francesca’s® Announces Departure of EVP and Chief Merchandising Officer
August 21 2017 - 7:30AM
Francesca’s Holdings Corporation (NASDAQ:FRAN) today announced the
departure of Laurie Hummel, EVP and Chief Merchandising
Officer. The Company has commenced a search for a new Chief
Merchant.
Steve Lawrence, President and CEO, stated, “We have a lot of
talent in our merchandising team and are confident in their ability
to execute our strategy as we search for a new Chief
Merchant. During this period, the team will report directly
to me. We wish Laurie well in her future
endeavors.”
Preliminary Second Quarter Results
Preliminary comparable sales for the fiscal second quarter ended
July 29, 2017, decreased 3% and preliminary diluted earnings per
share for the second quarter is expected to be $0.20.
Mr. Lawrence continued, “We are pleased to have exceeded our
second quarter EPS guidance, driven by better than expected
merchandise margin and lower than expected SG&A. That said, we
note that back-to-school has been off to a very challenging start
and our comparable sales have further decelerated from July.
We will provide additional detail on our second quarter
performance, as well as discuss our third quarter and full year
outlook, on our upcoming earnings call.”
A conference call to discuss second quarter
results and third quarter and full year expectations is scheduled
for September 6, 2017, at 8:30 a.m. ET.
Please note these results are preliminary and
subject to change. The Company and its external auditors have not
completed their normal quarterly closing and related review
procedures 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.
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 or changes in
consumer environment, including changing expectations of service
and experience in boutiques and online, and evolve our business
model; our ability to attract a sufficient number of customers to
our boutiques or sell sufficient quantities of our merchandise
through our ecommerce 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 successfully attract,
hire and integrate our next Chief Merchant. 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 28, 2017 filed with the Securities and Exchange Commission
(“SEC”) on March 22, 2017 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.
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
personalized shopping experience. The merchandise assortment
is a diverse and balanced mix of apparel, jewelry, accessories and
gifts. Today francesca's® operates approximately 679 boutiques in
48 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
Kelly Dilts 832-494-2236
Kate Venturina 832-494-2233
IR@francescas.com
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