The major women clothing company, Chico’s FAS Inc reported a 20% per share rise in its net income in the three month ended May accounting compared with the similar period last year. Chico’s management is elated over the surge in net income which is now $34.5 million. A year back it was valued at 8% per share at $14.5 million
Thomas Reuters had set some estimated performance measures for the company which it duly met; in fact the performance was more than expected for the Chico’s FAS. The overall revenue of the company increased by 17 % and is currently $481.6 million. Previously it was $410. 6 million and the increase in revenue beat the Wall Street forecast which was $473.6 million. This shows that company is indeed performing really well. The recovery in the economy and the increase in consumer spending is producing optimistic results.
The store measured the revenue performance for those stores which were at least a year old. This was to avoid any over estimation or irregular trend in the increase of the revenue as it has been observed that newer stores have higher revenues. It was found that the revenue for the stores that had been in operation for more than a year had increased by a good 14.9% . Direct to Consumer sales also increased by at least 31% which is a good sign of performance growth for the company.
What is astonishing is that after declaring positive results, the shares of Chico tumbled y 8.5%.
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