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Chico's (CHS) Stock Surges on Q2 Beat

NEW YORK (TheStreet) -- Shares of Chico's (CHS) were soaring 12.08% to $12.66 on heavy trading volume early Wednesday afternoon after reporting better-than-expected earnings and revenue for the 2016 second quarter.

After yesterday's market close, the Fort Myers, FL-based retailer posted adjusted earnings of 25 cents per share, topping analysts' estimates of 22 cents a share.

Revenue fell 7.3% year-over-year to $636 million in the most recent period, but beat analysts' projections of $632 million.

Same-store sales declined 3.1% amid lower average sales and a drop in transactions, Chico's said in a statement. The company expects a low single-digit...