Chico's Fas (CHS) 8-K Chico’s FAS, Inc. Reports a 47% Increase in Second Quarter Earnings Per Share of $0.25 vs. $0.17

Exhibit 99.1

Chico’s FAS, Inc.• 11215 Metro Parkway• Fort Myers, Florida 33966• (239) 277-6200

For Immediate Release

Executive Contact:
Robert C. Atkinson
Vice President-Investor Relations
Chico’s FAS, Inc.
(239) 274-4199

Chico’s FAS, Inc. Reports a 47% Increase in Second Quarter
Earnings Per Share of $0.25 vs. $0.17

• Net sales increased 18.5% to $551.4 million with comparable sales increasing 12.8%

     Fort Myers, FL- August 17, 2011- Chico’s FAS, Inc. (NYSE: CHS) today announced its financial results for the fiscal 2011 second quarter and six months ended July 30, 2011.

Net Income and Earnings per Share

     The Company reported an increase of 47% in earnings per share with net income totaling $43.4 million, or $0.25 per diluted share for the second quarter compared to net income of $30.5 million, or $0.17 per diluted share for the same period last year.

     For the six months ended July 30, 2011, the Company reported an increase of 38% in earnings per share with net income totaling $89.3 million or $0.51 per diluted share, compared to net income of $65.9 million, or $0.37 per diluted share reported for the same period last year.

Net Sales

     Net sales for the quarter increased 18.5% to $551.4 million from $465.4 million in last year’s second quarter. Consolidated comparable sales increased 12.8% for the quarter following a 7.6% increase for the same period last year reflecting our compelling fashion offering and effective merchandising and marketing. The Chico’s/Soma Intimates brands’ comparable sales increased 11.9% following a 5.5% increase for the same period last year, and the White House | Black Market (“WH|BM”) brand’s comparable sales increased 14.9% following a 12.5% increase for the same period last year.

Gross Margin

     Gross margin for the second quarter of $309.3 million, or 56.1% of net sales, represents a 40 basis point improvement over last year’s second quarter driven by increased full-price selling partially offset by successful planned promotional activity.

Page 1 of 6

Selling, General and Administrative Expenses

     Selling, general and administrative expenses for the second quarter of $240.4 million, or 43.6% of net sales, represents an improvement of 190 basis point over last year’s second quarter due to the sales leverage impact on store personnel and occupancy costs, slightly offset by higher performance based compensation.

Inventories

     For the total company, weeks of inventory supply on hand decreased approximately 4% compared to the prior year, reflecting initiatives to drive inventory productivity. While in-store inventories increased approximately $16.5 million over last year, or 8% per square foot, this increase is consistent with our mix of new store growth and sales trends. The balance of our inventories increased primarily due to timing of deliveries, planned net new third quarter store openings and our expanding DTC channel.

Share Repurchase Program

     During the second quarter of 2011, the Company repurchased 4.3 million shares for $61.2 million and has $84.2 million remaining under the original $200 million authorization approved by the Board of Directors in August 2010.

ABOUT CHICO’S FAS, INC.
The Company is a women’s specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items. The Company operates 1,221 specialty stores, including stores in 48 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico.

The Chico’s brand currently operates 598 boutiques and 78 outlet stores, publishes a catalog during key shopping periods throughout the year, and conducts e-commerce at www.chicos.com.

White House | Black Market currently operates 354 boutiques and 25 outlet stores, publishes a catalog highlighting its latest fashions and conducts e-commerce at www.whbm.com.

Soma Intimates is the Company’s developing concept with 150 boutiques and 16 outlet stores today. Soma Intimates also publishes a catalog for its customers and conducts e-commerce at www.soma.com.

SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 Certain statements contained herein, including without limitation, statements addressing the beliefs, plans, objectives, estimates or expectations of the Company or future results or events constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known or unknown risks, including, but not limited to, general economic and business conditions, and conditions in the specialty retail industry. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. Users of forward-looking statements are encouraged to review the Company’s latest annual report on Form 10-K, its filings on Form 10-Q, management’s discussion and analysis in the Company’s latest annual report to stockholders, the Company’s filings on Form 8-K, and other federal securities law filings for a description of other important factors that may affect the Company’s business, results of operations and financial condition. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.

