Chico's FAS Q1 Results Miss Estimates; Trims FY23 Outlook; Stock Down 8%

(RTTNews) - Fashion retailer Chico's Fas Inc. (CHS) on Tuesday reported net income for the first quarter of $39.91 million or $0.32 per share, higher than $34.93 million or $0.28 per share in the year-ago quarter.

Total net sales for the quarter decreased 1.1 percent to $534.74 million from $540.92 million in the same quarter last year.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.27 per share on revenues of $541.95 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to the first quarter, the company expects earnings in a range of $0.25 to $0.30 per share on consolidated net sales between $545 million and $565 million. Analysts expect earnings of $0.30 per share on net sales of $573.2 million for the quarter.

For fiscal 2023, the company now projects earnings in a range of $0.70 to $0.82 per share on consolidated net sales between $2.175 billion and $2.205 billion.

Previously, the company expected earnings in the range of $0.79 to $0.91 per share on consolidated net sales between $2.22 billion and $2.25 billion.

The Street is looking for earnings of $0.83 per share on net sales of $2.22 billion for the year

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