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Chico's FAS (CHS)  shares on Wednesday jumped as much as 23% after the women's-fashions retailer met analysts' adjusted-earnings estimate.

For the second quarter ended Aug. 3., the Fort Myers, Fla., company reported a second-quarter loss of 2 cents a share against earnings of 13 cents in the year-earlier period. On an adjusted basis, the company broke even.

Net sales fell 6.7% to $508.4 million from $544.7 million. 

Analysts surveyed by FactSet were looking for break-even on sales of $513.3 million.

The company said the revenue drop reflected 53 net store closures as well as a 6.1% decline in comparable-store sales. 

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For the third quarter, the company expects net sales to decline in the low- to mid-single-digit range. For the year, the company expects a mid-single-digit decline in net sales. 

During the quarter the company appointed Bonnie Brooks president and CEO. 

Brooks in a statement noted that Chico's posted sequential improvement, comparable-store sales at Soma jumped 10.9% in the quarter, and changes at White House Black Market are "driving improved sales trends in August" compared with Q2.

"We expect these improvements to continue benefiting the brand throughout the fall and holiday seasons," she said.

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