Chico’s Fas Inc. shares plummeted 16% in Wednesday premarket trading after the women’s apparel retailer reported a first-quarter earnings miss and gave weak guidance. Net income totaled $29.0 million, or 23 cents per share, down from $33.6 million, or 26 cents per share, for the same period last year. Sales were $561.8 million, down from $583.7 million last year. The FactSet consensus was for EPS of 25 cents and sales of $552.0 million. Same-store sales fell 5.9% with the Chico’s brand down 5.5%, White House Black Market down 6.6% and Soma down 5.8%. The FactSet consensus was for a 4.4% decline. “[C]ustomer traffic for the quarter was challenging,” said Chief Executive Shelley Broader in a statement. The company expects that its partnerships with Amazon.com Inc. and QVC, a Qurate Retail Inc. brand, will drive traffic and sales for the long term. The company launched a partnership with ShopRunner at the end of March as well. Chico’s expects a mid-to-high single-digit decline in sales and low-to-mid single digit decline in consolidated same-store sales. For the full-year, the company expects a mid-single digit sales decline and a low-to-mid single digit decline in consolidated same-store sales. Chico’s shares are up 13.3% for the year so far while the S&P 500 index is up 0.6% for the period.