(Filed Under wholesale Lingerie News). Sales at Soma, the lingerie division of Chico’s FAS, jumped 52.5% in the second quarter to $128,627,000, compared to $84,337,000 in the three months ended August 1, 2020.
The company noted that latest Soma results also represented a “38% comparable sales increase over the second quarter of fiscal 2019.” It added that “according to market research firm NPD, Group Inc., for the 12 months ended July 2021 compared to the same period in 2019, Soma’s growth exceeded that of the U.S. market in non-sport bras, panties and sleepwear. In addition, as customers’ preferences have shifted to comfort, Soma strategically increased its wireless assortment, taking more market share than any other brands for the 12 months ended July 2021 compared to the same period in 2019. We believe this research, along with our recent performance, is a strong indication that Soma is well positioned to capture additional market share.”
Chico’s as a whole earned $26.2 million on sales of $472.1 million, compared to a loss of $46.8 million on sales of $306.2 million in the same period last year. In addition to lingerie, the company also offers the Chico’s and White House Black Market apparel brands.
CEO Molly Langenstein stated, “Our second quarter earnings performance was the best second quarter Chico’s FAS has posted since 2013, and these results show the incredible progress we continue to make in our turnaround strategy, despite pandemic challenges. Our return to profitability in the quarter was driven by our strategic actions that grew sales, expanded gross margin, and diligently controlled our expenses. Our robust second quarter sales across all three brands were propelled by our meaningful enhancements in product and marketing, which continued to drive full-price selling, reduce markdowns and produce higher gross margin.”
She added, that Soma, “we believe, is well positioned to become one of the largest intimate apparel brands in the U.S.” —NM
Disclaimer: The views expressed in comments published on bodymagazine.us are those of the comment writers alone. They do not represent the views or opinions of Bodymagazine or its staff.
NOTE: Your Email will not be displayed.