francesca's(R) Announces Resignation of Chief Financial Officer and Appointment of Interim Chief Financial Officer
November 20 2015 - 7:30AM
francesca's® Announces
Preliminary Fiscal Third Quarter Results Expects Net Sales of
Approximately $103.4 million, Comparable Sales Increase of 4%, and
Diluted Earnings Per Share of $0.15 to $0.16
Francesca's Holdings Corporation (the "Company") (Nasdaq:FRAN)
today announced that its Chief Financial Officer, Mark Vendetti,
has resigned from the Company effective December 4th, 2015 to
accept a CFO position at another publicly traded company. Cindy
Thomassee, francesca's® current VP of Accounting, has been
appointed to the role of Interim CFO and will report directly to
CEO Michael W. Barnes while the Company conducts a search for a
CFO.
Michael W. Barnes, Chairman, President, and CEO stated, "I would
like to thank Mark for all of his efforts as our Chief Financial
Officer over the last two and a half years. I am grateful for
Mark's time at francesca's® and I wish him continued success in his
new role. We appreciate Cindy stepping into the role of Interim CFO
as we conduct a search for a permanent replacement."
In addition, francesca's® announced preliminary sales results
and updated earnings per share guidance for the third quarter
ending October 31, 2015. Net sales increased 19% to $103.4 million
as compared to the third quarter last year with comparable sales up
4% for the period. The Company now expects diluted earnings per
share to be in the range of $0.15 to $0.16 per diluted share
compared to the Company's previous guidance of $0.12 to $0.15 per
diluted share. francesca's® will report its third quarter results
and provide its outlook for the fourth quarter on December 9, 2015,
at 8:30 a.m. ET.
Michael W. Barnes, Chairman, President, and CEO stated, "We are
pleased with our better than expected sales and comps in the third
quarter, driven by a terrific product assortment across categories.
During the quarter, we saw strong and broad consumer response to
our assortments which is driving improved conversion and higher
units per transaction; leading to increased average transaction
values and the overall comparable sales increase. I look forward to
discussing the details of our third quarter results, as well as
fourth quarter and full fiscal year 2015 guidance during our third
quarter conference call next month."
Forward-Looking Statements
Certain statements in this release are "forward-looking
statements" made pursuant to the safe-harbor provisions of the
Private Securities Litigation Reform Act of 1995, as amended. Such
forward-looking statements reflect our current expectations or
beliefs concerning future events and are subject to various risks
and uncertainties that may cause actual results to differ
materially from those that we expected. These risks and
uncertainties include, but are not limited to, the following: the
risk that we cannot anticipate, identify and respond quickly to
changing fashion trends and customer preferences; our ability to
attract a sufficient number of customers to our boutiques or sell
sufficient quantities of our merchandise through our
direct-to-consumer business; our ability to successfully open and
operate new boutiques each year; our ability to efficiently source
and distribute additional merchandise quantities necessary to
support our growth; and our ability to attract and integrate a new
Chief Financial Officer. For additional information regarding these
and other risks and uncertainties that could cause actual results
to differ materially from those contained in our forward-looking
statements, please refer to "Risk Factors" in our Annual Report on
Form 10-K for the year ended January 31, 2015 filed with the
Securities and Exchange Commission on March 27, 2015 and any risk
factors contained in subsequent quarterly and annual reports we
file with the SEC. We undertake no obligation to publicly update or
revise any forward-looking statement.
Preliminary Results
The Company's announced preliminary results for its fiscal third
quarter ended October 31, 2015 are preliminary and may change. The
Company and its auditors have not completed their normal quarterly
closing and review procedures for the quarter ended October 31,
2015, and there can be no assurance that final results for the
quarter will not differ from the preliminary results, including as
a result of quarter-end closing procedures or review adjustments.
In addition, these preliminary results should not be viewed as a
substitute for full interim financial statements prepared in
accordance with GAAP that have been reviewed by the Company's
auditors.
About Francesca's Holdings Corporation
francesca's® is a growing specialty retailer with retail
locations designed and merchandised to feel like unique, upscale
boutiques providing customers a fun and differentiated shopping
experience. The merchandise assortment is a diverse and balanced
mix of apparel, jewelry, accessories and gifts. Today francesca's®
operates 620 boutiques in 47 states and the District of Columbia
and also serves its customers through francescas.com. For
additional information on francesca's®, please visit
www.francescas.com.
CONTACT: ICR, Inc.
Jean Fontana
646-277-1214
Company
Kate Venturina
832-494-2233
Kate.Venturina@francescas.com
IR@francescas.com
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