Chico’s misses as Q2 profit falls 18.4%

Fort Myers, Fla. -- Chico’s FAS reported an 18.4% decline in second quarter net profit, after increased promotional activity took a toll on same-store sales. 

Chico’s net income totaled $43.6 million from $53.4 million in the year-ago period.

Net sales for the second quarter rose 1.2% to $649.5 million, primarily reflecting 112 net new stores. Same-store sales for the second quarter decreased 2.6% following a 5.6% increase in last year's second quarter, which Chico’s said reflecting lower transaction count and average dollar sale primarily as a result of the impact of lower traffic and the cycling of strong same-store sales last year.

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