CHS - Chico's FAS tumbles after lowering holiday quarter guidance

Chico's FAS Inc. ( NYSE: CHS ) updated guidance Monday ahead of a presentation at the ICR Conference in Orlando, Florida.

For the nine-week holiday period ending December 31, Chico's ( CHS ) said total sales grew 4.9% and comparable sales grew 5.3% over last year.  Chico's sales were noted to have remained healthy, and sales trends at Soma continued to improve quarter over quarter.  CHS said it is on track to post low-to-mid-single-digit total company comparable sales growth for the fourth quarter on top of 29% comparable sales growth in last year's Q4.

Chico's ( CHS ) expects to post sales of $505M to $515M for Q4 vs $535M to $550M prior guidance and EPS of -$0.02 to $0.00 vs. $0.07 to $0.10 prior guidance.

CEO update: "Our customer led, product obsessed, digital first, operationally excellent strategy is working. Our brand portfolio continues to deliver strong results and we are confident in our strategic direction as we close out an exceptional year for our company."

Shares of Chico's ( CHS ) fell 12.10% in premarket action following the guidance update.

For further details see: