Chico's FAS Expects Q4 Comps. To Be Down High Single-digits; Q3 Comps. Down 8.2%

(RTTNews) - Chico's FAS, Inc. (CHS) announced, for the fourth quarter of 2017, the company expects comparable sales to be down high single-digits. The fiscal 2017 53rd week is not included in the comparable sales calculation. Net sales for the 53rd week are expected to approximate $30 million. The company anticipates fourth quarter gross margin rate to be approximately flat to up slightly compared to last year.

For the third quarter, net sales were $532.3 million compared to $596.9 million in last year's third quarter. The company said the decrease of 10.8% primarily reflects a comparable sales decline of 8.2%, driven by lower average dollar sale and a decline in transaction count.

For the third quarter, the company reported net income of $16.7 million, or $0.13 per share, compared to net income of $23.6 million, or $0.18 per share, prior year. Results for the third quarter include the unfavorable impact of Hurricanes of approximately $5.0 million after-tax, or $0.04 per share.

Shares of Chico's FAS were down more than 13% in pre-market trade on Tuesday.