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Chico’s same-store sales drop 10 percent
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Women’s clothing retailer Chico’s FAS Inc. said Thursday its same-store sales dropped 10 percent in August, but its performance was slightly better than analysts expected.
Analysts surveyed by Thomson Reuters anticipated a same-store sales decline of 10.9 percent.
Same-store sales, or sales at stores open at least a year, is a key measure of retailer performance, because it measures growth at existing stores rather than from newly opened ones.
Revenue for the four weeks ended Aug. 30 dipped 2.2 percent to $116.2 million from $118.8 million in the previous year.
Year-to-date same-store sales fell 15.9 percent, while revenue slipped 7.6 percent to $931 million from $1.01 billion.
Chico’s runs 1,077 women’s specialty stores, including stores in 49 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico operating under the Chico’s, White House Black Market and Soma Intimates names.
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