RTTNews | Nov 24, 2020 07:35AM EST

07:34 Tuesday, November 24, 2020 (RTTNews.com) - Chico's FAS Inc. (CHS) reported Tuesday that its third-quarter net loss widened to $55.87 million or $0.48 per share from $8.12 million or $0.07 per share in the year-ago quarter.

The latest quarter's results include the after-tax impact of impairment charges of $6.3 million, or $0.06 per share. The year-ago period's results included after-tax accelerated depreciation charges of $1.5 million, or $0.01 per share and the after-tax impact of severance and other related net charges of $2.1 million, or $0.02 per share.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.15 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net sales dropped 27.5 percent to $351.42 million from $484.71 million last year. Analysts had a consensus revenue estimate of $374.97 million.

The lower sales reflect a decline in store sales as well as the impact of 63 net permanent store closures since last year's third quarter, partially offset by double-digit growth in digital sales.

Looking ahead, Chico's FAS said that due the ongoing market disruption caused by the pandemic and related uncertainty on timing and extent of the market recovery, it is not providing fourth-quarter guidance at this time.

Read the original article on RTTNews ( https://www.rttnews.com/3148386/chico-s-fas-q3-loss-widens-revenue-down-27-5-quick-facts.aspx)

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