Headlines

Chico’s Will Cut Back

Retailer announces it will slow new store growth

Published

18 years ago

June 30, 2008

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Chico's FAS Inc. (Fort Myers, Fla.) has announced plans to slow real estate square-footage growth until the weak retail environment improves.

The specialty retailer also said, during its annual shareholders meeting, that it plans to tighten control on inventory and improve its merchandise selection.

Chico's, once one of retail’s dependable high-achievers, reported last month a 73 percent drop in first quarter profits and a 10 percent drop in revenue. The retailer has suffered, along with so many retailers, as consumers cut back spending amid a rising cost of living and declining home values. Women's apparel retailers have been among the hardest hit sectors in the retail industry.

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