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Chico’s FAS Reports Q3 Results (CHS)

Chico’s FAS Inc. (NYSE: CHS), a specialty retailer of private branded, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items under brands names such as Chico’s, White House/Black Market and Soma Intimates, today reported its financial results for the third quarter ended October 27, 2012.

FAS reported third-quarter net income of $41.7 million, representing an increase of 57.4% over the same period in the previous year. The company’s earnings per diluted share for the quarter rose 56.3% to $0.25.

Net sales for the third quarter were $636.7 million, representing an increase of 18.2% over the same period in the previous year. Comparable store sales for the quarter rose 9.9%. The increase in comparable store sales primarily reflected a positive customer response to the company’s fall fashion assortments and the effectiveness of its innovative marketing plans.

FAS reported gross profit of $364.3 million for the quarter, representing an increase of 20.8% over the same period in the previous year. The company’s gross margin for the quarter was 57.2%, an improvement of 120 basis points over the same period in the previous year.

For fiscal 2012, the company expects net sales to be between $2.55 billion and $2.6 billion, including comparable sales growth at a mid-single digit percent.

FAS also announced today that its Board of Director declared a quarterly cash dividend of $0.0525 per share, which represents an increase of 5% over the dividend rate from November 2011. The dividend will be payable on December 17, 2012 to shareholders of record at close of business on December 3, 2012.

FAS shares finished marginally lower in trading today. The stock ended the day 0.77% lower at $18.02 on above average volume of 6.71 million. FAS shares traded between $17.70 and $18.87 today.

Year-to-date, FAS shares have gained 61.76%, outperforming the S&P 500.

 


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