JILL - Why The Michaels Companies Chico's FAS and J. Jill Crashed Today
Shares of several American retailers fell hard on Tuesday. Apparel chains J. Jill (NYSE: JILL) and Chico's FAS (NYSE: CHS) dropped as much as 19.5% each, while arts-and-crafts specialist The Michaels Companies (NASDAQ: MIK) moved as much as 10% lower.
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J. Jill posted its second-quarter earnings before the opening bell, but the other two companies shared no news at all. As for J. Jill's report, it was a beat-and-raise performance of the type that normally could have been expected to move share prices higher. Revenues rose 0.5% to $181 million, ahead of Wall Street analysts' $179 million consensus estimate. On the bottom line, a net loss of $0.05 per share was better than the loss of $0.09 per share that analysts had expected. The company also lifted its full-year earnings guidance by 15%.