CHS - Why Chico's FAS Stock Trounced the Market Today
2023-06-06 18:25:22 ET
Fashion retailer Chico's FAS (NYSE: CHS) was looking very appealing on Tuesday, as far as its stock was concerned. Investors pushed the company's share price up by almost 11% on a day when the S&P 500 index could only muster a gain of 0.2%. The market was obviously very impressed by the company's latest set of quarterly results.
For its first quarter of fiscal 2023, which concluded at the end of April, Chico's FAS booked net sales of $535 million. That was down slightly from the year-ago figure of nearly $541 million, but clearly wasn't concerning enough to spook investors. It didn't meet the average analyst estimate of $546 million.
Happily for Chico's FAS, the story was different on the bottom line. According to generally accepted accounting principles ( GAAP ), the fashion retailer had just under $40 million in net profit, or $0.32 per share, up from the year-ago result of $34.9 million. Those prognosticators were collectively modeling only $0.27 in per-share profitability.
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Why Chico's FAS Stock Trounced the Market Today