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Women's retailer Chico's reports quarterly profit lower
29 May '08
2 min read
Chico's FAS Inc announced its financial results for the fiscal 2008 first quarter ended May 3, 2008.
Net sales for the thirteen-week period ended May 3, 2008 decreased 9.6% to $409.6 million from $453.1 million reported for the thirteen-week period ended May 5, 2007.
Net income for the fiscal 2008 first quarter was $12.7 million, or $0.07 a diluted share, compared to net income of $47.2 million, or $0.27 a diluted share in the prior year's first quarter.
As previously reported, comparable store sales decreased 17.5% for the thirteen-week period ended May 3, 2008 compared to the thirteen-week period last year ending May 5, 2007 (as Chico's brand same store sales decreased by approximately 22% and the WH|BM brand's same store sales decreased by approximately 10%).
Gross margin for the fiscal 2008 first quarter decreased 18.2% to $228.8 million from $279.8 million in the prior year's first quarter.
The first quarter 2008 gross margin includes an approximate $4.6 million charge to clear up aged and overstock inventories for Chico's front-line and outlet stores.
Gross margin as a percentage of sales for the current quarter was 55.9%, compared to a record first quarter gross margin of 61.7% for fiscal 2007.
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Net sales for the thirteen-week period ended May 3, 2008 decreased 9.6% to $409.6 million from $453.1 million reported for the thirteen-week period ended May 5, 2007.
Net income for the fiscal 2008 first quarter was $12.7 million, or $0.07 a diluted share, compared to net income of $47.2 million, or $0.27 a diluted share in the prior year's first quarter.
As previously reported, comparable store sales decreased 17.5% for the thirteen-week period ended May 3, 2008 compared to the thirteen-week period last year ending May 5, 2007 (as Chico's brand same store sales decreased by approximately 22% and the WH|BM brand's same store sales decreased by approximately 10%).
Gross margin for the fiscal 2008 first quarter decreased 18.2% to $228.8 million from $279.8 million in the prior year's first quarter.
The first quarter 2008 gross margin includes an approximate $4.6 million charge to clear up aged and overstock inventories for Chico's front-line and outlet stores.
Gross margin as a percentage of sales for the current quarter was 55.9%, compared to a record first quarter gross margin of 61.7% for fiscal 2007.
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Chico's FAS Inc
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