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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.

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