Q2 2021

OverviewAugust 31, 2021

Forward-looking language

This presentation contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The statements, including without limitation the quote from Ms. Langenstein and the sections captioned “Business Highlights” and “Fiscal 2021 Outlook,” relate to expectations and projections regarding the Company’s futureperformance and may include the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “will,” “plan,” “outlook,” “project,” “should,” “strategy,” “potential,” “confident” and similar terms. These forward-looking statements are based largely on information currently available to our management and on our current expectations, assumptions, plans, estimates, judgments and projections about our business and our industry, and are subject to risks and uncertainties that could cause actual results to differ materially from historical results or those expressed or implied by such forward-looking statements. Although we believe our expectations are based on reasonable estimates and assumptions, there is no assurance that our expectations will, in fact, occur or that our estimates or assumptions will be correct, and we caution investors and all others not to place undue reliance on such forward-looking statements. Factors that could cause actual results to differ include, but are not limited to: the effects of the pandemic and uncertainties about its depth and duration, new variants of COVID-19 that have emerged, and the speed, efficacy andavailability of vaccine and treatment developments, as well as the impacts to general economic conditions and the economic slowdown affecting consumer behavior and discretionary spending (during and after the pandemic) and any temporary store restrictions (including reduced hours or capacity) due to government mandates; the effectiveness of store reopenings, cost reduction initiatives, the extent, availability and effectiveness of any pandemic stimulus packages or loan programs, including the Coronavirus Aid, Relief, and Economic Security Act, the ability of our third-party business partners, including our suppliers, logistics providers, vendors and landlords, to meet their obligations to us in light of financial stress, staffing shortages, liquidity challenges, bankruptcy filings by other industry participants and other disruptions due to the pandemic, and the impact of the pandemic on our manufacturing operations in China; our ability to successfully implement any alternatives that we pursue including our ability to maintain the cost savings described in this release; government actions and policies; increases in unemployment rates and taxes;local, regional, national and international economic conditions; the risk that natural disasters, public health crises, political uprisings, uncertainty or unrest, or other catastrophic events could adversely affect our operations and financial results; changes in the general economic and business environment; changes in the general or specialty retail or apparel industries, including the extent of the market demand and overall level of spending for women’s private branded clothing and related accessories; future permanent store closures; the effectiveness of our brand strategies, awareness and marketing programs; the ability to successfully execute and achieve theexpected results of our business strategies and particular strategic initiatives (including, but not limited to, the Company’s turnaround strategy and five fiscal 2021 operating priorities which are: continuing our ongoing digital transformation; further refining product through fit, quality, fabric and innovation; driving increased customer engagement through marketing; maintaining our operating and cost discipline; and further enhancing the productivity of our real estate portfolio; cyber security or other data or security breaches; sales initiatives and multi-channel strategies; customer traffic; our ability to appropriately manage our inventory and allocation processes; our ability to leverage inventory management and targeted promotions; the successful recruitment of leadership and the successful transition of members of our senior management team; uncertainties regarding future unsolicited offers to buy the Company and our ability to respond effectively to them as well as to actions of activist shareholders and others; changes in thepolitical environment that create consumer uncertainty; the risk that our investments in merchandise or marketing initiatives may not deliver the results we anticipate; significant changes to product import and distribution costs (such as unexpected consolidation in the freight carrier industry, and the ability to remain competitive with customer shipping terms and increases in costs pertaining to product deliveries and returns, higher freight costs, product supplier handover delays and extended inbound transit times); the risks and uncertainties that are related to our reliance on sourcing from foreign suppliers, including significant economic labor, political or other shifts (including the impact of changes in tarifffs, taxes or other import regulations, particularly with respect to China, or legislation prohibiting certain imports from China); the quality and timeliness of merchandise received from suppliers; changes in the costs of manufacturing, raw materials, transportation, distribution, labor and advertising; new or increased taxes or tariffs that could impact, among other things, our sourcing from foreign suppliers; the risk that future legislation may prohibit certain imports from China; and significant shifts in consumer behavior. Other risk factors are detailed in the Company’s Annual Report on Form 10-K and, from time to time, the Company’s Quarterly Reports on Form 10-Q and other reports filed with the Securities and Exchange Commission. These factors should be considered in evaluating forward-looking statements contained herein. There can be no assurance that the actual future results, performance, or achievements expressed or implied by such forward-looking statements will occur. The Company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized.

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\On Track to Deliver Incremental $100M in Sales in FY 2021

Meaningfully Faster Sell -Through Rates, Higher Productivity, More Full-Priced Sales and Better Maintained Margins

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Q2 2021 Brand Highlights

• 59% sales growth over Q2

2020, continued to benefit

from elevated styling and

quality enhancements

• Customers responded to

newness, comfort features,

novel technology and

innovative fabrics

• 53% sales growth over Q2 2020; 38% comparable sales growth over Q2 2019

• Sales growth exceeded that of U.S. market in non-sport bras, panties and sleepwear 1

• 48% sales growth over Q2 2020,

driven by newness and seasonless

fabrics

• Customers responded to new pant

and short programs, knits and

dresses as well as denim

1 According to NPD, Group, Inc., for the 12 months ended July 2021 compared to the same period in 2019

Return to Profitability

Reported EPS of $0.21 per diluted share, best second quarter performance since 2013

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Enhanced Marketing Driving Traffic, New Customers

Allocated more resources to digital storytelling, social influencers and other social efforts

Continue to acquire new customers, average age continues to trend younger than existing customers, reinforcing runway for all three brands

Q2 2021 Business Highlights

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Strong Balance Sheet

$137M+ in cash and marketable securities at end of Q2 2021, increase of nearly $35M vs. prior quarter

No incremental borrowings on credit facility

Improving Gross Margin

Gross margin improved to 38.4%, best performance in 13 consecutive quarters

Continuing Digital Transformation

Q2 2021 digital sales grew 23% over 2019 levels

Proprietary digital styling tools continue to gain traction and result in higher conversion rates and order values

Q2 2021 Business Highlights

Maintaining Operating and Cost Discipline

Continued cost discipline efforts and sales leverage resulted in decline in SG&A to 30.9%, an improvement over both Q2 2020 and Q2 2019

Enhancing Productivity of Real Estate Portfolio

Opened 47 Soma shop-in-shops in Chico's stores, driving new customers to both brands and further expanding digital business

Obtained approximately $15M YTD in incremental savings from landlords for a total of $80M in rent reductions and abatements

Closed 9 stores during quarter and remain on track to close 13 – 16% of remaining store fleet through end of fiscal 2023

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Q2 2021 Financial Results

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Amount (in thousands, except per share amounts)

Thirteen Weeks Ended

July 31, 2021

Thirteen Weeks Ended

August 1, 2020

Net Sales

Chico's $221,389 $139,584

White House Black Market $122,043 $82,253

Soma $128,627 $84,337

Total Net Sales $472,059 $306,174

Gross Margin $181,458 $44,766

Selling, general and administrative expenses $145,849 $107,304

Income (Loss) from Operations $35,609 $(62,538)

Interest expense, net $(1,722) $(507)

Income (Loss) before Income Taxes $33,887 $(63,045)

Income tax provision (benefit) $7,700 $(16,200)

Net Income (Loss) $26,187 $(46,845)

Per Share Data: Net income (loss) per common and common equivalent share – diluted

$0.21 $ (0.40)

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Fiscal 2021 Outlook

• Consolidated YoY net sales improvement between 32% to 35%

• Gross margin rate improvement of 20 to 22 percentage points YoY

• SG&A as a percent of net sales to improve 500 to 600 bps YoY

• Income tax rate of 34% to 35%.

Q3 2021 Outlook

• Consolidated YoY net sales improvement between 18% to 22%

• Gross margin rate improvement of 13 to 15 percentage points YoY

• SG&A as a percent of net sales to improve 500 to 600 bps YoY

• Income tax rate of 34% to 35%

“Our second quarter earnings performance

was the best second quarter Chico’s FAS

has posted since 2013, and these results

show the incredible progress we continue to

make in our turnaround strategy, despite

pandemic challenges. Our return to

profitability in the quarter was driven by our

strategic actions that grew sales, expanded

gross margin, and diligently controlled our

expenses.”

Molly Langenstein, Chief Executive Officer and President | Chico’s FAS