Chico's FAS, Inc. (NYSE:CHS) Q2 2023 Earnings Conference Call August 29, 2023 8:00 AM ET

Company Participants

Julie MacMedan - Head of IR

Molly Langenstein - President and CEO

David M. Oliver - EVP, CFO and CAO

Conference Call Participants

Dana Telsey - Telsey Advisory Group

Jeff Lick - B. Riley Securities

Marni Shapiro - The Retail Tracker

Janet Kloppenburg - JJK Research

Operator

Welcome to Chico's FAS Second Quarter 2023 Conference Call and Webcast. All participants will be in listen-only mode. Please note that this call is being recorded. I would now like to turn the call over to the company's Head of Investor Relations, Julie MacMedan. Ms. MacMedan, please go ahead.

Julie MacMedan

Good morning, and welcome to the Chico's FAS second quarter 2023 conference call and webcast. For reference, our earnings release can be found on our website at www.chicosfas.com under Press Releases on the Investor Relations page. Today's comments will include forward-looking statements regarding our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, which speak only as of today's date. You should not unduly rely on these statements. Important factors that could cause actual results or events to differ materially from those projected or implied by our forward-looking statements are included in today's earnings release, our SEC filings and the comments made on this call. We disclaim any obligation to update or revise any information discussed on this call, except as may be otherwise required by law.

Certain non-GAAP measures may be referenced on today's call. A GAAP to non-GAAP reconciliation schedule is included in our earnings presentation posted this morning on the Chico's FAS Investor Relations page. Now I will turn the call over to our CEO and President, Molly Langenstein. Molly?

Molly Langenstein

Thank you, Julie, and good morning, everyone. We delivered another quarter of strong operating income and earnings performance, consistent with our outlook. Total second quarter year-over-year sales were also in line with our outlook on top of 18.4% growth in the second quarter of last year. On a year-over-year basis, we delivered a net sales increase of 2.1% at Soma, a modest decline at Chico's, and a sequential improvement over last quarter at White House Black Market. For all three brands, full-price sales remain healthy, and we attracted new customers and gained market share. Total company average dollar spend and units per transaction increased. We expanded average unit retail at both Chico's and Soma as apparel customers continue to buy head-to-toe dressing and our intimates customers responded to innovative new products.