Soma Sales Were Flat For Q3, Nine Months

Soma’s new Linework Metallic Embroidered Plunge Bra ($69) and matching thong ($20).

Sales at Soma fell slightly in the third quarter to $105.407 million, compared to $105.540 million in the same period last year. For the first nine months, however, they were up slightly to $333.891 million, compared to $331.322 million last year.

As reported earlier, all of parent company Chico’s FAS has agreed to be acquired by Sycamore Partners, a private equity firm, in a transaction scheduled to be completed by the end of the first quarter of 2024. Pointing to that circumstance, and noting that once the deal closes it will become a privately held company, Chico’s stated it would not be conducting a conference call for the third quarter. It added that it was “not providing a financial outlook and is withdrawing its previously issued outlook for fiscal 2023.”

CEO Molly Langenstein declared, “We are excited about the next chapter in our company’s future with the pending acquisition by Sycamore Partners. We believe they will provide Chico’s FAS with additional expertise, financial resources, and strategic flexibility to further fuel our growth.”

As of October 28, Soma was operating 260 “frontline boutiques,” up one since July 29, as well as holding steady with 20 Soma outlets.

For the third quarter, Chico’s as a whole (which includes separate Chico’s and White House Black Market shops), reported net income of $5.040 million on sales of $505.126 million, compared to net income of $24.619 million, on sales of $518.332 million in the same three months in 2022.