Same store sales drop 3.3% at Chico's

Chico's FAS blamed the holiday calendar and a volatile stock market for its disappointing financial results in the third quarter.

For the period ended Oct. 31, the specialty retailer reported same store sales decreased 3.3%. Adjusted net income of $17.7 million compared to adjusted net income of $28.9 million for the third quarter a year ago, and adjusted earnings per diluted share of 13 cents compared to adjusted earnings per diluted share of 19 cents in the prior year quarter.

“Our third-quarter results were hardly what we were aiming for. I think it was really the perfect storm with the Labor Day shift and the volatility in the stock market. I think that affected us. I think it caught not only us, but most of the industry, somewhat by surprise.” said CEO Dave Dyer in a conference call.

As of Oct. 31, the company operated 1,546 stores in the US and Canada and sold merchandise through franchise locations.