Chico’s Shares Plunge After Forecasts Are Cut
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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.
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