Chico's FAS Expects Low-to-mid Single Digit Decline In FY18 Comps. - Quick Fact

(RTTNews) - Chico's FAS, Inc. (CHS) announced, for fiscal 2018, the company expects a mid-single digit decline in net sales and a low-to-mid single digit decline in consolidated comparable sales. For second quarter fiscal 2018, the company is anticipating a mid-to-high single digit decline in net sales and a low-to-mid single digit decline in consolidated comparable sales.

For the first quarter, net sales were $561.8 million compared to $583.7 million in last year's first quarter. The company said this decrease of 3.8% primarily reflects a comparable sales decline of 5.9% and the impact of 41 net store closures since last year's first quarter, partially offset by the favorable impact of the calendar shift due to the 53rd week in fiscal 2017.

For the first quarter, the company reported net income of $29.0 million, or $0.23 per diluted share, compared to net income of $33.6 million, or $0.26 per diluted share, prior year.