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Chico's FAS Updates Full-year 2019 Outlook - Quick Facts

While reporting financial results for the first quarter on Tuesday, specialty retailer Chico's FAS Inc. (CHS) updated its sales guidance for the full-year 2019 and initiated outlook for the second quarter.

For fiscal 2019, the company now anticipates a low-to mid-single digit decline in total net sales and consolidated comparable sales, compared to the previous guidance for a low-single digit decline in total net sales and consolidated comparable sales.

The company expects stronger sales trends across all brands in the second half of the year, as key initiatives gain traction.

For the second quarter, the company anticipates a mid-single digit decline in total net sales and consolidated comparable sales compared to the fiscal 2018 second quarter, reflecting expected softer sales in its White House Black Market brand, which will continue through the second quarter.

However, the company expects that sales at the Chico's and Soma brands will improve in the second quarter compared to the first.

For the first quarter, the company reported a comparable sales decline of 7.0 percent, driven by lower average dollar sale and a decrease in transaction count. This compared to comparable sales decline of 5.9 percent last year.

Additionally, the company said it is making progress on its previously announced search for a permanent CEO. The Board's search committee has met with a number of exceptionally qualified candidates and is pleased with the quality of the apparel executives with merchandising experience that it is seeing.

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