CHS - Earnings call transcript Q1 2022

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Operator

Welcome to Chico's FAS First Quarter 2022 Conference Call and Webcast. All participants will be in listen only mode. Please note, this call is being recorded. I would now like to turn the call over to Corporate Controller, David Oliver. Mr. ahead. go please Oliver,

David Oliver

welcome and Chico's webcast. and XXXX first conference call to morning, FAS the quarter Good

of page. For which our found statements judgments at today's releases and on of our regarding speaks our Investor reference, earnings assumptions, our date. website only www.chicosfas.com release our current projections under as plans, include about comments industry, will Today's can expectations, be the forward-looking Relations estimates, press and business

discussed cause be statements. the morning should implied as call, included are non-GAAP schedule call. information actual on and unduly in this are call. law. We in Certain on reconciliation could earnings on to earnings this otherwise factors You this Investor filings may from by GAAP presentation by update may on be or our comments referenced today's release, Relations statements results these to A is projected page. Important Chico's disclaim materially not our measures forward-looking differ FAS included today's any events revise in made the SEC except that required non-GAAP or rely to those our any posted obligation

the our Molly to call turn CEO President, and I'll Now over Langenstein.

Molly Langenstein

and 'XX and end of and comparable our guidance. is David, everyone. momentum well strong with high that the continued along performance was demonstrates is above over working. to good you, with start morning, XXXX, sales a great Thank XX% our off XX% Fiscal year-over-year up EPS strategy financial that This

results. a turnaround, focused our and execute are is growth the pillars, X we great is to leverage seeing achieving on against model our successful our our in year continue proven strategic team underway. delivering plan and We business progress our benefits and After

expense the me sales diligent XX% Let EPS, margin some by along driven key $X.XX the diluted expansion growth, with comparable and for control. gross first quarter. significant posted accomplishments We highlight

Black faster delivered featuring product the sales with on-hand AUR. XX%. grew sales market and drove from growth boosted sell-through to sales fit inventory achieved both in price comparable the solutions Chico enthusiastically increased higher research featuring House by stretch with first strong lean for according report levels. standout selling was unit Black discipline market versatility, posting price than responded Market elevated that added for inventory White driven comparable selling market past comfort. innovation quarter, this inventory needs. And Market store channels Market digital full sales House product growth quarter new anywhere marketing White work key of full Our our Chico's that introduction higher and the Chico's rates and in and average full and of quarter generated and and to was supporting enhancements sales firm drove to pleased by White XXXX, to compared Black the higher growth exceptional in and to quarter and continued below House comparable both NPD, gain driven price pre-pandemic meaningful on the XX%, fabrics, AUR, by delivered data and of positive from sales I'm XXXX, diligent share. Customers gains retails.

Soma prior X.X% last consecutive the a sales its over quarter increase first achieving growth posted year, year's seventh versus quarter. of

the data, solid grew Soma's were offset and panties Bodify business by panty continues a of business first-to-market partially to core in and NPD Bra and the outpace meaningfully our utilizing launch lounge the cozy quarter. bras bra categories. core results patent Smart Again, slowdown market Soma, growth by to in These pending in X%, driven for referring the and the non-sport technology.

panty can inventory replenishment in position meet We our have bra strong needs. basic and customers' we so a

and customers our experiencing elevate drove to mid-teens. new customers new which up and in digital, were and targeted growth with prior existing Existing, traffic customers increased reactivated year, to to resources the the over brands. marketing, allocating continue all We three

over of increased our by XXX last quarter. all customer gross XX%, to points outlook discipline year's unit quarter offset partially by the nearly last price driven average by This basis XX.X% basis reflects elevated XXX outperformed three We The count pillars guided first improvement benefit to continuing quarter and and total points. net recent of younger XXX keep sales. clearly of year's turnaround exceeded us year's and in to with years. brands. Our implemented with first SG&A ongoing higher occupancy customers rate raw basis age leverage, declining first and At average strategy. deliver Four and cost costs. demonstrated impact full retail first growth the expenses trend was quarter [ph] of leverage combined points our by our materials cost savings initiatives across sales freight strategic XX% ongoing sales is margin of defined The last from also focused new

product and excellent. We first digital are obsessed, operationally customer-led,

each. on you update me Let

customer-led, are creating community focused on experiences. and and memorable We exceptional customer engagement

