Shares of women's apparel retailer Chico's FAS (CHS -0.80%) jumped on Tuesday, rising as much as 18.5%. As of 2:05 p.m. EDT, the stock was up 11.3%.
The price spike followed the release of the company's fiscal first-quarter report, which included better-than-expected non-GAAP earnings per share.
Chico's fiscal Q1 sales were $516.7 million, down from $561.8 million in the year-ago quarter. That was about in line with what analysts were expecting. Non-GAAP earnings per share of $0.05, however, were ahead of the consensus forecast for $0.03 per share.
"Chico's first quarter results stabilized in line with the fourth quarter 2018," management said in the fiscal Q1 earnings release. "The brand is making progress in elevating the product aesthetic and delivering a more balanced merchandise architecture to its customers."
Management's guidance for the full fiscal year is that both net sales and comparable sales will decline by low-to-mid-single-digit percentages. But management also said it expects "stronger sales trends across all brands in the second half of the year, as key initiatives gain traction."