Why Chico's Stock Soared Today
Shares of Chico's FAS (NYSE: CHS) were up 11.6% as of 11:30 a.m. EDT Thursday after the clothing retailer increased its fourth-quarter outlook.
Chico's now expects both Q4 net sales and comparable-store sales to be roughly flat on a year-over-year basis, up from management's previous guidance -- which was provided in late November -- for a low-single-digit decline. Chico's also said gross margin should be flat compared to the same year-ago period at roughly 32.3%, improved from old guidance for a decline of 100 to 150 basis points. And its sales, general, and administrative expenses should arrive at the lower end of the company's previous $5 million to $7 million target.
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Source Fool.com
