Chico's FAS (CHS) Reports Decline in Same-Store Sales, Guides Below for Q4

Chico's FAS, Inc. (NYSE: CHS) reported that its sales results for the five-week period ended January 5, 2008, decreased 5.6% to $181.6 million from $192.5 million reported for the five-week period ended December 30, 2006.

Comparable store sales for the Company-owned stores decreased 13.7% for the five-week period ended January 5, 2008 compared to the same five-week period last year ending January 6, 2007.

Scott A. Edmonds, Chairman, President & CEO, stated, "December's sales results fell well short of our expectations. The market segments served by our Chico's and White House | Black Market brands have been particularly challenging which necessitated more promotions and significantly higher markdowns than originally anticipated. With our efforts to lower carryover of inventory into next year and to end fiscal year 2007 with clean inventories, we are optimistic that our Spring merchandise offerings should allow us to achieve more normalized margin levels in early fiscal 2008."

CHS sees a Q4 loss between $0.13-0.16 per share vs. consensus of $0.00.

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