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Tuesday, November 28, 2006

Chico's FAS Inc. (CHS) Hurt By Weak Fashions

Women's clothing retailer Chico's FAS Inc. said Tuesday third-quarter earnings fell 21 percent as higher sales failed to offset increased markdowns and larger store operating costs.
Net income slid to $42.1 million, or 24 cents per share, from $53.2 million, or 29 cents per share, a year ago.

Sales grew to $403.6 million from $358.7 million last year, but sales at stores open at least a year dipped 1.2 percent.

On average, analysts surveyed by Thomson Financial were looking for profit of 23 cents per share, including 2 cents of stock-based compensation costs, on higher sales of $407.9 million.

Labels: Chico's FAS Inc., CHS, retailers

Tuesday, November 14, 2006

Wal-Mart Stores Inc. (WMT) and Target (TGT) Gear Up For Holiday Price War

Wal-Mart and rival Target are brewing up a price war for toys, electronics and other things consumers may want for Christmas that could spell savings for shoppers, but profit woes for retailers in the critical holiday quarter.
Wal-Mart Stores Inc., the world's largest retailer, on Tuesday promised "its most aggressive pricing strategy ever" to fuel year-end business, but warned the move could also make it miss Wall Street's expectations for fourth-quarter earnings.
That announcement came as Wal-Mart posted an 11.5 percent profit increase in the third quarter when improved merchandise mix and stricter cost controls offset weak growth in U.S. sales.
Its adversary, Target reported a 16 percent gain in third-quarter profit, beating analyst expectations as its sales rose 11 percent. Target President Gregg Steinhafel told investors during a conference call Tuesday that the retailer would compete on long-running discounts, noting that it has often matched those before Wal-Mart advertises them in its circulars.

Labels: holiday shopping, retailer, retailers, Target, TGT, Wal-Mart, WMT