Chico's stock falls toward lowest level in a decade after same-store sales miss, lowered guidance [MarketWatch]
Chico's FAS, Inc. (CHS)
Last chico's fas, inc. earnings: 2/27 07:02 am
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Source: MarketWatch
Chico's stock falls toward lowest level in a decade after same-store sales miss, lowered guidance Shares of Chico's FAS Inc. CHS, +0.29% slumped 6.2% toward a 10 1/2-year low in premarket trade Tuesday, after the women's apparel retailer reported fiscal first-quarter profit and net sales that topped expectations, but missed on same-store sales and lowered its full-year guidance. Net income for the quarter to May 4 fell to $2.03 million, or 2 cents a share, from $29.0 million, or 23 cents a share, in the year-ago period. Excluding non-recurring items, adjusted earnings per share came to 5 cents, above the FactSet consensus of 3 cents. Net sales fell 7.8% to $517.7 million, just above the FactSet consensus of $517.6 million, while the 7.0% decline in same-store sales missed expectations of a 6.5% decline. Gross margin fell to 36.9% of net sales from 40.4%. For fiscal 2019, the company cut its outlook for net sales and same-store sales to a decline in the "low-to-mid-single-digit" per
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