Chico’s FAS, Inc. (NYSE:CHS) stock was hit hard on Wednesday following the release of its earnings report for its fiscal first quarter of 2017.
Earnings per share reported by Chico’s FAS, Inc. in its fiscal first quarter of the year was 26 cents. This is an increase over its earnings per share of 23 cents from the same time last year. However, it missed Wall Street’s earnings per share estimate of 29 cents for the quarter.
Chico’s FAS, Inc. reported revenue of $583.73 million in its fiscal first quarter of 2017. This is a decrease from the revenue of $642.98 million that was reported by CHS in its fiscal first quarter of 2016. Analysts were expecting revenue for the fiscal first quarter of the year to be $624.75 million.
During the fiscal first quarter of the year, Chico’s FAS, Inc. reported operating income of $54.87 million. The women’s apparel retailer reported operating income of $50.54 million during the same period of the year prior.
Net income reported by Chico’s FAS, Inc. in its fiscal first quarter of 2017 was $33.62 million. The net income reported by CHS in its fiscal first quarter of the previous year was $31.08 million.
Chico’s FAS, Inc. also updated its outlook for fiscal 2017 in its most recent earnings report. The company says that it expects to see comparable sales for the fiscal year decline in the mid single-digit percentage range.
Chico’s FAS, Inc. also says that it expects to see on-hand inventory be down during each of its quarters in fiscal 2017. It is expecting capital expenditures to be between $60 million to $70 million in fiscal 2017.
CHS stock was down 11% as of Wednesday morning and is down 31% year-to-date.
