Francesca’s Holdings Corporation (Nasdaq:FRAN) today reported
financial results for the fourth quarter and fiscal year ended
February 3, 2018.
Steve Lawrence, President and CEO, stated, “While 2017 was a
challenging year for francesca’s, it was also a year where we put
in place a number of strategic investments that we believe will
serve as building blocks for our future. We have also
strengthened our focus on the merchandising principles that drove
our past success. In 2018, we believe that we will return to
‘surprising and delighting’ our guests with our improved
merchandising assortment and boutique experience. We expect
that as our initiatives begin to take hold and we start to fully
leverage the investments we made last year, we will see sequential
quarter to quarter comparable sales improvement through the
year.’’
FOURTH QUARTER RESULTS
Net sales decreased 5% to $138.5 million from $146.3 million in
the comparable prior year quarter. This decrease was due to a
15% decrease in comparable sales compared to flat in the comparable
prior year quarter. The decrease in comparable sales was
primarily due to a decline in boutique conversion rate and traffic,
as our merchandise did not resonate with our guests. This decrease
was partially offset by the sales from 50 net new boutiques since
the prior year quarter and $5 million in sales for the 53rd week of
fiscal year 2017. The Company opened nine new boutiques and closed
two boutiques during the quarter, bringing the total boutique count
to 721 at the end of the quarter.
Gross profit, as a percent of net sales, decreased to 43.9% from
46.4% in the prior year quarter. This unfavorable variance
was principally due to 280 basis points deleveraging of occupancy
costs, partially offset by 30 basis points increase in merchandise
margin.
Selling, general and administrative expenses increased 14% to
$50.5 million from $44.3 million in the prior year quarter. This
increase was primarily due to higher boutique and corporate payroll
to support the larger boutique base and ecommerce operations, as
well as increases in professional fees, software costs and
marketing due to the continued investments in marketing, technology
and infrastructure. These increases were partially offset by
lower performance-based incentive expenses.
Income from operations was $10.4 million, or 7.5% of net sales,
compared to $23.6 million, or 16.1% of net sales, in the prior year
quarter.
The effective tax rate for the fourth quarter was 63.9% compared
to 37.7% in the comparable prior year quarter. Income tax expense
included a non-cash charge of $3.3 million, or $0.09 per diluted
share, as a result of the remeasurement of the Company’s net
deferred tax assets using the lower federal corporate income tax
rate under the Tax Cuts and Jobs Act.
Net income for the fourth quarter was $3.7 million, or $0.10
diluted earnings per share, and, excluding the remeasurement of net
deferred tax assets, adjusted net income was $7.1 million, or
$0.20(1) adjusted diluted earnings per share. This compares
to prior year quarter net income of $14.6 million, or $0.39 diluted
earnings per share.
(1) Diluted earnings per share components may not equal the sum
due to rounding.
FULL YEAR RESULTS
Net sales decreased 3% to $471.7 million from $487.2 million in
the prior year. This decrease was due an 11% decrease in
comparable sales compared to a 2% increase in the prior year. This
decrease was partially offset by the sales from 50 net new
boutiques since the prior year-end and $5 million in sales for the
53rd week of fiscal year 2017.
During fiscal year 2017, the Company opened 60 new boutiques and
closed 10 boutiques compared to 64 new boutiques opened and nine
boutiques closed during fiscal year 2016.
Net income for fiscal year 2017 totaled $15.6 million, or $0.43
diluted earnings per share, compared to $42.0 million, or $1.09
diluted earnings per share, in the prior year.
Excluding the $3.3 million, or $0.09 per diluted share, charge
related to the remeasurement of the Company’s net deferred tax
assets, adjusted net income for fiscal year 2017 totaled $18.9
million, or adjusted diluted earnings per share of $0.52. This
compares to prior year adjusted net income of $40.8 million, or
adjusted diluted earnings per share of $1.06, which excludes the
$2.0 million, or $0.03 per diluted share, net benefit in connection
with the resignation of the Company’s former Chairman, President
and CEO.
BALANCE SHEET SUMMARY
Total cash and cash equivalents at the end of the quarter were
$31.3 million compared to $53.2 million at the end of the
comparable prior year quarter and no debt. During the fourth
quarter, the Company repurchased 248,000 shares of its common stock
at a cost of $1.5 million, bringing the Company’s total
year-to-date repurchases to 1,861,000 shares at a cost of $20.0
million.
The Company ended the quarter with $26.8 million of inventory on
hand compared to $24.0 million at the end of the comparable prior
year period. Average ending inventory per boutique increased 4%
versus the prior year period. Prior year inventory levels
were at an historic low as the Company marked inventory
out-of-stock in order to implement the in-season clearance
strategy.
FIRST QUARTER AND FISCAL YEAR 2018 GUIDANCE
For the first quarter ending May 5, 2018, net sales are expected
to be in the range of $100 million to $103 million, assuming a 13%
to 15% decrease in comparable sales compared to the prior year
decrease of 5%. The Company plans to open 20 to 25 new boutiques
and close approximately 5 existing boutiques during the first
quarter. Loss per share is expected to be in the range of ($0.10)
to ($0.13).
For the fiscal year ending February 2, 2019, net sales are
expected to be in the range of $485 million to $499 million;
assuming a low-single digit decrease in comparable sales compared
to the prior year decrease of 11%. The Company expects to open
approximately 35 boutiques and close approximately 20 boutiques in
fiscal year 2018, compared to 60 new boutiques opened and 10
boutiques closed in fiscal year 2017. Diluted earnings per share
are expected to be in the range of $0.53 to $0.63 compared to prior
year of $0.43. This also compares to prior year adjusted
diluted earnings per share of $0.52 which excludes the $3.3
million, or $0.09 per diluted share, charge related to the
remeasurement of the Company’s deferred tax assets. The
number of average diluted shares for the full year assumed in
guidance is 35.5 million shares. The effective tax rate is
estimated to be 26% for 2018.
