"Chico's Reports Strong Q2 Performance and Expects Further Growth"
Chico's FAS, a women's retailer based in Fort Myers, reported a strong second quarter with profits rising to $59.3m.
Fort Myers-based women's retailer Chico's FAS has reported strong second-quarter results, with profits rising to $59.3 million, or 49 cents a share, compared to $42 million, or 34 cents a share, the previous year. Excluding one-time items, the company's results came in at $33.7 million, or 28 cents a share. Sales for the quarter totaled $545 million, in line with expectations but 2.4% lower than the previous year. Despite missing on revenue, the company saw strength across its three brands: Chico's, White House Black Market, and Soma. Chico's and White House Black Market continued to gain market share, while Soma outpaced the market among older adults with household incomes over $100,000. The company's CEO and president, Molly Langenstein, expressed confidence in achieving long-term financial targets and increasing shareholder value. The retailer also announced a new share repurchase program for up to $100 million of its common stock. Looking ahead, Chico's FAS expects improving trends in the second half of the year as customers respond to fresh fall assortments.