For more detailed information on Chico’s FAS, Inc., please go to our corporate website, www.chicosfas.com.

(Financial Tables Follow)

Page 2 of 6

Chico’s FAS, Inc.
Consolidated Statements of Income
(Unaudited)
(in thousands, except per share amounts)

	Twenty-Six Weeks Ended								Thirteen Weeks Ended
	July 30, 2011				July 31, 2010				July 30, 2011				July 31, 2010
			% of				% of				% of				% of
	Amount		Sales		Amount		Sales		Amount		Sales		Amount		Sales
Net Sales:
Chico’s/Soma Intimates	$	749,258		68.8	$	656,360		69.3	$	374,324		67.9	$	319,660		68.7
White House | Black Market		339,349		31.2		290,599		30.7		177,125		32.1		145,711		31.3
Total net sales		1,088,607		100.0		946,959		100.0		551,449		100.0		465,371		100.0
Cost of goods sold		461,617		42.4		406,173		42.9		242,122		43.9		206,164		44.3
Gross margin		626,990		57.6		540,786		57.1		309,327		56.1		259,207		55.7
														��
Selling, general and administrative expenses:
Store and direct operating expenses		364,977		33.5		333,501		35.2		183,461		33.3		164,853		35.4
Marketing		51,971		4.8		47,091		5.0		21,073		3.8		18,011		3.9
National Store Support Center		68,253		6.3		57,782		6.1		35,822		6.5		28,982		6.2
Total selling, general and administrative expenses		485,201		44.6		438,374		46.3		240,356		43.6		211,846		45.5
Income from operations		141,789		13.0		102,412		10.8		68,971		12.5		47,361		10.2
Interest income, net		820		0.1		844		0.1		420		0.1		394		0.0
Income before income taxes		142,609		13.1		103,256		10.9		69,391		12.6		47,755		10.2
Income tax provision		53,300		4.9		37,400		3.9		26,000		4.7		17,300		3.7
Net income	$	89,309		8.2	$	65,856		7.0	$	43,391		7.9	$	30,455		6.5
Per share data:
Net income per common share-basic	$	0.51			$	0.37			$	0.25			$	0.17
Net income per common & common equivalent share–diluted	$	0.51			$	0.37			$	0.25			$	0.17
Weighted average common shares outstanding–basic		173,082				177,417				171,282				177,499
Weighted average common & common equivalent shares outstanding–diluted		174,298				178,807				172,495				178,774
Dividends declared per share	$	0.15			$	0.12			$	0.05			$	0.04

Page 3 of 6

Chico’s FAS, Inc.
Consolidated Balance Sheets
(in thousands)

	July 30,			January 29,			July 31,
	2011			2011			2010
	(Unaudited)						(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents	$	56,109		$	14,695		$	17,559
Marketable securities, at fair value		448,211			534,019			469,829
Receivables		5,619			3,845			7,483
Income tax receivable		11,303			6,565			657
Inventories		190,745			159,814			146,899
Prepaid expenses		31,184			26,851			27,018
Deferred taxes		9,084			10,976			9,823
Total Current Assets		752,255			756,765			679,268
Property and Equipment:
Land and land improvements		43,314			42,468			42,080
Building and building improvements		92,864			89,328			85,628
Equipment, furniture and fixtures		463,130			428,217			406,682
Leasehold improvements		436,432			426,141			418,585
Total Property and Equipment		1,035,740			986,154			952,975
Less accumulated depreciation and amortization		(510,958	)		(468,777	)		(425,498	)
Property and Equipment, Net		524,782			517,377			527,477
Other Assets:
Goodwill		96,774			96,774			96,774
Other intangible assets		38,930			38,930			38,930
Deferred taxes		—			964			39,597
Other assets, net		5,532			5,211			4,940
Total Other Assets		141,236			141,879			180,241
	$	1,418,273		$	1,416,021		$	1,386,986
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable	$	132,703		$	106,680		$	101,595
Accrued liabilities		91,885			94,837			93,592
Current portion of deferred liabilities		21,150			19,760			19,681
Total Current Liabilities		245,738			221,277			214,868
Noncurrent Liabilities:
Deferred liabilities		130,196			129,837			137,437
Stockholders’ Equity:
Preferred stock		—			—			—
Common stock		1,722			1,779			1,789
Additional paid-in capital		293,881			282,528			276,000
Retained earnings		746,006			780,212			756,043
Accumulated other comprehensive income		730			388			849
Total Stockholders’ Equity		1,042,339			1,064,907			1,034,681
	$	1,418,273		$	1,416,021		$	1,386,986

