Shares of Chico's (CHS Quote) jumped in late trading Thursday after the clothing retailer matched Wall Street's first-quarter earnings expectations and set forth plans for more investments in store expansions.
The company's earnings rose to $52 million, or 29 cents a share, from $47 million, or 26 cents a share, a year ago. Sales increased 20% to $392 million, while same-store sales rose 6.6%. Analysts polled by Thomson First Call were looking for earnings of 29 cents a share on revenue of 397.9 million.
Chico's lowered its fiscal-year earnings forecast to $1.20 to $1.24 from its previous projection of $1.23 to $1.26 a share. Analysts are looking for earnings of $1.22 a share. The company also noted that it expects to make several "aggressive" long-term investments. Chico's aims to increase its square footage by 30% this year, with another 25% gain planned for fiscal 2007. Shares gained $2.13, or 7.1%, to $32.11 in late trading. ...
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