralnick, CEO
Dated: December 12, 1996
