Chico's FAS Inc. (CHS) posted higher first-quarter net income of $53.6 million, or $0.32 per share, compared with $45.9 million, or $0.26 per share last year. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.30 for the quarter. Analysts' estimates typically exclude one-time items.
For the first quarter, net sales totaled $650.82 million, up 21.2% from $537.16 million in the prior-year quarter. Analysts estimated revenues of $630.64 million for the quarter. The increase reflects a consolidated comparable sales increase of 9.6%, an 8.0% increase in square footage and $33.7 million in sales for Boston Proper. The consolidated comparable sales growth of 9.6% for the first quarter was on top of a 7.7% rise for last year's first quarter, and reflects increases in both average dollar sale and transaction count.
For fiscal 2012, including Boston Proper, the company now expects net sales increase at a mid to high teens percentage rate to about $2.5 billion - $2.6 billion, including comparable sales growth at a mid single digit rate, about 9% growth in store square footage and some $30 million in sales from the 53rd week. Previously, the company assumed net sales growth at a mid teens percentage rate to nearly $2.5 billion, including Boston Proper. Twenty analysts project revenue of $2.53 billion for the full year.
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