Chico’s Q1 net income falls 4.7 percent

REPORT_ Chico’s for the first quarter of fiscal 2013

reported net income of 51.1 million dollars, a decrease of 4.7 percent compared to net income of 53.6 million dollars in last year's first quarter, and earnings per diluted share of 0.31 dollar, a decrease of 3.1 percent compared to 0.32 dollar per diluted share in last year's first quarter. For the first quarter, net sales were 670.7 million dollar, an increase of 3.1 percent compared to 650.8 million dollars in last year's first quarter. For the first quarter, gross margin was 386.8 million dollars compared to 378.6 million dollars in last year's first quarter.

Chico’s is based in Florida. It is a women's retailer of casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items. Comparable sales for the first quarter were flat following a 9.6 percent increase in last year's first quarter. For the first quarter, selling, general and administrative expenses were 304.9 million dollars compared to 291.7 million dollars in last year's first quarter.