Chico’s Shares Plunge After Forecasts Are Cut
From Bloomberg News
Shares of women’s clothing retailer Chico’s FAS Inc. posted their biggest drop ever after the company reduced its profit forecasts for the next six quarters. The stock plunged $6.13 to $17.95, its lowest since October 2004.
Chico’s cut its forecasts after its sales slowed more than the company had projected.
Profit will be as much as $1.14 a share in the year through January, rising to as much as $1.36 in the following fiscal year, the Fort Myers, Fla.-based company said. In May, Chico’s forecast as much as $1.24 a share for this fiscal year.
