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 Libra Association, formed by major financial partners of Facebook's Libra cryptocurrency project, formalized the association at the inaugural Libra Council meeting of the members at its headquarters in Geneva, Switzerland. The current 21 member organizations formally signed onto the Libra Association charter, elected the Board of Directors, and appointed the executive team. Department store chain Kohl's Corp. has unveiled its Kohl's Cares holiday collection that includes the Disney Frozen 2 and Holiday Character bundles. The company's philanthropic program, Kohl's Cares, sells children's books as well as toys and donates the entire profit to charitable initiatives nationwide. Children's Place Inc. (PLCE) said that it will relaunch the Gymboree brand in the U.S. and Canada in early 2020. The brand will be relaunched in Gymboree website, and in shop-in-shop locations in more than 200 Children's Place stores in the U.S. and Canada.
RELATED NEWS
Follow RTT
>