Chico's FAS same-store sales drop in June

Clothing retailer Chico's FAS Inc. said Wednesday its June same-store sales dropped 12.9 percent.

Same-store sales, or sales at stores open at least a year, is a key indicator of retailer performance since it measures growth at existing stores rather than newly opened ones.

For the five weeks ended July 7, the chain said its total sales fell 5.1 percent to $151.4 million from $159.6 million in the prior-year period.

Year-to-date, same-store sales dipped 16.4 percent and total sales fell 8.5 percent from a year ago.