Equity, Cash Flow and Notes Analysis

Chicos FAS, INC

Analysis of Equity, Cash Flows, Notes to Financial Information and Other Financial entropy Report to Scott Edmonds President and CEO

Chicos FAS, Inc. (NYSE: CHS) is a retailer of high-end womens apparel designs, sources and retails extraordinary brands of trendy womens sophisticated and casual fashion Chicos started in 1983, after the acquisition of White House / Black Market in 2003 they have over 571 stores in 46 states, Washington DC, Puerto anti-racketeering law and the Virgin Islands. The company competes with giants such as Federated department stores, and similar sized chains such as Ann Taylor and Talbots. We examined the companys 2003 10K register for their fiscal year ending January 31, 2004. Our report will give out the Statement of Cash Flows, Statement of Changes in Stockholders (Owners) Equity, Important Notes to amalgamated Financial Statements, and Explanations of Other Financial Information. We feel the information demonstrates that Chicos has been position the foundations for a profitable 2004.

Statement of Cash Flows

The statement of Cash Flows (page 18 on attached 10K) is divided into three sections, Net silver provided by operating activities, Net change used in investing activities, and Net cash provided by financing activities. From February 1, 2003 by dint of January 31, 2004, the net increase in cash and cash equivalents change magnitude by nearly $7MM. or 79%. Net cash provided by operating activities is comprised of Net Income plus adjustments.

Chicos FAS amounts expressed in thousands                                    

Statement of Cash Flows         2004         2003         $$ Change          % Change

Net Income         100,230         66,759         33,471         50.



14%

Adjustments to reconcile net income to net cash                                    

Depreciation CGS         1,970         1,093         877         80.24%

Depreciation Other         21,130         15,050         6,080         40.40%

Deferred Tax expense (benefit)         1,336         -1,651         2,987         -180.92%

Tax benefit of Options Exercised         15,126         22,549         -7,423         -32.92%

Deferred...

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