Chico's quarterly profit falls nearly 20%

FORT MYERS — Chico's FAS reported net income fell 19% in the first quarter ending May 2 compared with the same period one year ago due to restructuring charges.

The Fort Myers-based women's retailer reported net income of $32.5 million on net sales of $693.3 million in the quarter. That compares with net income of $39.9 million on net sales of $681.6 million in the same quarter one year ago.

Chico's recorded $14.9 million in restructuring charges related to property, equipment and employee severance in the quarter. On an after-tax basis the charges totaled $9.3 million, as the company reduced corporate staff and closed stores.