Sales and profits slump at chic retailer

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.