Chico's FAS Post Sharply Narrower Q1 Loss - Quick Facts

Fashion retailer Chico's Fas Inc. (CHS) on Tuesday reported net loss for the first quarter of $8.93 million or $0.08 per share, sharply narrower than $178.29 million or $1.55 per share in the year-ago quarter.

The prior-year quarter's results included after-tax charges totaling $134.8 million or $1.17 per share.

Total net sales for the quarter grew 38.4 percent to $387.96 million from $280.26 million in the same quarter last year, primarily reflects the impact of temporary store closures during last year's first quarter, partially offset by 39 net permanent store closures since last year's first quarter.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.17 per share on revenues of $320.656 million for the quarter. Analysts' estimates typically exclude special items.

Total Company comparable sales for the first quarter compared to the first quarter of fiscal 2019 were down 21.7%.Soma posted sales growth of 65% and a 39% comparable sales growth.

Looking ahead to fiscal 2021, the company expects consolidated net sales improvement between 28 to 34 percent.

The Company noted that it is not providing specific fiscal 2021 guidance at this time, given the ongoing market volatility and related uncertainty caused by the COVID-19 pandemic.

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