Wednesday, August 31, 2016

Chico’s Q2 tops Street; cuts 200 jobs in corporate streamlining

Chico’s FAS reported better-than-expected second quarter earnings and announced new cost-saving measures. It also said the president of its namesake brand is stepping down.
Net sales fell 7.3% to $635.7 million from $685.8 million in the year-ago period. The decrease included $26.3 million related to Boston Proper. (Chico’s completed the sale of Boston Proper in January 2016.)
When excluding Boston Proper from fiscal 2015, net sales decreased 3.6%, primarily reflecting a decline in same-store sales of 3.1% and closed stores.. . . more

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