Chico's FAS Posts Loss In Q3, To Buy Back $300 Mln Stock

(RTTNews) - Chico's FAS, Inc. (CHS), an omni-channel specialty retailer, Tuesday reported a third-quarter net loss of $11.61 million or $0.09 per share, compared to profit of $26.46 million or $0.17 per share last year.

Adjusted earnings totaled $0.13 per share, compared to $0.19 per share last year. On average, 23 analysts polled by Thomson Reuters expected earnings of $0.20 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales decreased 3.7 percent to $641.2 million from $665.6 million, primarily reflecting a 3.3 percent decrease in comparable sales and a 0.8 percent net decrease in selling square footage. Analysts expected revenues of $666.67 million.

Further, the company said its Board of Directors has approved a new $300 million share repurchase authorization for the company's common stock and canceled the remainder of its December 2013 share repurchase program, reinforcing the company's commitment to returning excess cash to shareholders.

The company also declared a quarterly cash dividend of $0.0775 per share of its common stock, a 3.3 percent increase over the dividend rate from December 2014. The dividend is payable on December 21, to Chico's FAS shareholders of record at the close of business on December 7.