Chico's 1Q Profit Falls on Economic Conditions

Fort Myers, Fla. Chico's FAS Inc. said Wednesday its first-quarter profit dropped 73% as sales of its core apparel brand dropped and expenses increased.

The women's apparel retailer reported earnings fell to $12.7 million compared with $47.2 million a year earlier.

Quarterly results included $2.2 million in charges related to the closing of seven Soma stores. Selling, general and administrative expenses grew to $212.1 million from $205.1 million.

Revenue for the period ended May 3 slipped 10% to $409.6 million from $453.1 million. Same-store sales slid 17.5% during the quarter.