Chico's FAS Q3 Net Profit Increases; Boosts FY22 Outlook

(RTTNews) - Fashion retailer Chico's Fas Inc. (CHS) on Tuesday reported net income for the third quarter of $24.62 million or $0.20 per share, higher than $18.23 million or $0.15 per share in the year-ago quarter.

Excluding items, adjusted earnings for the quarter was $0.20 per share, compared to $0.18 per share in the prior-year quarter.

Total net sales for the quarter grew 14.3 percent to $518.33 million from $453.64 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.13 per share on revenues of $508.0 million for the quarter. Analysts' estimates typically exclude special items.

Total Company comparable sales for the quarter were up 16.5%, with Chico's and White House Black Market (WHBM) comparable sales growing 28.8% and 17.0%, respectively. Soma comparable sales declined 6.1 percent.

Looking ahead to the fourth quarter, the company expects earnings in a range of $0.07 to $0.10 per share on consolidated net sales between $535 million and $555 million. Analysts expect earnings of $0.10 per share on net sales of $557.0 million for the quarter.

For fiscal 2022, the company now projects earnings in a range of $0.89 to $0.92 per share on consolidated net sales between $2.153 billion and $2.173 billion.

Previously, the company expected earnings in the range of $0.79 to $0.87 per share on consolidated net sales between $2.14 billion and $2.17 billion.

The Street is looking for earnings of $0.85 per share on net sales of $2.17 billion for the year

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