about unique Our through and is platform fueling powerful to teach Digital the impression of an first and our connections, merchandise. us channels, brand creating enabling seamless collaboration is to interact community and three our manner. portfolio customers inspire with our efficient brand growth and commerce in customers a

connections seriously centers two. bra stylists a year customer home can new have social our loyalty programs. stylists And self-discovery, and Our made for for brands well that connect physical the of community new experts. loyal a last Each and will and our groundwork customers, as finally, platform with stores we our our interactions data serve expertly with as as both fuel the

launch over travelers joy. Soma at the of in reinvigorating We like retail the programs year, and XXX White last Iron loyalty featuring stretch product and tailoring, collection category quarter. launched from fit premium, a look we are our We to best-in-class our the wearability. in bottoms goods to So new Market, responded was and and timeless that some new growth. and in return At innovative, are customer Black programs House new comfort and with No highest products both to last loyalty Lux pants our distinctive, both quarter loyalty through are further forward. At versatile refresh crepe apparel work Slimming in dressing driving of the huge both these existing [ph] denim with year solidifying forward AUR this for know for and our already Black new and fourth giving brand, enthusiastically including House introduction relationship enhancements stretch plan win dresses on fit, denim solutions, Chico's sales our quarter price office Premium our that and which for delivering grew of and And XX%. through product provides program moving fabrics, apparel growth of At we are the over were strong tailoring, net each already [indiscernible] we Market, With paneling. rates inspiring strong our year. and launch Chico's, second closet the White and focused drove seasonless participation franchise, customers every full innovation for beautiful Our have demonstrating home customer shirt our brands confidence wardrobes. At brands nearly significantly programs. obsessed, and to

product Soma, active, appreciate are solutions quality investments especially our sleep, customers we in to to cutting-edge and across bras. our in for innovation make paying and portfolio. receptive continue entire panties, value elevated comfort fact, At and In brand

a destination technology We developed have and for are that includes bra Bra, game-changing to including for franchises, the inventory as bra they measurement all body and newest adjusts six needs is proprietary Smart we basic month. our that key Soma, fluctuate positioned especially individual woman's well we which At throughout the critical business. drive in to growth, are with foundations replenishment the Bodify

across by insights technology to and quarter, strengthening our our leveraging year-over-year and double-digit In we customers growth. first, generated digital decision-making. channels data-driven core engage are We strong the deliver to platform,

and grew over units and rates, engagement to Our order these last growing. transaction quarter. tools engaged year's and proprietary more StyleConnect average is tools digital higher MyCloset, digital Combined continue are value. per using have tools XX% conversion fuel and Customers first like sales

now times XX% plan, two average and in more customers quarter. rate this three our continued have higher five All sales brands higher at and of by a first higher not apps the customer three than launched using average. the sales customers tracking single-channel order spend higher successfully site to than the those customers example, a and count, than MyCloset are per using For driven the group values. Multi-channel feature significantly customer approximately site in are have apps grow spend generated average the conversion times from Sales than and times AOV

apps star a garnered are have store. Apple that We the rating app on pleased the X.X

and technology and app [ph], to AI-driven continue marketing. in will science-based customer We invest engagement enhancing

strive We Our operational for digital excellence. continues. evolution

inventory, our continuing and we of and XXXX supply estate. expenses quarter managed into real first chain, prudently XXXX, During

healthy strong We and delivered flow a line. cash also generated bottom

commitment and to in alignment our the highest shows this operating standard. business of All

margin During to despite on in costs. performance, the goods by full costs higher leverage inventory strength chain the and on raw sales, price sales improved occupancy quarter, higher assure We production flow AURs calendar, driven freight materials. of gross manage time increases and we had the actively supply exceptional challenges in while arrive controlling

efficiencies. and are to We help our operational sourcing continually processes logistics improving drive on focusing

years. best For discipline inbound ongoing in decision leverage airfreight allowed performance costly has our logistic weeks year-over-year and in Sales example, to by even rate costs. cost SG&A XX resulted the several us extend reduce to reduce our calendar usage production and efforts

Difficulty] [Technical Now

PJ Guido

Good morning, everyone.

