Chico's plunges after sales and margins disappoint [Seeking Alpha]
Chico's FAS, Inc. (CHS)
Last chico's fas, inc. earnings: 2/27 07:02 am
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US:NYSE Investor Relations:
chicosfas.com/investor-relations/investor-overview/default.aspx
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Source: Seeking Alpha
Chico's FAS (NYSE: CHS ) reports comparable sales fell 8.4% in Q2 as negative comps were recorded for the White House Black Market, Chico's and Soma brands. Gross margin came in at 36.1% of sales vs. 37.9% a year ago and 37.4% consensus. SG&A expenses rose 60 bps to 30.0% of sales. "Second quarter sales were disappointing, and we are taking decisive actions to adjust our assortments and enhance omni-channel capabilities in bellwether categories such as Jackets at Chico's and Dresses at White House Black Market," says CEO Shelley Broader. Looking ahead, Chico's expects comparable sales to be down high single-digits in FY17 with gross margin rate decreasing by approximately 75 to 100 basis points. Previously: Chico's FAS misses by $0.03, misses on revenue (Aug. 30) CHS premarket to $6.82. Now read: The Silence Speaks Volumes - Today's Stock Market Factors »
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