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Chico’s Acquires Boston Proper, Posts 2q Profit

(Filed Under Financial and General Interest News). Chico’s FAS, Inc. announced the acquisition of Boston Proper Inc., a women’s apparel and accessories e-commerce company, for $205 million.

"Boston Proper’s brand focus is highly complementary to our existing brands’ customer experience," stated David Dyer, president and chief executive officer of Chico’s. The Florida-based e-tailer’s current C.E.O., Sheryl Clark, will stay on as president and report to Dyer as the company transitions to a stand-alone division of Chico’s FAS Inc. Chico’s is hoping to strengthen its online presence with the acquisition.

The deal is expected to close within 45 days and should add to Chico’s earnings in the first full year of operations.

Profits for Chico’s in the second quarter ended July 30 came to $43.4 million, or 25 cents a share, up 42.5 percent from $30.5 million, or 17 cents a share, in the year-ago period.

Net sales reached $551.4 million, up from $465.4 million one year ago. Comparable store sales jumped up 12.8 percent, lead by an 11.9 percent increase in Chico’s Soma Intimates stores.

Chico's FAS, Inc. operates 1,221 specialty stores, including 150 Soma Intimates boutiques and 16 outlet stores, across the United States and several U.S. territories.

more Financial and General Interest News >>

Published 08-18-2011 by Katherine Rautenberg

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