Chico's Releases Q2 Results, Plans to Exit Boston Proper
courtesy of Chico's FAS Inc.
Chico’s FAS Inc. reported a net income of $34.6 million for the 26 weeks ending Aug. 1, down from $70 million the year before (Aug. 2, 2014). The company also reported a net income of $2.1 million for the 13 weeks ending Aug. 1, down from $30.1 million in 2014. Chico’s also reported $0.25 earnings per share for its second quarter, beating market expectations of $0.22 by $0.03.
The women's retailer also shared plans to sell the Boston Proper direct-to-consumer business and close its 20 existing stores. Chico's CEO David F. Dyer has cited unmet expectations in store performance.
For full second-quarter results, click here.