(CHS) Chico’s FAS Offers Preliminary Second Quarter Update

Chico’s FAS Inc.’s (CHS) preliminary second-quarter revenue increased at a mid-teens percentage rate while comparable store sales climbed by a low double-digit percentage rate.

The company by way of rewarding shareholders has also declared a quarterly dividend of 5 cents per share, which will be paid on September 26, 2011, to shareholders of record as of September 12, 2011.

The company also announced that the board of directors has elected Pamela Knous as chief financial officer, chief accounting officer and executive vice president of the company. Pamela is supposed to join the company on June 23, 2011.

The company also stated that its stockholders chose all three of the Directors standing for election as Class III Directors. Besides, 95% of the stockholders of the company agreed upon an advisory resolution on executive compensation with most of them voting for a say-on-pay vote every year. The stockholder vote influenced the company to agree upon a say-on-pay vote to be held every year.

Stockholders also made an amendment to the company’s Employee Stock Purchase Plan and appointed Ernst & Young LLP as the company’s independent public accountant for the fiscal year ending January 28, 2012 (fiscal 2011).

Chico’s FAS Inc., headquartered in Fort Myers, Florida, designs and retails private label, casual-to-dressy clothing, intimates, complementary accessories, and other non-clothing gift items in the United States, the U.S. Virgin Islands, and Puerto Rico.  The company offers its products under the Chico’s, White House /Black Market (WH/BM) and Soma brands.

The company’s nearest competitor, Nordstrom Inc. (JWN), recently posted earnings growth of 32.7% year over year to reach 69 cents per share in the first quarter of fiscal 2011.

Chico’s shares maintain a Zacks #3 Rank, which translates into a short-term Hold rating. Our long-term recommendation on the stock remains Neutral.

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