Chico's Plunges Most Ever on Earnings Miss, Brand Chief's Exit
Shoppers carry Chico's bags in downtown La Jolla, California.
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Chico’s FAS Inc. plummeted 38 percent, its biggest decline in 25 years as a public company, after third-quarter results missed analysts’ expectations.
Comparable sales fell 6.8 percent compared to the year-ago period, while analysts surveyed by Consensus Metrix had projected only a 2.1 percent decline. At namesake Chico’s stores, the decline was even steeper at 10.2 percent. The retailer also cut its forecast for full-year sales and said the president of the Chico’s brand is departing this week as part of its goal to “reinvigorate broad-based consumer excitement and growth for the brand.”