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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.
Sales at stores open one year or longer, an important metric in retailing, fell 0.1% in the first quarter. That was an improvement over the same quarter last year when sales at stores open one year or longer fell 2.6%.
As of May 2, Chico's operated 1,552 stores under the brand names Chico's, White House | Black Market, Soma and Boston Proper. The company's shares are traded on the New York Stock Exchange (symbol: CHS; recent price: $16.72).
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