Chico’s Q2 net income falls 18.4 percent

REPORT_ For the second quarter, Chico’s net income

decreased 18.4 percent compared to net income in last year's second quarter. Net sales increased 1.2 percent compared to last year's second quarter. Comparable sales for the second quarter decreased 2.6 percent following a 5.6 percent increase in last year's second quarter. Earnings per diluted share decreased 15.6 percent compared to last year’s second quarter.

Gross margin was 54.8 percent of net sales, a 160 basis point decrease from last year's second quarter. Selling, general and administrative expenses were 44 percent of net sales, a 100 basis point increase from last year's second quarter.

For the half year, net income decreased 11.5 percent compared to net income in the same period last year. Earnings per diluted share fell 9.4 percent compared to earnings per diluted share in the same period last year.

Chico’s is based in Florida. As of August 3, 2013, the company operated 1,427 stores. It is a retailer of private branded, sophisticated, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing items for women.