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Chico’s FAS (CHS) 1Q16 Results: Sluggish Quarter; Cost Cutting Expected to Generate Significant Savings

Executive Summary

  • Chico’s FAS reported 1Q16 revenues of $643 million, down 7.8% year over year and below the consensus estimate of $669 million. EPS was $0.23, missing the consensus of $0.32, but was up 4.5% from $0.22 in the year-ago quarter.
  • The company has expanded its cost reduction and operating efficiency initiatives, which are expected to result in $50–$70 million in annual savings.
  • Same-store sales decreased by 4.2% in 1Q16, reflecting a reduced average-dollar sale and a slightly lower transaction count compared to 1Q15.

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