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FORT MYERS, Fla.,
Dec. 19, 2013 /PRNewswire/ -- Chico's FAS, Inc. (NYSE: CHS) today announced that the Company repurchased approximately 6.7 million shares of its common stock, for approximately
$125 million, during the fourth quarter of fiscal 2013, completing all but
$55 million of its existing share repurchase authorization.
The Company also announced that its Board of Directors has cancelled the remainder of its
March 2013 share repurchase program and approved a new
$300 million share repurchase authorization for the Company's common stock, reinforcing the Company's commitment to returning excess cash to shareholders. The new repurchase authorization follows the Company's recent announcement to increase its quarterly dividend per share by 36%, equating to an annualized increase of
$0.08 per share.
"We're pleased that we will have distributed approximately
$283 million in cash to shareholders during fiscal 2013, reflecting meaningful year-to-date share repurchases and the increased
December 2013 dividend declaration," said
Dave Dyer, CEO of Chico's FAS. "Since the inception of our share repurchase and dividend programs in 2010, we will have distributed approximately
$690 million to our shareholders. Both the new authorization and the recent dividend increase underscore the Company's commitment to returning excess cash to shareholders."
ABOUT CHICO'S FAS, INC.
The Company, through its brands – Chico's, White House | Black Market, Soma Intimates, and Boston Proper, is a leading women's omni-channel specialty retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items.
November 2, 2013, the Company operated 1,470 stores in the US and
Canada. The Company's merchandise is also available at
www.bostonproper.com. For more detailed information on Chico's FAS, Inc., please go to our corporate website at
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. Forward-looking statements also include statements regarding returning excess cash to shareholders. 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. These factors include, without limitation, the risk that the company does not repurchase some or all of the shares it anticipates purchasing pursuant to its repurchase program. 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.