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Chicos FAS scripts turnaround in Q3FY16
Nov '16
Retailer of women's clothing and accessories Chicos FAS scripted a turnaround by reporting a net income at $23.6 million, or $0.18 per diluted share in the three months ended October 29, 2016. As against this, the apparel retailer posted a net loss of $11.6 million, or $0.09 per diluted share, for the thirteen weeks ended October 31, 2015.

In the third quarter of fiscal 2016, the company posted adjusted net income of $26.4 million, or $0.20 adjusted earnings per diluted share, compared to adjusted net income of $17.7 million, or $0.13 adjusted earnings per diluted share in the fiscal ago quarter.

According to Chicos', adjusted results exclude EPS net charges of $0.02 in fiscal 2016 and $0.22 in fiscal 2015 related to restructuring and strategic charges and Boston Proper.

In the reporting quarter, net sales stood at $596.9 million vis-à-vis $645.4 million in the prior fiscal's third quarter, down 7.5 per cent which also includes $18.7 million related to Boston Proper.

Net sales declined 4.8 per cent, when excluding Boston Proper from fiscal 2015, which primarily reflect a decrease in comparable sales of 4.9 per cent. (AR)

Fibre2Fashion News Desk – India

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