Chico's (NYSE:CHS) recorded net income of $35.4 million, or $0.20 per diluted share for the first quarter compared to net income of $14.5 million, or $0.08 per diluted share for last year's first quarter.
Selling, general and administrative expenses increased from $211.6 million in last year's first quarter to $226.5 million in the current quarter.
End of quarter inventory increased $14.7 million or approximately 10.1% from last year's first quarter.
Shares of Chico's are down over 16% following the report.
On over one and a half million shares volume so far today, shares of MEDIFAST (NYSE:MED) are trading lower by over 11.5% today.
The solar sector is trading lower today with shares of Renesola (NYSE:SOL) down over 13%, AXT (NASDAQ:AXTI) down 11.5%, Nanometrics (NASDAQ:NANO) down 4.25%, Trina Solar (TSL) down 6% and Suntech Power (STP) down 5.25%.
And Whiting USA (WHX) was downgraded by RBC Capital Markets (NYSE:RY) today from sector perform to underperform. Shares of Whiting are trading down about 11.5% on the downgrade.
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