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CHS

Chico's

$5.93

-0.49 (-7.63%)

07:33
01/11/19
01/11
07:33
01/11/19
07:33

Chico's sees low double-digit decline in Q4 sales, consensus $508.31M

The company is updating its outlook for the fiscal 2018 fourth quarter ending February 2, 2019. Based on results to date, total company fourth quarter net sales and comparable sales are trending better than its previous outlook. Specifically, by brand, fourth quarter comparable sales for Chico's are trending in line with expectations. The company continues to implement its performance improvement plan for the Chico's brand, and is putting guidelines in place so that future product offerings, marketing and assortment architecture are aligned for all customers who shop the Chico's brand. In addition, White House Black Market comparable sales are trending better than expectations, and Soma is strong with sales trending well above expectations. The company anticipates a low double-digit decline in net sales compared to its previous expectation for a mid-teen decline, which includes the negative impact of the 53rd week of $29M in fiscal 2017, and a mid-single digit decline in consolidated comparable sales, versus its previous outlook for a high single-digit decline in consolidated comparable sales. The company expects fourth quarter gross margin rate to decline approximately 500 basis points compared to fiscal 2017, primarily driven by the initial ramp-up in costs from the company's omnichannel programs, more aggressive promotional cadence to clear through seasonal merchandise and deleverage of fixed costs from lower sales. This compares to its previous expectation for a 400 to 500 basis point decline in the company's gross margin rate. SG&A expenses for the fourth quarter are expected to decrease approximately $10M compared the prior year period, primarily due to the 53rd week in fiscal 2017 and in line with the company's previous expectation.

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CHS Chico's
$5.93

-0.49 (-7.63%)

11/29/18
MKMP
11/29/18
NO CHANGE
Target $4.5
MKMP
Neutral
Chico's price target lowered to $4.50 from $8.00 at MKM Partners
MKM Partners analyst Roxanne Meyer lowered her price target on Chico's to $4.50 and kept her Neutral rating. The analyst notes that in spite of the management's efforts to improve costs and productivity, Q3 results and Q4 outlook suggest that 2018 will go down as a year of missteps in terms of product and branding. Meyer further warns that 2019 could be also hampered by the delays in Chico's product realignment until the second half of 2019 and continued near-term gross margin pressure from elevated shipping costs.
11/29/18
RBCM
11/29/18
DOWNGRADE
Target $4.5
RBCM
Sector Perform
Chico's downgraded to Sector Perform at RBC Capital on earnings miss and outlook
As reported earlier, RBC Capital analyst Brian Tunick downgraded Chico's to Sector Perform from Outperform and lowered his price target to $4.50 from $10. The analyst cites the company's latest earnings miss and guide-down for Q4, saying that while he had initially anticipated its cost-savings programs to correct the volatility of its portfolio, the financial uncertainty has become "harder to ignore". Tunick adds that he anticipates ongoing margin pressure into 2019 on negative comps and omnichannel headwinds.
11/28/18
RBCM
11/28/18
DOWNGRADE
RBCM
Sector Perform
Chico's downgraded to Sector Perform from Outperform at RBC Capital
05/31/18
RHCO
05/31/18
NO CHANGE
Target $10
RHCO
Buy
Chico's price target lowered to $10 from $14 at SunTrust
SunTrust analyst Pamela Quintiliano lowered her price target on Chico's FAS shares to $10 from $14 following the company's Q1 report, which she said "took a few steps back" from the better-than-expected Q4. In a research note to investors, the analyst, who has a Buy rating on shares, said traffic was the primary negative factor in Q1, adding that delayed shipments and lack of newness "were also issues."

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