Q2 Comp-store sales slip at Chico's FAS
FORT MYERS, Fla. — Chico's FAS’s financial results for the second quarter ended Aug. 3 were affected by a lower transaction count and average dollar sales, primarily because of lower traffic and the cycling of strong comparable sales last year.
The company reported net income of $43.6 million for the quarter — a decrease of 18.4% compared to $53.4 million in the year-ago quarter, and earnings per diluted share of $0.27, a decrease of 15.6% compared to $0.32 per diluted share in the year-ago quarter.
Net sales were $649.5 million for the quarter, up 1.2% from $641.7 million in the year-ago quarter, primarily reflecting 112 net new stores for a square footage increase of 8.8%.
Meanwhile, comparable sales for the quarter decreased 2.6% following a 5.6% increase in last year's second quarter.
The Chico's/Soma Intimates brands' comparable sales decreased 3.1% following a 7.2% increase in last year's second quarter for a two-year stack of up 4.1% and the White House | Black Market brand's comparable sales decreased 1.5% following a 2.3% increase in last year's second quarter for a two-year stack of up 0.8%.
The women's omnichannel specialty retailer operates under the Chico's, White House | Black Market, Soma Intimates and Boston Proper banners, and counts with 1,427 stores in the US as well as corresponding e-commerce sites.