Chico’s profit meets forecasts but sales miss

Ft. Myers, Fla. -- Chico's FAS Inc. on Wednesday reported that its first-quarter profit dropped 18% amid restructuring charges and lower sales.



The apparel retailer reported a profit of $32.5 million for the period ended, down from $39.9 million in the year-ago period. The results met Wall Street expectations.



Revenue rose 1.7% to $693.3 million in the period, which was short of Street forecasts.



Same-store sales fell 0.1%.