portfolio three [Technical contributing unique of Difficulty] and momentum. [Technical powerful Our continued brand each fueling with Difficulty]

growth comparable driven - marketing This drove comparable selling. we efforts newness first we achieved XX% of and the and sales the assortments XXXX XX%. enhanced by sales our During performance innovation over quarter, full by price and was XXXX surpassed that full

year. to Higher in AUR in compared totaled point to XX.X% occupancy the us costs. three compared quarter more invest more million primarily with SG&A brands. XX% XX.X% quarter sales to management expenses X of margin our leverage will raw continue was that basis in margin sales of years. and grow First freight improvement which for reflected give both than and financial meaningful quarter The material rate XXX offset in first sale, rate or elevated higher us have best gross XXXX, all last flexibility leverage, XX.X% to combined with coupled enabled proactive we $XXX expense realize as of gross

the and $XX income our of operating years quarter, X X.X%. at in operating we million margin generated posted For highest

of end facility last primarily [ph]. million times the are to and first XX position, balance of transit year on-hand increase of cash over $XXX the and we $XXX evidence compared also financial increase a end cash growth to XX% credit total At our ended $XXX our strength higher million strength quarter. with quarter at model, an the with which sheet have million increase The nearly over generated sales, earnings of EBITDA, times, our million flow. year's clear in $XXX or the last of million, double inventories reflects operating inventories of XXX more totaled equally liquidity currently from on to $XXX in of inventories the on capacity we to $XX equating of to year, of the align million quarter, focuses extended years. million last which seen prior demand our Shifting We what in in-transit than due and first consumer growth

Total represents inventory of summer Difficulty] at on-hand XX% just comprised for short, for looking each sales of to none total demand Chico XX. to the and In assortments XX.X% to year. inventory, with first relative we of Black through and the styles. and on the well growth over in-transit planned quarter well that also core fall. White for up we and demand levels inventory positioned year. believe sales brand of with for House summer growth deliver Now rosin In-transit for was inventory about XX% fall the early balance meet our Chico's time each of [Technical in early is Market brand. line inventory was expect [ph] and pennies XX% on-hand to summer and sales including total relative

in trend this markets estate our a the Customers company our and And optimize current the of White XX Now improve, U.S., where much to prime as real over number the first given the the brand targeting to to compared advantage in X,XXX moving in XXXX. Chico's higher total same sales At and and advantage remain target. sales although the the engage [Technical our of boutiques the House continues footprint reduction in let's asset standalone have communities shift year. back first end profitability. to Difficulty] control XX where XXXX. to and half both with years. up competitive Black in the for quarter, quarter we We our locations and coming market, And store we we a operated fleet, We across view performance strategic live. boutiques of in store opened estate. X.X% will love to they We real above we stores this digital XX% X,XXX this closures plan period are store store some were

I for and Now outlook our the will some second give color full on year. quarter

product launches annual We All long-term top are for margin year plan. the well our resonating line success AUR under are We and compound our target occupancy customers new spectrum. see that while expect customer growth demographic opportunity loyal XX.X% higher strong leverage. continued with current growth a ahead for base, three our with wider innovative of rate expansion positioned for attracting gross across through brands

highly we did on to lean structure. cost navigate working remain a in control a expense it's have and However, We are that disciplined challenge as XXXX. we successfully

seeing centers, that that top we Although both these and second investments we can are stores environment adjust to our labor we the our of are marketing, distribution In as to in as largest closely line dictates. linked growth. labor is expense one view next costs inflation

more selective AURs. are both be supporting channels about key platforms will and closer, investments and all three brands customers. making personalized our This also excited are creating in the are e-commerce We traffic across and higher with driving in that relationship conversion to complement we marketing a

gross range, the exceeding raised million, and range. current rate share. With rate share. to per to to of first that, diluted in to our range diluted to effective in XX.X% landscape. our XX.X% to sales XX.X% have of rate XX.X% of margin continue tax the billion, $X.XX XXXX be with to to the million and $XXX total be quarter the $X.XX tax effective XX% XX.X% And to margin We sales SG&A to in the we EPS $X.XX SG&A per $X.XX XX.X% and be of billion of outlook range, approximately XX% rate and navigate retail expect approximately full competitive year to total to be now in of XX.X% rate $XXX expectations, gross to $X.XX $X.XX XX.X% rate EPS the and

