- Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on Chico’s FAS Inc (NYSE:CHS) and raised the price target to $7 from $6.
- The analyst said Chico’s reported strong Q2 results and raised its annual outlook for the second consecutive earnings release this year.
- The company’s improved merchandising and marketing efforts are meeting the heightened demand associated with a return to work and occasions, added Telsey.
- The analyst said topline expansion for the quarter came from both digital and store channels.
- With inventories elevated and markdowns ramping up in the department store channel, Telsey sees competitive promotional activity as a risk in 2H.
- The analyst opined that the company remains highly focused on continuing to find ways to improve its sourcing and logistics to help drive efficiencies and reduce costs.
- Chico’s air expenses in Q2 were 85% lower than last year, and it has reduced overall freight costs by 50%, said Telsey.
- Price Action: CHS shares are trading lower by 3.96% at $5.45 on the last check Thursday.
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