Chico’s reported net income of $53.6 million ($0.32 Diluted EPS) for the first quarter ended Apr 28, a 17% increase from the year-ago period. Net sales increased 21.2% to $650.8 million, driven by same-store sales growth of 9.6%, square footage growth of 8.0% and $33.7 million in sales for Boston Proper. This was the 12th straight quarterly comparable sales gain after 11 consecutive declines. Comparable sales for Chico’s/Soma Intimates rose 8.8% on top of a 7.8% last year and comparable sales at White House|Black Market rose 11.3% following a 7.4% gain in last year’s 1st quarter. Gross margin declined 90 basis points, reflecting the cycling of 2011′s four-year record gross margin rate, a more promotional environment, and the inclusion of Boston Proper’s results. For fiscal 2012, the company expects a net sales increase at a mid teens percentage rate to approximately $2.5 to $2.6 billion, which includes comparable sales growth at a mid-single digit rate, approximately 9% growth in store square footage and approximately $30 million in sales from the extra (53rd) week.
