Chico's FAS Q1 Profit Down, Misses Estimates - Quick Facts

(RTTNews) - Chico's FAS, Inc. (CHS) said that its first-quarter net income available to common shareholders declined to $38.83 million from the prior year's $49.94 million, with earnings per share decreasing to $0.26 from $0.31 in the same quarter last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.28 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted earnings per share for the prior year quarter were $0.32.

Quarterly total net sales were $681.6 million, an increase of 1.6% compared to $670.7 million in last year's first quarter, primarily reflecting 99 net new stores for a square footage increase of 6.9%, offset by a decrease in comparable sales. Wall Street expected revenues of $678.87 million for the quarter.

Comparable sales for the first quarter decreased 2.6% following flat comparable sales in last year's first quarter, reflecting lower average dollar sale as a result of the impact of a highly promotional environment in response to lower traffic due in part to inclement weather.

For the fiscal 2014 second quarter, unaudited total sales and comparable sales through May 26, 2014 increased approximately 5% and 1%, respectively, compared to the same period last year.