$XX store remain we Our our out third In our million planned investments, million, expenditures capital for are take and digital new existing approximately deliver facilities. momentum on and plan March. one third for to fiscal to and one of supply in stores $XX for third XXXX for ability chain, upgrades one in our allocated closing, advantage X-year Soma laid confident we

sales than Our by sales. in plan $X.X of billion more over targets XXXX and $X billion digital includes

support keeping We are operating XX% minimum of in cumulative cash over annually. on target $XXX generate progress. margin forward to All and X.X%. an would growth our also gross a planning plan to of And XX% million. operations to of of this annual EPS reach you we help an posted margin excess look We from rate

operator. call Now to back the Operator? the I'll turn over

Operator

time, at this [Operator Riley. be question first B. your comes Anderson Today's Instructions] go from we At questions. will ahead. take Susan Thank you. Please happy to

Unidentified Analyst

morning. good on question, for job Thanks [ph] Susan. our Greg the question. My on nice Hi, the And taking Alex first comps. quarter. just for

they positive even of So if conversion off-mall store and stores I'm but the versus could the were then XXXX, stores? just ADS about talk traffic you maybe traffic versus all mall versus curious the and the

Molly Langenstein

Alex. you, Absolutely. thank And

we're are in behavior. we're in excited we and all, customer seeing of first the seeing So about business what what the

strong the As demand ADS, brands. are three AUR it across we specifically to relates and seeing customer

customer year-over-year, higher customer, experiencing baskets. spend and our In we fact, and is spend you look XX% bigger frequency if up per per at our are

the and exhibiting QX customer we rolling the seeing healthy actually are are also look XX in at we strong customer We behavior stronger what ADS. that AUR when versus are

Unidentified Analyst

follow-up year. excess half in in of back costs Perfect. year, of And half the as on modeling mindful how I the then Thanks. guess is big gross just rate this should And costs? anything XXXX? there as the paid back a freight enter the margins of we you such for be we excess are

PJ Guido

Yeah. I'll Alex. that Thanks, take one.

XXXX. last raw this XXX in by and by was offset was that year about drove That quarter, was AUR, which we driven basis points than material freight and higher was So for which basis points. of It costs. - about reached XX%, XXX primarily

note the raw so However, was would that and freight on of majority that less I impact. materials the

and half for managing the back the and quarter For we the of ocean are year, mix of air. our

weeks and last function be So And managing because respects, and although less our we lower impact freight. even expect we inventory better. elevated in continued calendar the a growth to are expect slow than of XX that's by more using the inflation, year and we us some from extending do just ocean

outpacing cost. is unit AUR average So

we're it. we it elevated do And manage again, around going expect But and that. costs. again, to So managing throughout continue through to the working we're year,

Unidentified Analyst

the Perfect, Best rest thank of you. of year. luck the for

Molly Langenstein

Alex. you, Thank

Operator

from our Dana Group. And next question go Please comes today Telsey Telsey at ahead.

Dana Telsey

morning, to progress. Good nice the everyone. And see

As I price pandemic journey think some loungewear about mentioned chain of you you reallocated? think, forward? of that for you. And you some the planning increases, in of clothing. And space Molly, slowdown being type was each that where brand? are supply that and in the are How going had Thank is you the

Molly Langenstein

in And times. the Dana. in through the responding basics transit supply challenges way have we've extended challenges we obviously thank and to the these that through XXXX mitigate to 'XX, you. taking continued experienced have Good morning, all and calendar shifting by The been chain positions nimble in

favorable will from and calendar the standpoint. costly air, to and actively And they mix upon based until respond freight arise, PJ that situation see challenges the and we'll production avoid in to seeing manage managing to, continue continue we changing. as air as we'll supply chain we to new to keep a ocean We these are alluded our our

shifting, they to that. something consumer consistent shifts manage business that is and the categories the how are this and in how that As we it there are close our behavior is business staying is to just in relates

So according the you to share in NPD to grow. that shifted the we if some to at our bras quarter, panties. bras data, categories first for categories have and look fell, demand lounge you these categories core within while and the non-sport panties mentioned And in Soma, consumer for the continue

and though business. decline our In is we our spread that the working quarter, to a even and Soma's bra double-digit panty fact, and evidence which upon panty continue core market growth, the the between strategy of is year grew had business launch last new to posted and core bra And which for X% drive Broad a Bodify, increase, our we one within over the and six franchises X.X% [ph] . based our of is

So able those offset in to we'll launch. happen to drive categories to would continue be core what

