Chico's financials up

Revenues, profits, margins — everything is up, up, up for Chico's FAS Inc., according to a release showing its performance in the recently concluded quarter.

Chico's' net sales in the second quarter of the 2010 fiscal year were $465.4 million, up 10.8% from the $419.9 million earned in 2009. Two of Chico's newer brands, Soma Intimates and White House Black Market, saw 4.3% and 11.2% increases in net sales respectively.

Not only did sales increase, they were more profitable as well. From a gross profit perspective — looking at just net sales versus the cost of goods sold — the company's margins increased 70 percentage points to 55.7%.

The gains in gross performance led to a solid result in net profits. Chico's posted a $30.5 million net income for the quarter, more than double the $14.9 million earned in the second quarter of 2009.

And these good results are contributing to the long-term strength of Chico's business. The company now has $487.4 million in cash and marketable securities on hand, up roughly 13% since the end of fiscal year 2009. Further, company directors recently authorized the buyback of $200 million in Chico's common stock, which will boost its traded value.

Chico's FAS Inc. is based in Fort Myers. The retailer operates 1,128 stores across the United States.