francesca’s® Announces Resignation of Michael W. Barnes- Chairman, President and CEO
May 17 2016 - 7:30AM
Francesca’s Holdings Corporation (NASDAQ:FRAN) today announced that
its Chairman, President and CEO, Michael W. Barnes has resigned for
personal reasons effective immediately. The Company’s former Lead
Director, Richard W. Kunes, has been named interim Chairman,
President and CEO. Mr. Kunes has served on the Company’s Board
since February 2013 and served as the Lead Director from July 2015
until his appointment as interim CEO. A search for a successor has
commenced.
Previously, Mr. Kunes served as Executive Vice
President & Senior Advisor to the Chief Executive Officer at
The Estée Lauder Companies, Inc., (“Estée Lauder”) from August 2012
to June 2013. Prior to such time, Mr. Kunes served for 12 years as
Executive Vice President and Chief Financial Officer at Estée
Lauder, as well as holding several other financial management
positions with Estée Lauder, including Corporate Controller. He is
currently a member of the Board of Directors and head of the Audit
and Finance Committee of Tory Burch LLC.
Mr. Kunes stated, “We wish Mike the best in his
future endeavors. During his tenure, Mike built a strong leadership
team of highly accomplished and talented executives. The Board has
the utmost confidence in the management team to execute the
business plans for fiscal year 2016 and the initial strategies of
Vision 2020, the Company’s long range plan. In addition, our Board
members have diverse and talented backgrounds and will provide
ongoing support and guidance to the management team.”
Preliminary comparable sales for the fiscal
first quarter ended April 30, 2016 increased 2% as compared to the
fiscal first quarter 2015 and preliminary EPS for the first quarter
is expected to be $0.17.
The Company will report actual fiscal first
quarter financial results and hold its related conference call on
June 9, 2016.
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
President and Chief Executive 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 30, 2016
filed with the Securities and Exchange Commission on March 25, 2016
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 first quarter ended April 30, 2016 are preliminary and
subject to change. The Company and its external auditors have not
completed their normal quarterly closing and related review
procedures for the quarter ended April 30, 2016, 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 external auditors.
About Francesca's Holdings
Corporation
francesca's® is a growing specialty retailer
which operates a nationwide-chain of boutiques providing customers
a unique, fun and differentiated shopping experience. The
merchandise assortment is a diverse and balanced mix of apparel,
jewelry and gifts. Today francesca's® operates 626 boutiques in 48
states and the District of Columbia and also serves its customers
through francescas.com. For additional information, please visit
www.francescas.com.
CONTACT:
ICR, Inc.
Jean Fontana
646-277-1214
Company
Kelly Dilts
832-494-2315
kelly.dilts@francescas.com / IR@francescas.com
Francescas (NASDAQ:FRAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Francescas (NASDAQ:FRAN)
Historical Stock Chart
From Jul 2023 to Jul 2024