"NEWS" stocks: Expect gains in LUV,SPLN, CHCS (7 cents above estimates0
BEAR STEARNS STARTS SPORTSLINE <SPLN.O> AS BUY - BEAR STEARNS SOURCE
NEW YORK, June 3 (Reuters) - Bear Stearns started coverage
on shares of SportsLine USA Inc. with a buy rating, a source at
the brokerage firm said Wednesday.
-- Further details not immediately available.
-- Stock closed Tuesday at 22-12/16.
((Wall Street desk 212-859-1730))
Chico's FAS, Inc. Announces Record First Quarter Earnings and May <CHCS.O>
Chico's FAS, Inc. Announces Record First Quarter Earnings
and May Sales Results
FORT MYERS, Fla., June 3 /PRNewswire/ -- Chico's FAS, Inc. (Nasdaq: CHCS)
today announced its financial results for the first quarter ended May 2, 1998 and its sales results for the four week period ended May 30, 1998.
For the thirteen weeks ended May 2, 1998, the Company reported record net income of $2.3 million or $.28 per diluted share, compared to net income of $1.0 million, or $.13 per diluted share in the thirteen weeks ended May 3,
1997. Net sales for the first quarter ended May 2, 1998 increased 38.3% to
$25.9 million from $18.7 million for the prior period. Comparable store sales
for company-owned stores increased 31.7% for the current quarter versus the comparable prior period.
Total sales for the four-week period ended May 30, 1998 increased 46.6% to $8.5 million from $5.8 million reported for the four-week period ended May 31, 1997. Comparable store sales for the Company-owned stores increased 32.8% for the four-week period of 1998 as compared to the comparable period of 1997.
For the seventeen weeks ended May 30, 1998, total sales increased 40.3% to $34.4 million from $24.5 million for the seventeen weeks ended May 31, 1997. Comparable store sales for the Company-owned stores increased 31.9% for the seventeen-week period of 1998 versus the comparable period of 1997.
Marvin Gralnick, CEO, commented, "Our first quarter earnings of 28 cents per share, which is more than double last year's earnings, are the highest quarterly earnings in Chico's history. The May comparative company store sales of 32.8% are also one of the highest comparable store sales since we went public in 1993 and our third straight month of comparative store sales over 30%."
Chico's sells exclusively designed, private-label women's casual clothing and related accessories. The Company operates a chain of 144 stores in 35 states and the District of Columbia. The company owns 137 stores; franchisees
own 7.
|
