Chico’s FAS, Inc. Reports Second Quarter Results
For the thirteen weeks ended July 29, 2017, the Company reported net income of $22.7 million, or $0.18 per diluted share, compared to net income of $23.0 million, or $0.17 per diluted share, for the thirteen weeks ended July 30, 2016. Results for the second quarter of 2016 include the impact of restructuring and strategic charges of $10.3 million after-tax, or $0.08 per diluted share. For the twenty-six weeks ended July 29, 2017, the Company reported net income of $56.3 million, or $0.44 per diluted share, compared to net income of $54.1 million, or $0.41 per diluted share, for the twenty-six weeks ended July 30, 2016. Results for the twenty-six weeks ended July 30, 2016 include the impact of restructuring and strategic charges of $12.5 million after-tax, or $0.09 per diluted share. For the second quarter, net sales were $578.6 million compared to $635.7 million in last year's second quarter. This decrease of 9.0% primarily reflects a comparable sales decline of 8.4%, driven by lower average dollar sale and a decline in transaction count. For the second quarter, gross margin was $209.1 million, or 36.1% of net sales, compared to $240.8 million, or 37.9% of net sales, in last year's second quarter. Click Read More below for additional detail.