Chico's plans $300 million share repurchase program

FORT MYERS — Chico's FAS, the women's retailer, posted a 29% increase in net income in the fiscal fourth-quarter and says it will buy back $300 million of its own stock.

The Fort Myers-based company, which operates nearly 1,400 stores around the country, reported net income of $32.7 million on net sales of $652 million. Sales at stores opened longer than one year rose 3.7%.

The $300 million share repurchase program cancels a prior $200 million program, which had $67.6 million remaining. The company will purchase its own stock in the open market or privately negotiated transactions, according to a Chico's statement.