Q2FY17 revenue at apparel retailer Chicos FAS down 7.3%

Driven down by a $26.3 million decline in Boston Proper sales, net revenue at apparel retailer Chico's FAS fell to $635.7 in the thirteen weeks ended July 30, 2016, down 7.3 per cent from $685.8 million in last fiscal’s second quarter. Excluding decline in Boston Proper, net turnover dropped 3.6 per cent, primarily from a dip of 3.1 per cent in comparable sales.

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According to Chico's FAS, the 3.1 per cent decrease in comparable sales for the second quarter of fiscal 2017 followed a 0.5 per cent increase in the prior fiscal’s same quarter, and reflected reduced transaction count and slightly lower average dollar sales.

In the three months ended July 30, 2016, net income soared to $23.0 million, or $0.17 per diluted share, compared to net income of $2.1 million, or $0.02 per diluted share for the second quarter of fiscal 2016.

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In the reporting quarter, adjusted net income was $33.3 million, or $0.25 adjusted earnings per diluted share as against adjusted net income of $37.6 million, or $0.26 adjusted earnings per diluted share in the fiscal ago quarter.

According to the apparel retailer, adjusted results exclude EPS charges of $0.08 in fiscal 2017 related to restructuring and strategic charges.