Chico’s lowers fourth quarter sales and earnings outlook
Ahead of the company’s participation in the ICR Conference, Chico’s FAS said that it now expects total fourth quarter net sales to range from 505 million dollars to 515 million dollars and diluted loss per share to range from 2 cents to 0 cents.
During the third quarter results announcement, the company forecasted fourth quarter consolidated net sales of 535 million dollars to 555 million dollars and earnings per diluted share in the range of 7 cents to 10 cents.
Commenting on the update, Molly Langenstein, Chico's chief executive officer and president said: “For the nine-week holiday period ending December 31, 2022, total net sales grew 4.9 percent over last year and comparable sales grew 5.3 percent over last year.”
“We are on track to post low-to-mid-single-digit total company comparable sales growth for the fourth quarter on top of 29 percent comparable sales growth in last year's fourth quarter," Langenstein added.