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FORT MYERS — The first half of the year didn’t look good for Chico’s FAS Inc. but the rest of the year might look a little better.

Before the market opened Tuesday, management at the Fort Myers-based women’s retailer said the company expects to remain profitable in the second half of the year. Shares jumped 13 percent on the news in early morning trading.

By the end of the day, shares settled back down a bit, closing up 11 cents Tuesday at $5.09 on the New York Stock Exchange.

The news wasn’t all good.

Like other retailers, Chico’s has struggled to make sales in a tough economy.

On Tuesday, the company reported a more than 80 percent drop in its profits for the second quarter.

Net income for the second quarter was $6.7 million, or 4 cents a share, down from $38.7 million, or 22 cents a share a year ago.

Net sales for the quarter dropped 7.1 percent to $405.2 million, from $436 million a year ago.

The results beat Wall Street estimates. On average, analysts expected profits of 3 cents on sales of $405.29 million.

Comparable store sales fell 15.9 percent in the 13 weeks ending Aug. 2.

In a conference call Tuesday morning, Scott Edmonds, the company’s chairman, president and CEO, called the results “disappointing.”

He attributed the lower profits mainly to lower than anticipated sales and higher markdowns made to drive sales and reduce inventories.

The company has three brands: Chico’s, White House/Black Market and its newer Soma Intimates, which sells bras, panties and “shapewear.”

Same-store sales, or sales made at stores open for at least a year, fell 19 percent for the Chico’s brand and about 12 percent for White House/Black Market in the quarter.

Edmonds said he still expects the company to be profitable in the second half of the year as it works to cut expenses, limit new investments in stores and better manage inventories. The amount of merchandise on the floor has far exceeded demand, forcing the company to offer deeper discounts.

Comparable store sales for the fall season are expected to remain negative. This month they are down 10.7 percent.

“The retail environment continues to be challenging as customers remain increasingly cautious in their spending across the entire retail sector, especially in the miss category,” Edmonds said.

Brand sales for Chico’s and Soma were down 10.2 percent to $277.3 million in the second quarter, excluding direct sales to consumers. Meanwhile, sales for White House/Black Market increased 3.6 percent to $114.1 million.

Direct sales to consumers dropped by 19.3 percent to $13.8 million in the quarter.

In early spring, the company conducted research with focus groups to see where it might be falling short. Merchandising is being repositioned for the second half of the year based on those findings, and initial reads on the fall offerings have been good, Edmonds said.

This month, Chico’s relaunched its Travelers Collection with a direct mail campaign. The company is also putting more emphasis on its jacket business, Edmonds said.

In the second quarter, Chico’s opened 20 new stores, closed one store, and relocated or expanded seven stores.

The company expects to open seven to nine new stores in the third quarter. In the fourth quarter, it doesn’t anticipate opening any new stores and will close another seven to nine.

All of the Chico’s brands continue to lure new customers. The company gained 602,162 new customers in the second quarter, Edmonds said.

Kent Kleeberger, the company’s chief financial officer, said the Chico’s FAS team is following the right track to remain profitable.

He said the No. 1 question from investors is when Chico’s FAS might see a significant jump in its sales. That’s a question the company can’t answer just yet, Kleeberger said.

The focus now is on “cash conservation,” he said. The company has $278 million in cash and marketable securities.

“... Right now we have to play defense,” Kleeberger said.