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FORT MYERS — Women's retailer Chico's FAS boosted promotional incentives to lure shoppers, but its quarterly profit suffered as a result.
Chico's net income fell 22% to $39.9 million in the first quarter ending May 3 compared with the same quarter in 2013. Total sales rose 1.6% to $681.6 million in the same period, the Fort Myers-based company reported.
Sales fell at stores open one year. “Comparable sales for the first quarter decreased 2.6% following flat comparable sales in last year's first quarter, reflecting lower average dollar sale as a result of the impact of a highly promotional environment in response to lower traffic due in part to inclement weather,” the company says in a statement.
Chico's operate 1,496 stores in the US and Canada under the Chico's, White House | Black Market, Soma Intimates and Boston Proper.
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