Executive Summary

• Chico’s FAS reported 1Q17 EPS of $0.26 versus the consensus estimate of $0.29.
• Total revenues were $583.7 million, below expectations of $624.8 million and down 9.2% year over year. The decline in sales was driven by a lower average dollar sale and a lower transaction count.
• Management adjusted its FY17 outlook based on the first-quarter results. Comps for the full year are now expected to decline by mid-single digits versus prior guidance for a low-single-digit decline and consensus of a 1.7% decline.