Chico's Profits Sink 22% Even as Top-Line Growth Nudges Higher

Chico's shares are sliding after the women's apparel retailer reported first-quarter profits down 22%. Much like the rest of the retail industry, the company has been hurting over recent quarters as stores see less foot traffic and lower average customer spending per purchase. The retailer, owner of its namesake stores as well as brands White House/Black Market and Soma Intimates, earned 26 cents a share over its April-ended quarter, 2 cents short of analysts' estimates. Same-store sales slid 2.6% compared to flat growth in the year-ago quarter. Meanwhile, revenue edged 1.6% higher to $681.6 million.