Women’s wear retailer Chico’s FAS Inc has more than doubled its second quarter profit, boosted by higher sales and margins at its White House| Black Market stores.
The company reported a profit of $30.5m or $0.17 per share for the three months to 31 July, a rise of 104.7% on the net income of $14.9m or $0.08 per share a year ago.
Net sales rose 10.8% to $465.4m, up from $419.9m last time. Comparable store sales increased 6.4%, with a rise of 4.3% at the Chico’s/Soma Intimates brand and a climb of 11.2% at the White House| Black Market brand. Direct-to-consumer sales increased 36% to $27.6m.
Gross margin was up 12.2% to $259.2m, increasing by 70 basis points to 55.7% of sales from 55.0% last year. As well as higher margins for the WH|BM brand, there were also gains at Chico’s outlet stores.
