CHS - Chico's shares charge higher on accelerating sales strong outlook

Chico's FAS (NYSE:CHS +5.0%) shares surged on Tuesday as sales soared past estimates for earnings. The Fort Myers, Florida-based women’s clothing retailer reported GAAP EPS of $0.28 for the first quarter, beating estimates by $0.18. Meanwhile, a 39.4% jump in revenue from the prior year to $540.92M came in $50.82M above expectations. The strong results were perhaps most prominently bookended by booming comparable sales that grew 41% from 2021 Alongside the strong sales, margins also expanded by 230 basis points across the business. "Fiscal 2022 is off to a great start as reflected by a strong first quarter sales beat driven by continued digital and store growth, meaningful gross margin rate expansion and substantially better than anticipated operating income,” CEO Molly Langenstein said. “We continue to leverage our proven business model and execute against our strategic pillars and we are seeing the benefits in our results.” She added that the

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Chico’s shares charge higher on accelerating sales, strong outlook