In this article I present the dividend safety analysis of Chico’s FAS Inc (NYSE:CHS). The company is a retailer of women’s clothing and accessories. The main interest for some investors is the high forward yield of ~8.7%. Despite CHS’ current challenges, the company is Dividend Challenger having grown the dividend for nine consecutive years. However, the raises since 2014 have only been one penny per share. The high yield is attractive, but investors should be wary since the dividend is not covered by earnings or free cash flow. This places the dividend at risk for a freeze or even worse, a cut. Chico’s FAS is a turnaround story and not suited for most investors focused on dividend growth or even income.