Chico's FAS Q2 Earnings Rise, Updates FY23 View

(RTTNews) - Chico's FAS, Inc. (CHS), an apparel retailer, on Tuesday reported higher earnings in the second quarter. However, revenues decreased by 2.4 percent. The company also updated its full year earnings and revenue guidance and issued a third quarter outlook.

Quarterly net earnings increased to $59.3 million or $0.49 per share from $42.0 million or $0.34 per share last year.

Excluding items, earnings were $33.7 million, or $0.28 per share.

However, revenues fell to $545.1 million from $558.7 million the previous year. The comparable sales declined 3 percent from the same period last year, due to a decrease in transaction count.

Looking ahead to the next quarter, the company expects earnings in the range of $0.08 per share to $0.12 per share.

Revenues are expected to be between $505 million and $525 million.

Looking forward to the full year, the company is now expecting earnings ranging from $0.87 per share to $0.95 per share compared to the previous range of $0.70 per share to $0.82 per share.

Revenue is now expected to be $2,145 million to $2,175 million, down from $2,175 million to $2,205 million.

On Monday, shares of Chico's closed at $5.12, down 1.54% on the New York Stock Exchange.