Chico’s Fas Inc. shares plummeted 10.6% premarket Wednesday after the company reported second-quarter profit and revenue misses. Earnings for the latest quarter declined to $22.72 million, or 18 cents per share, from $23.04 million, or 17 cents per share in the year-earlier period. The FactSet earnings-per-share consensus was 20 cents. Revenue declined to $578.6 million from $635.7 million in the year-earlier period, compared with the FactSet consensus of $578.7 million. The company expects comparable sales to be down in the high single-digits for fiscal 2017. The latest sales results were “disappointing,” Chief Executive Shelley Broader said, and the company is taking “decisive actions” to turn things around in categories like Chico’s jackets and White House Black Market dresses. “While it is early in the third quarter, these key categories are showing encouraging progress,” Broader said. Chico’s shares have plummeted 16.9% over the last three months, compared with a 1.4% rise in the S&P 500 .
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