Dana Telsey

you then as about through you we planning How XX% just up go forward? do of it. about year, the the is do look that now? Got And at of as think you inventories inventory going growth cadence cadence how think

Molly Langenstein

core including see you XX% Dana, in on-hand replenishment styles. and that of assorted are And our of last each that, first well look inventory, brand. at the is apparel XX% the We of bras you at for the and believe we X% quarter inventories appropriately inventory positioned are basic that fiscal In in can if total the to XXXX. But compared composition inventory, you particular, was look in-transit and down over up and colors if panties growth Soma comprised year. of

digits down Our double last inventory actually markdown compared to is year.

we the in category So first has been that we in quarter, the lounge had - liquidated. that anything

So is in core our and over panties which a that liability. not are bras, inventory is position

Dana Telsey

Thank you.

Operator

Please ahead. with comes Marni today question go next our Shapiro And Tracker. Retail from

Marni Shapiro

PJ, beautiful quickly Hey, a you through walk and great could guys. again. quarter really just Congratulations on assortment. if

House - said to XX Market. going close, up each up Soma's XX White Black I think to you you're open

saying, White that? absolutely If kind peak about any following House if the House's you just And dresses could like are up or beautiful, just have you event White Chico's? can feels was been on as opening Molly, David you wedding confirm And period, then up well. talk Chico's of what spring/summer

of positioned the thinking you the for in mix up kind And about where work So of dress back more do how you that? the half well to year? feel to of are

PJ Guido

So thanks, Marni.

so to open on We're on back to openings, So with working potentially store we're to more. the two planning regards We've year. the identified Soma, XX% XX. in this half up of

opening we some the So and up and Chico's do White plan to [ph] We're the and continue to House. in targeting ongoing our expect fleet stores. regards contemplating open now is cadence House additional managing going XX - our pursuant not But that's an then X-year plan fleet. right is We're for that's closing Malays to the Chico's. again, to actually forward, but with to exercise, White

Marni Shapiro

Great.

Molly Langenstein

it to the of in the And year, the position very Marni, half our of feeling relates mix spring/summer dress about good as and up we're back inventory.

very have new the say to in any of Chico's, been the so fashion the for the of she's have in tremendous our they or are of you anywhere. spent not he prudent versatility We've that take launched launch the time best apparel And probably is about at actually second those categories are amount categories even working whether can fabrications to our last We addresses of at a looking if way the dresses, have unique you whether and that new can occasion, lean in for it. category or in really in look quarter of remaining things but in is versatility apparel at a we've amount brands. in to lot tremendous both stretch particular, a that season, are a the office home in type

but is we So is on to change just customer need sea a we're to and the more how we versatility she this really in wants manner. believe that consumer. is able the to to believe We dressing be on very to focused a how this not broad a much manage customer only change respond address, how

we with spring/summer have balance are basic at And as levels look where pleased along as this year, our we're mix, we categories, with inventory fashion. that a So very the of back today. of half

the Chico. in shoes things as We are launched We just that pipeline in have some new well.

new pipeline fabrication have excited Soma, linen continue we quarter. in House just are We that some online that's innovation Denny as a new We'll new the [ph] things July. that we also launched new this have And We we're that later that in Votify also something well. coming about. coming in also White And have launched also on we

continue to to going maintain innovation consumer and be driving to that able higher drive pipeline we're So demand also AURs.

Marni Shapiro

Fantastic. Thanks a for your lot summary.

Molly Langenstein

Marni. you, Thank

PJ Guido

Thank you.

Operator

our comes And Janet with Please Research question go today Kloppenberg JKB next from Associates. ahead.

Janet Kloppenberg

morning, And clear little add Did that inventories my remainder the the what I up. half go opened how as that's we of other competitors category follow as inventory and rest heat thinking And terms much House much as to to in too so I increases you've be and the the you not do inventory a on for wanted plan that that's for resonating? the you're down? category was not expect now Black that just bit having what go everyone. through Thanks congratulations. potential you other environment year? Market, yours up and the we Good Chico's into of White the and let bouncing much. what of lounge me the just a and in inning on online with be lounge perhaps as may up appropriate back see [ph] to it's the Molly - Or about we're inventory level taken, that wondering promotional maybe of price the year

Molly Langenstein

Janet. you, Thank Yes.

