Chico’s Q4 profit falls

Fort Myers, Fla. – Chico’s FAS’ profit was down sharply in the fourth quarter.

The retailer reported adjusted net income of $5.9 million for the quarter, ended Feb. 1, down from $32.7 million a year ago. The adjusted results exclude the impact of tax charges related to its purchase of Boston Proper, and other acquisition costs.

Net sales for the quarter decreased 6.4% to $610.2 million, compared to $651.9 million in the year-ago period. Chico’s said the decline was partly attributable to the fifty-third week of fiscal 2012. Same-store sales fell 3.4%, reflecting lower average dollar sale and transaction count, primarily as a result of the impact of a highly promotional environment in response to lower traffic, the company said.

For fiscal 2013, net sales were $2.6 billion, up 0.2% over last year. Same-store sales for 2013 decreased 1.8%.

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