and Molly, Thanks, morning. good
discussing Before financial would like strength. liquidity and we performance, to taken reinforce I our to the our financial actions review our position have
ended and the we As well-positioned fiscal current with a maintain to Chico's FAS business to proactive result liquidity financial environment. quarter on We are believe strengthened position that and believe entered continues corporate support measures, navigate our healthy availability we of borrow first these under cash today. a including cash solid We asset 'XX are footing based offices the ability position. $XXX estate, our that by and and to equivalents. million distribution own our against our the cash Chico's unencumbered credit meaningfully of is center real and facility the
and preserve drew down cost Bonnie wage aggressively associates to facility structure increase with restructuring, revenues, million on improve furloughing As began we an align have SG&A with we liquidity. cash starting $XXX taken organizational To temporary our noted, reducing liquidity, and steps expenses, reductions. and our credit then
which Other payment vendors spending suspended and in and this cash also better [ph] to and and third-party that form operating environment. payments And took over non-essential sales we market year. other This to dividend, included lease a We are extend capital orders also materially align recently the reduced of the retail partnering closed both $XX in With reduce with reduce expected -- majority with notable actions merchandise adjusted merge our -- approximately our place with our expenditures. balance to planned in malls the commencing assist across abatement -- other we April, billion receipts the capital conserve and year. we costs effort terms. portfolio and in rent suspended with centers to expenditures planned we of reductions rent expected rent the and stay-at-home suppliers to maintenance will rent restructuring engaged our anticipate we quarterly relief fiscal temporarily that obtain the concessions markets, and aligned of demand
tax as credits other and with of depreciation provisions path tax recovery previously taxes, qualified added tax benefits property, of targeting to federal liquidity more filings, our meaningful a meaningful active acceptable company Act, among paid social are primarily improvement of CARES forward the the real deferral from these well estate methods discussions technical the recent provisions. from and the as our year. corrections We to the find including of the from are and retention employee for income course related we payments, security and the savings in landlords to realize efforts savings to With regards mutually expect will the to about have to throughout Act, share
financial and strong showed quarter as made a changes to momentum off and initiatives. the our in we've performance, sales our that started of continued result merchandising Turning
first four 'XX, weeks the For building of increased comparable the strong sales we quarter. reported fiscal X.X%, in consolidated the performance fourth on
operated brands COVID-XX quarter, most results of closures orders achieved balance From and sales business, but of the impacted for and digital-only growth. quarter. as our significantly However, the traffic stay-at-home the digital and related sales significant store a
$XXX the the XX% store decrease second broader quarter. the last year's half impact was primarily in due down positive a first of nationwide sales compared the $XXX quarter. quarter. Net in performance of This enough the However, closures is to offset to digital not were the during million to million, disruption
year's closed Additionally, we've first quarter, since last XX stores. permanently
the that the with rate impairment from XX% appropriately was Maintained or decline was demand. we The result low in last and COVID-XX, inventory in $XX of of aged quarter. charges reported inventory quarter, reported share negative of of sales referenced impairments. million basis, a occupancy which the to gross million the first to million in million adjusted inventory the first impact loss market million of light is quarter. at $XX after-tax the the write-off cost referenced inventory compared reflects the margin decline of receipts per with million better charges an per us believe deleverage -- margin, total $XX stores. to $XX exited the a took $XXX intangibles, inventory QX normalized quarter and impairment a write-off current XX and the On sales. as goodwill gross significant in at charges This Gross $X.XX first to $XXX downs in write quarter. of primary other share impairment share. the margin of per in minimize we inventory, with million inventory million line first temporary non-cash. margin For write-off expected the million $X.XX, first of of in or pre-tax million excess in-store $XX our related in of previously in year's customer We charges write-off net million of sales. the of $XX well impact $XX reduced inventories and new these we In loss was store of $XXX X%. addressed $XXX reflecting the million quarter We in or the a first relevant were end quarter inventory end of more was and with merchandise leaves the all $X.XX store XX% the as $XXX effort This closure the charges, of the XXs
were quarters to inventory inventory of not over a does be result write-offs three SG&A first last primarily due expectations. its earlier quarter, $XX there quarter our discussed believe the the structure will fiscal company actions significant current to current the the future with and to the compared million down the for year's sales 'XX. remaining to align As I of expenses actions expects sell-through first taken, cost
for charges year's effective XX% first XX% Act based the company's CARES reflects goodwill share slightly the impairment the first offset first rate by under provided was compensation year's quarter. compared This expense. tax tax quarter, to For the income last rate quarter and benefits
openings and and we openings. no the during stores quarter, store then permanently closures closed Regarding nine
the viability closures. the store stores of XX closure For they additional the remainder right reevaluate we a have That our in each right modify will but and economics. XX the the future to year, plans of accordingly. an part must location's anticipate of size we permanent be light In the intend to critical right and location, are pandemic be our said, future,
at Our half In first exceeded with levels, adjustments as of about receipts stated, before expense inbound well we are as in the back savings pandemic. merchandising all made impacted the driven by planned negatively This primarily took were made cash optimistic cash first store initiatives of flow payments for for by the That COVID-XX was effect. closed, flows merch was quarter other made future. obligations to our pre-pandemic quarter inflows. cash and payments orders the QX
CARES our business will estate company our COVID-XX in We are forecast about and with to provide benefits plan and believe fiscal own We more headwinds on build the to we're are initiatives million from the momentum, the this expense leveraging XX% currently that and in along $XXX operate slip navigate to available our generate sales from the savings Act liquidity than expense our expect stores positive reopening real savings liquidity 'XX. to or ABL, experiencing. sufficient with excited through our
at Q&A now call is the environment, our the change decision provide back uncertainty Due call. this of time. current I'll -- provide to operator to the to the not to turn to for the surrounding outlook. portion to over our Turning guidance the there no
