Chico’s FAS Earnings Call Insights: White House and Improvement
Chico’s FAS, Inc. (NYSE:CHS) recently reported its second quarter earnings and discussed the following topics in its earnings conference call.
Neely Tamminga – Piper Jaffray: Dave, I was just wondering if you can talk just a little bit about White House, it sounds like there has been a course correction here, some color flows. Just wondering if you’re able to share a little bit as it relates to the late August, September kind of early build the nature build to the business and how you’re feeling about it heading into Q3, Q4? And then, any changes related to your long-term view of the growth? And if you could weave in a little bit a lot that you talked about omnichannel and what that means for your business, what does that mean specifically for White House? And does that impact the longer term view over the fore count for White House over time? Just if you could give us a little bit of insights on the digital front there that would be helpful? Thank you.
David F. Dyer – President and CEO: Neely, somehow you manage to weave about 85 questions into one, but we’ll do our best. White House just had two much color too consistently in second quarter. And I think that if you go back and look at our history what we have done is we’ve kind of come in and had a cleansing power. It’s almost like serve between courses. We would have color and then we would go back to really a black and white delivery to kind of cleanse it up in the less — to less than it’s kind of get back to normal and to really sell down in that other color. We brought in color consecutively in consecutive deliveries and changed color and I just and I think that we had another one of the reds, pinks we felt like that we have repeated too quickly. So, when we went back and looked at it we really did realize that color cadence in the amount of color that we brought in such short amount of time was a problem. So, we have corrected that. You will see the sorbet course as we go forward and we will be cleansing our palette of color as we’ve done previously and we believe that, that will get us back to where we’ve always been. Also in White House, we’re going to continue to make sure that our affordable couture and unique product position is enhanced perhaps some of the really exciting items that we always put in that were the very difficult ones. We didn’t have enough of that balance in our assortments, so we’ve corrected that going forward. Now, the other question.
Neely Tamminga – Piper Jaffray: Omnichannel?