Page 4 of 6

Chico’s FAS, Inc.
Consolidated Cash Flow Statements
(Unaudited)
(in thousands)

	Twenty-Six Weeks Ended
	July 30,			July 31,
	2011			2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$	89,309		$	65,856
Adjustments to reconcile net income to net cash provided by operating activities —
Depreciation and amortization		48,353			46,636
Deferred tax expense (benefit)		4,845			(3,628	)
Stock-based compensation expense		8,365			5,950
Excess tax benefit from stock-based compensation		(1,642	)		(1,011	)
Deferred rent and lease credits		(9,167	)		(8,037	)
Loss on disposal of property and equipment		1,756			1,813
Decrease (increase) in assets —
Receivables, net		(1,774	)		(3,578	)
Income tax receivable		(4,738	)		(346	)
Inventories		(30,931	)		(8,382	)
Prepaid expenses and other		(5,904	)		(2,666	)
Increase in liabilities —
Accounts payable		17,417			15,203
Accrued and other deferred liabilities		6,637			2,110
Total adjustments		33,217			44,064
Net cash provided by operating activities		122,526			109,920
CASH FLOWS FROM INVESTING ACTIVITIES:
Decrease (increase) in marketable securities		86,150			(82,884	)
Purchases of property and equipment, net		(56,265	)		(34,380	)
Net cash provided by (used in) investing activities		29,885			(117,264	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock		2,762			1,378
Excess tax benefit from stock-based compensation		1,642			1,011
Dividends paid		(17,521	)		(14,282	)
Repurchase of common stock		(97,880	)		(247	)
Net cash used in financing activities		(110,997	)		(12,140	)
Net increase (decrease) in cash and cash equivalents		41,414			(19,484	)
CASH AND CASH EQUIVALENTS,Beginning of period		14,695			37,043
CASH AND CASH EQUIVALENTS,End of period	$	56,109		$	17,559

Page 5 of 6

Chico’s FAS, Inc.
Boutique Count and Square Footage
As of July 30, 2011

	As of		New					As of
	4/30/2011		Stores		Closures			7/30/2011
Store count:
Chico’s frontline boutiques		595		4		(1	)		598
Chico’s outlets		71		6		—			77
WH|BM frontline boutiques		350		8		(2	)		356
WH|BM outlets		24		1		—			25
Soma frontline boutiques		134		16		(2	)		148
Soma outlets		10		5		(1	)		14
Total Chico’s FAS, Inc.		1,184		40		(6	)		1,218

								Remodels/
								Relos and
	As of		New					change in			As of
	4/30/2011		Stores		Closures			SSF			7/30/2011
Net selling square footage (SSF):
Chico’s frontline boutiques		1,605,751		11,464		(1,120	)		3,777			1,619,872
Chico’s outlets		185,056		13,450		—			—			198,506
WH|BM frontline boutiques		730,625		16,596		(4,561	)		3,114			745,774
WH|BM outlets		46,346		1,892		—			—			48,238
Soma frontline boutiques		273,348		34,112		(4,051	)		(677	)		302,732
Soma outlets		18,154		9,552		(1,971	)		—			25,735
Total Chico’s FAS, Inc.		2,859,280		87,066		(11,703	)		6,214			2,940,857

Page 6 of 6