Why Chico's Stock Is Falling During Monday's Session

Chico's FAS, Inc. CHS shares are trading lower by 5.03% to $5.00 Monday morning after the company lowered fourth-quarter guidance.

The company has updated its fourth quarter outlook and now expects total net sales to range from $505 million to $515 million and diluted earnings per share to range from ($0.02) to $0.00.

In a Monday statement Molly Langenstein, Chico's FAS Chief Executive Officer and President, commented: "Entering 2023, we remain confident in our brand portfolio and our ability to deliver strong results for the year and over the long-term.  Customer demand is growing across all three brands and our total inventory levels also remain well in line with sales, with December on-hand inventory up 1% to last year.  We expect to enter fiscal 2023 with clean inventory and a strong balance sheet and are well positioned to deliver fashion and newness to meet growing customer demand across all three brands".

See Also: What's Going On With Exact Sciences Stock?

According to data from Benzinga Pro, CHS has a 52-week high of $7.30 and a 52-week low of $3.80.