Chico's Q3 net income declines to 16.7 mn dollars

For the thirteen weeks ended October 28, 2017, Chico’s reported net income of 16.7 million dollars or 0.13 dollar per diluted share, compared to 23.6 million dollars or 0.18 dollar per diluted share, for the same period ended October 29, 2016. Net sales for the quarter were 532.3 million dollars, down 10.8 percent, reflecting a comparable sales decline of 8.2 percent, driven by lower average dollar sale and a decline in transaction count.

"Results this quarter were in line with our expectations, and we are pleased with the progress on our strategic initiatives to better address customer needs and transform our business," said Shelley Broader, the company’s CEO and President, in a statement.

Net income for the 39 weeks period declines

For the thirty-nine weeks ended October 28, 2017, the company reported net income of 73 million dollars or 0.57 dollar per diluted share, compared to 77.7 million dollars or 0.58 dollar per diluted share, for the thirty-nine weeks ended October 29, 2016. Comparable sales for the period were down 8.4 percent.

For the fourth quarter of 2017, the company expects comparable sales to be down high single-digits. Net sales for the 53rd week are expected to approximate 30 million dollars. The Company anticipates fourth quarter gross margin rate to be approximately flat to up slightly compared to last year.

Picture:Facebook/Chico's