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Author: Alan LittleDate: 2021-12-01

Women’s clothing retailer Chico’s FAS (CHS) +1% after surprise Q3 profit

Chico’s FAS (CHS) traded up on Tuesday after the women’s clothing retailer swung to a Q3 profit on the strength of its digital and in-store sales channels.

Women’s clothing retailer Chico’s FAS (CHS) was on course for more share gains on Tuesday after posting a surprise Q3 profit following an “outperformance” for its digital and physical store channels.

Investors who favour low-priced stocks will have been watching Chico’s closely in 2021 as its shares have soared 247% for the year-to-date.

Those buying into CHS in recent months have further evidence for a bullish stance after Chico’s delivered $0.15 earnings per share in Q3, which is a huge swing from the $0.48 per share loss recorded a year ago.

It was also 18 cents better than the Wall Street consensus of -$0.03 and was followed up by a 29% spike in sales of $453.6m versus the $428m forecast and $351.4m figure back in 2020.

Sales growth was very strong during the last quarter, rising 27.9%, with varying levels of success for its subsidiaries, which include White House Black Market (+33.4%) and Soma (+30.2%).

CEO Molly Langenstein said that the latest earnings were the best for five years and were driven by healthy sales across digital and in-store channels.

She added: “The sales growth was propelled by meaningful enhancements in product and marketing, which continued to significantly drive full-price selling.”

Chico’s expects sales to rise again in Q4 to as much as $510m, a figure that is well ahead of the $481.8m consensus, though the earnings guidance for $0.00-$0.05 did fall two cents shy of expectations.

There were modest gains for CHS during trading in New York on Tuesday as a 0.99% advance by late afternoon meant that shares were changing hands for $5.61.

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