Chico's shares plummet after earnings miss [MarketWatch]
Chico's FAS, Inc. (CHS)
Last chico's fas, inc. earnings: 2/27 07:02 am
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Source: MarketWatch
Chico's shares plummet after earnings miss Chico's Fas Inc. CHS, -19.07% shares plummeted 16% in Wednesday premarket trading after the women's apparel retailer reported a first-quarter earnings miss and gave weak guidance. Net income totaled $29.0 million, or 23 cents per share, down from $33.6 million, or 26 cents per share, for the same period last year. Sales were $561.8 million, down from $583.7 million last year. The FactSet consensus was for EPS of 25 cents and sales of $552.0 million. Same-store sales fell 5.9% with the Chico's brand down 5.5%, White House Black Market down 6.6% and Soma down 5.8%. The FactSet consensus was for a 4.4% decline. "[C]ustomer traffic for the quarter was challenging," said Chief Executive Shelley Broader in a statement. The company expects that its partnerships with Amazon.com Inc. AMZN, +0.31% and QVC, a Qurate Retail Inc. QRTEA, +0.05% brand, will drive traffic and sales for the long term. The company launched a partnership with ShopRunn
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