UPDATE: Chico's FAS Posts Downbeat Q1 Earnings

Chico's FAS CHS reported a 22% gain in its fiscal first-quarter profit. Chico's posted its quarterly profit of $39.9 million, or $0.26 per share, versus a year-ago profit of $51.1 million, or $0.31 per share. Its sales rose 1.6% to $681.6 million. However, analysts were expecting earnings of $0.28 per share on sales of $679 million. Its same-store sales declined 2.6%. Comparable sales for the Chico's/Soma Intimates brands climbed 0.4% and dropped 8.6% for the White House/Black Market brands. Chico's FAS shares fell 0.06% to $15.60 in pre-market trading.