Chico's FAS, Inc. (NYSE:CHS) Q2 2022 Earnings Conference Call August 31, 2022 8:00 AM ET

Company Participants

David Oliver - Senior Vice President, Finance, Controller & Chief Accounting Officer

Molly Langenstein - Chief Executive Officer & President

PJ Guido - Chief Financial Officer

Conference Call Participants

Dana Telsey - Telsey Group

Marni Shapiro - Retail Tracker

Operator

Welcome to Chico's FAS Second Quarter 2022 Earnings Conference Call and Webcast. All participants will be in listen only mode. [Operator Instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note today’s event is being recorded.

I would now like to turn the call over to Corporate Controller, David Oliver. Please go ahead.

David Oliver

Good morning, and welcome to the Chico's FAS second quarter 2022 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 speaks only as of today's date. You should not unduly rely on these statements.

Important factors that could cause actual results are 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 in 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'll turn the call over to our CEO and President, Molly Langenstein.

Molly Langenstein

Thank you, David, and good morning, everyone. Our strong momentum continued, with comparable sales up 19.5% to last year, and 17.4% to 2019. We posted another quarter of outstanding operating income in our highest ever second quarter EPS, driven by both digital and store sales growth, and meaningful year-over-year gross margin rate expansion.

Our consistent performance is evidence of the power of our portfolio, and the successful implementation of our strategic pillars. Six months into our three-year strategic plan, we are pleased with the considerable progress to-date and remain confident in our ability to achieve our long-term goals. Our power of three brands and strategic pillars have proven resilience in this environment. We remain focused on delivering over $2.5 million in sales by 2024.