And see back health saw change and and and categories to the on sleet, back in mountain have we the that we year the bras aligned we the of in the opportunity and taken categories the half are we half will in in cozy is the our really that of believe that is inventory we've of needed in PJ categories of [ph] QX. our the outlook. to year and inventory, a focus focus. four the the to that the Soma, continue that mentioned that we for core panties that's to see receipts demand we Where regards As we

actually price the what relates increases not we Janet, it the apparel and in terms prices. we've assortment and biggest in As up like-for-like taking taken in and focused is thing ticket, to just items on, of that units

innovation fabrications launch - on been we're in we're and features Bodify fix it's stayed We're in our Soma. So and and new and brands, so bottom. bodies focused we've very that our pipeline even apparel even offering this in new that that new offering categories offering important the new

our up digits price customers evidenced are are is that that spend being up, better also up point, demonstrate for and having ADS brands. is is they seeing paying and them a to addition that in in up units board across not being why per to that being our three we're being and customer and that our and our AUR This up the customer double to being the customers count all product So does. this in that extra with what that quality the are we it's any are garments able challenge giving value, we

taken necessary believe the we we there. So steps have

to going we we the relates - in inventories, not it promotion. key backwards particular, to have promotion, As are lean in fashion that categories believe on

focused promotion be more on remaining that. QX to taken better storytelling out able better stay actually calendar are and have year last to versus manage of product, in to We the

to going going is have seen we behavior. And seen change we to So behavior. are in the stay we are close customer but very we remain customer also currently, the not have vigilant, a to what not

Janet Kloppenberg

unclear was that about freight was wondering, and that. mean that I you said material expense of does of facing the gross But PJ, just ocean - you. Thank have because and I the about does on whether you great. the And you That's and all what back lower of half? some you're into right pressure freight a lower now? that - because margin tailwind for going raw help compensate

PJ Guido

Janet. Yeah,

limited freight which, quarter, ocean inbound So but better, as because first - what going the quarter. will say managing accrue - you year-over-year visibility we in seeing our costs clearly are second the we lower and to back half, and we're there's know, air the can still is us it's into

So that mix. managing in we're

chain so of so bit in costs we but now, a higher change. half. it's budgeted supply volatile, to little tailwind right And But a back subject for the there's

Janet Kloppenberg

things a higher just should I Is could how because at that change. read... And level,

PJ Guido

again, has Is we QX. the benefit landscape how had in But a changed.

the to expect We continue monitor. benefit and we'll

Janet Kloppenberg

I as We one you. see cetera. this And that. can et on time shorter have real plays, just on to Thank it estate have more after question

Molly Langenstein

Yeah. was that to to our that deliveries air it ocean between calendar Janet. mix up and XX more also decision has on-time and us production key weeks, to able freight. that Absolutely, be and believe a allowed We favorable have move

deliveries. be key to allowed that So us able have on-time to decision has

a on-time a quarter than a our week We're deliveries had few little about expected. only expected, had we delayed. we the talking over were fact, things of that In not change in were later maybe well and for XX% - difference what were the massively

all So manageable.

Janet Kloppenberg

the White Okay. Good. Back of And and store just Market? on House Chico's closings

PJ Guido

Yes, we stores come in off doing respects, slated at close of And that Janet, or were many that are risk so that. have list.

we So year. targeted last less X. than to We stores XX closing closed XX

deals can. yeah, time, productivity the So portfolio, At constantly improved. we're the we stores best the we at evaluate the negotiate same seeing

could of level slow. that store So closure

Operator

I'd question-and-answer the And closing over concludes to remarks. Molly gentlemen, back conference like turn Langenstein to any our session. for this

Molly Langenstein

say working. you. I’ll that Thank is that our strategy

successful second again off continuing the operational want on and to product future. for pillars interest Chico's Chico's powerful for August. better to these and company obsessed, deliver After for your start. look with forward growth I in growth FAS profitable clear a an great X-year plan, we FAS, are speaking our we us. are and even continue digital for our great during and in a we and positioning with excellence a of you Thank quarter to team three focused our confidence are to path results call you us to brands, thank and first guide achieving with a customer-led on each We now delivering turnaround,

Operator

call. for Thank thank We conference today's you. today's This concludes presentation. all you attending

now your a may You and disconnect have lines, wonderful day.

Chico's Fas (CHS) 7 Jun 222022 Q1 Earnings call transcript