UPDATE 1-Chico's December same-store sales fall; names new CEO
Jan 8 (Reuters) - Women's clothing retailer Chico's FAS Inc (CHS.N) said its December same-store sales fell 12.4 percent and named David Dyer as its new chief executive officer.
Dyer replaces Scott Edmonds, who retired.
Dyer, who was the former CEO of Tommy Hilfiger and Land's End, has been serving on Chico's board since 2007, company said.
Chico's also reported that its net sales for the five-week period ended Jan. 3 fell 10 percent to $163.4 million.
The company said its efforts to be promotionally competitive and its intent to end the quarter with lowered targeted store inventory levels is expected to result in lower gross margins than originally anticipated for the fourth quarter.
The Fort Myers, Florida-based company also named Ross Roeder as chairman of the board.
The shares of the company were down more than 2 percent at $3.84 in early morning trade on the New York Stock Exchange. (Reporting by Renju Jose in Bangalore; Editing by Anil D'Silva) ((renju.jose@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 080 4135 5967; Reuters messaging: renju.jose.reuters.com@reuters.net))
