logo
Plus   Neg
Share
Email

Chico's FAS Slips To Loss In Q2, Sale Misses Estimates; Stock Plunges

Chico's FAS Inc. (CHS) reported that its second-quarter net loss was $2.3 million or $0.02 per share, compared to net income of $16.8 million or $0.13 per share in the prior year.

In Wednesday pre-market trade, CHS is currently trading at $2.52, down $0.52 or 17.11 percent.

Adjusted net loss for the latest-quarter was $0.2 million, or break even per share. Analysts polled by Thomson Reuters expected the company to report earnings of break even per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales declined 6.7% to $508.4 million from last year's $544.7 million, reflecting a comparable sales decline of 6.1% as well as the impact of 53 net store closures since last year's second quarter. The comparable sales decline was hurt by lower average dollar sale and a decrease in transaction count. Analysts expected revenues of $513.34 million.

For the fiscal 2019 third quarter, the company anticipates a low to mid-single-digit decline in total net sales and consolidated comparable sales.

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

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The United Auto Workers at General Motors will remain on strike until ratification of a new four-year labor contract, the union said on Thursday. GM's proposed agreement includes an $11,000 ratification bonus to workers, wage increases of 4 percent throughout the four-year contract, no increases in health care costs; and a path to permanent worker status within four years or less. Streaming giant Netflix Inc. (NFLX) announced that it secured rights to Jeff Smith's critically acclaimed comic book series BONE. Netflix said it plans to develop an animated kids series based on BONE that follows the iconic Bone cousins on an adventure through a vast, uncharted desert and into a... Swedish luxury auto maker Volvo Cars unveiled its first fully electric car, the XC40 Recharge. The XC40 Recharge is a part of the electrified car portfolio that Volvo plans to introduce under the new 'Recharge' sub-brand. The company said it plans to launch a fully electric car every year over the...
RELATED NEWS
Follow RTT
>