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Chico’s disappoints as Q1 profit slips 4.7%

Fort Myers, Fla. – Chico's reported a lower-than-expected profit of $51.1 million for the first quarter, excluding non-recurring acquisition and integration costs related to its Boston Proper acquisition, versus a profit of $54 million in year-ago period.

Sales rose 3% to $670.7 million, up 3% from $650.8 million last year. Chico’s, which operates its namesake stores, as well as the Soma Intimates and White House | Black Market chains, attributed much of this boost to the opening of 114 net new stores in the past year.

Same-store sales for the quarter were flat at 9.6%, reflecting an unusually cool spring and the impact of an almost 10% same-store sales increase in the same period last year.

 

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