Chico's Q1 beats on robust sales

Women's apparel retailer Chico's FAS Inc reported better-than-expected quarterly results, boosted by strong sales at all its brands and the opening of new stores.

Photo: Chico's

Same-store sales grew 9.6 percent in the first quarter, while square footage increased 8 percent.

Shares of the company, which owns brands like White House/Black Market, Soma Intimates and Boston Proper in addition to its namesake chain, rose about 8 percent to $15.77 before markets opened on Wednesday. They had closed at $14.66 on Tuesday on the New York Stock Exchange.

First-quarter net income rose to $53.6 million, or 32 cents per share, from $45.9 million, or 26 cents per share, last year.

Sales rose about 21 percent to $650.8 million.

Analysts on average had expected earnings of 30 cents per share on revenue of $629.5 million, according to Thomson Reuters I/B/E/S.

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