Chico's struggles continue in first quarter

Chico's FAS Inc. is blaming its first quarter profit decline on restructuring charges and lower sales.



The Florida-based company has been struggling to compete against fast-fashion and off-price retailers. Just last week the CEO announced he will be retiring next year. Chico's has also been shuttering stores, laying off staff and entertaining buyout offers from private equity firms.

The apparel retailer reported an 18% profit decline of $32.5 million for the period ended May 2, down from $39.9 million in the year-ago period.Revenue rose 1.7% to $693.3 million in the period.Same-store sales fell 0.1%.

Chico's operates 1,552 stores under the Chico's brand, as well as Soma Intimates, White House Black Market and Boston Proper.