Chico’s Q1 beats expectations, ups outlook
Fort Meyers, Fla. -- Chico's FAS Inc. said Wednesday that its fiscal first-quarter net income rose a better-than-expected 17% to 53.6 million in the three months through April 28, compared with $45.9 million a year ago. The chain also bumped up its revenue outlook for the year.
Revenue rose 21% to $650.8 million, beating expectations, from $537.2 million a year ago. The company September acquisition of women's clothing chain Boston Proper added $33.7 million in sales during the quarter.
Same-store sales were up 9.6%, with Chico's/Soma Intimates brands up 8.8% and White House | Black Market up 11.3%.
Chico's projects capital expenditures for fiscal 2012 of approximately $150 million, which include 120 to 130 gross new stores.