(Filed Under Financial and General Interest News). Chico’s FAS, Inc., parent company of Chico’s, White House Black Market and Soma Intimates stores, announced third-quarter net income totaling $26.5 million, or 16 cents a share, down from $28.8 million, or 16 cents a share, in the same period one year ago.
Increased discounting as well as costs related to the acquisition of Boston Proper Inc. led to the decline in revenue. Earnings came to 18 cents a share when acquisition costs were removed, still falling short of analysts’ expectations.
Revenue grew 12 percent to $538.5 million from $483 million in the third quarter of 2010, assisted by full-price sales and promotions at the company’s White House Black Market and Soma Intimates stores. Sales at stores open at least one year rose 3.7 percent.
The company also reported it will buy back up to $200 million worth of outstanding stock shares. The measure replaces the now-canceled August 2010 $200 million program, which had $24.2 million remaining.
Chico’s FAS, Inc. currently operates 1,260 boutiques and outlets throughout the United States.
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