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Chico's Beats 2Q Profit Forecasts

Chico's FAS reported fiscal second-quarter net income of $23 million.
Source: Chico's
By
  • Associated Press

FORT MYERS, United States — Chico's FAS Inc. on Tuesday reported fiscal second-quarter net income of $23 million.

On a per-share basis, the Ft Myers, Florida-based company said it had net income of 17 cents. Earnings, adjusted for restructuring costs, were 25 cents per share.

The results surpassed Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 22 cents per share.

The clothing chain posted revenue of $635.7 million in the period, falling short of Street forecasts. Eight analysts surveyed by Zacks expected $635.8 million.

Chico's shares have risen almost 6 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $11.30, a drop of 24 percent in the last 12 months.

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