Chico's stock falls 7.1%

FORT MYERS — Investors pushed the stock of Chico's FAS down 7.1% on Wednesday after the company announced its quarterly results.

The Fort Myers-based women's clothing retailer says net income fell 4.2% in the first quarter to $51.7 million, compared with the same quarter one year ago. Net sales rose 3.1% to $671 million in the same period, but sales at stores open longer than one year were flat.

Chico's blamed the results on unusually cold weather and the strong boost in sales that occurred in the first quarter one year ago that made comparisons difficult. While transactions increased at its stores, the average sale fell, the company says in an earning statement.

Chico's stock closed at $17.96 (symbol: CHS) on Wednesday, down 7.1%. The company's shares are traded on the New York Stock Exchange.

Chico's operates 1,397 stores around the U.S. under brands that include Chico's, White House | Black Market, Soma Intimates and Boston Proper.