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FORT MYERS — Chico's FAS reported sales and profits fell in the quarter ending Oct. 31 and it pledged to boost its stock buyback program.
The Fort Myers-based women's retailer posted a net loss of $11.6 million on sales of $641.2 million in the quarter ending Oct. 31. That compares with net income of $26.5 million on sales of $665.5 million in the same quarter one year ago.
Meanwhile, Chico's says its board approved plans to buy back $300 million worth of its stock. In addition, the company declared a 3.3% increase in its quarterly dividend.
Chico's, which operates 1,546 stores, says the net loss reflects charges related to its sale of Boston Proper brand and other restructuring charges. The company says it has signed a letter of intent to sell Boston Proper to an undisclosed buyer.
In addition to Boston Proper, Chico's operates stores under the brand names Chico's, White House | Black Market and Soma. The company says sales at stores open longer than one year slumped 3.3%, led by a 4.7% same-store sale drop at Chico's.
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