Women’s clothing retailer Chico’s FAS has more than doubled its net income for the first quarter of the year, thanks in part to recovery of its Chico’s and Soma Intimates brands’ performances.
Chico’s announced net income of $35.4m for the first quarter, compared to $14.5 for last year’s period, which included non-cash impairment charges totaling approximately $5.1m.
Net sales increased from $410.6m in last year’s first quarter to $481.6m this time, and same-store sales increased 14.9% for the quarter.
The Chico’s/Soma Intimates brands’ same-store sales increased 14.8% compared to a 6.0% decrease for the like period last year, the company said.
Chico’s gross margin increased from $233.4m in last year’s first quarter to $281.6m in the current quarter. Selling, general and administrative expenses increased from $211.6m in last year’s first quarter to $226.5m in the current quarter.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