Capital expenditures for fiscal year 2018 are expected to be
approximately $30 million.
Conference Call Information
A conference call to discuss the fourth quarter and fiscal year
2017 results is scheduled for March 27, 2018, at 8:30 a.m. ET. A
live webcast of the conference call will be available in the
investor relations section of the Company’s website,
www.francescas.com. A replay of the call will be available
after the conclusion of the call and remain available until April
3, 2018. To access the telephone replay, listeners should dial
1-844-512-2921. The access code for the replay is 8258995. A replay
of the web cast will also be available shortly after the conclusion
of the call and will remain on the website for ninety days.
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 website; our ability to successfully open,
refresh and operate new boutiques each year; our ability to
efficiently source, distribute additional merchandise quantities
necessary to support our growth; and new tax legislation
developments or guidance that may influence our effective tax rate.
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, as well as “Risk Factors” in
our Annual Report on Form 10-K for the year ended February 3, 2018
that we will file with the SEC, 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.
SEC Regulation G – Non-GAAP Information
This press release includes non-GAAP adjusted net income and
adjusted diluted earnings per share, each a non-GAAP financial
measure. The Company believes these non-GAAP financial measures not
only provides our management with comparable financial data for
internal financial analysis but also provides meaningful
supplemental information to investors. Specifically, these non-GAAP
financial measures allow investors to better understand the
performance of the business and facilitate a meaningful evaluation
of our quarterly and fiscal year 2017 net income and diluted
earnings per share on a comparable basis with our quarterly and
fiscal year 2016 results. These non-GAAP measures should be
considered a supplement to, and not as a substitute for or superior
to, financial measures calculated in accordance with GAAP.
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 721
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.
CompanyJean Fontana
Kelly
Dilts
832-494-2236646-277-1214
Kate
Venturina 832-494-2233
IR@francescas.com
Francesca’s Holdings
CorporationConsolidated Statements of
Operations(In Thousands, Except Per Share Amounts,
Percentages and Basis Points)
|
|
| |
Fourteen Weeks EndedFebruary
3, 2018 |
|
Thirteen Weeks EndedJanuary
28, 2017 |
|
Variance |
| |
In USD |
|
As a %of NetSales(1) |
|
In USD |
|
As a %of NetSales(1) |
|
In USD |
|
% |
|
BasisPoints |
| Net sales |
$ |
138,491 |
|
|
100.0 |
% |
|
$ |
146,345 |
|
|
100.0 |
% |
|
$ |
(7,854 |
) |
|
(5 |
)% |
|
- |
|
| Cost of goods sold and
occupancy costs |
|
77,666 |
|
|
56.1 |
% |
|
|
78,412 |
|
|
53.6 |
% |
|
|
(746 |
) |
|
(1 |
)% |
|
250 |
|
| Gross profit |
|
60,825 |
|
|
43.9 |
% |
|
|
67,933 |
|
|
46.4 |
% |
|
|
(7,108 |
) |
|
(10 |
)% |
|
(250 |
) |
| Selling, general and
administrative expenses |
|
50,463 |
|
|
36.4 |
% |
|
|
44,349 |
|
|
30.3 |
% |
|
|
6,114 |
|
|
14 |
% |
|
610 |
|
| Income from
operations |
|
10,362 |
|
|
7.5 |
% |
|
|
23,584 |
|
|
16.1 |
% |
|
|
(13,222 |
) |
|
(56 |
)% |
|
(860 |
) |
| Interest expense |
|
(120 |
) |
|
(0.1 |
)% |
|
|
(111 |
) |
|
(0.1 |
)% |
|
|
(9 |
) |
|
(8 |
)% |
|
- |
|
| Other income |
|
68 |
|
|
0.0 |
% |
|
|
29 |
|
|
0.0 |
% |
|
|
39 |
|
|
134 |
% |
|
- |
|
| Income before income
tax expense |
|
10,310 |
|
|
7.4 |
% |
|
|
23,502 |
|
|
16.1 |
% |
|
|
(13,192 |
) |
|
(56 |
)% |
|
(870 |
) |
| Income tax expense |
|
6,584 |
|
|
4.8 |
% |
|
|
8,867 |
|
|
6.1 |
% |
|
|
(2,283 |
) |
|
(26 |
)% |
|
(130 |
) |
| Net income |
$ |
3,726 |
|
|
2.7 |
% |
|
$ |
14,635 |
|
|
10.0 |
% |
|
$ |
(10,909 |
) |
|
(75 |
)% |
|
(730 |
) |
| (1)
Percentage totals or differences in the above table may not
equal the sum or difference of the components due to rounding. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings per
share |
$ |
0.10 |
|
|
|
|
$ |
0.39 |
|
|
|
|
|
|
|
|
|
| Weighted average
diluted share count |
|
35,642 |
|
|
|
|
|
37,383 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comparable sales
change |
|
(15)% |
|
|
0% |
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Fiscal Year Ended |
|
|
|
|
|
|
| |
February 3, 2018 |
|
January 28, 2017 |
|
Variance |
| |
In USD |
|
As a %of NetSales(1) |
|
In USD |
|
As a %of NetSales(1) |
|
In USD |
|
% |
|
BasisPoints |
| Net sales |
$ |
471,678 |
|
|
100.0 |
% |
|
$ |
487,188 |
|
|
100.0 |
% |
|
$ |
(15,510 |
) |
|
(3 |
)% |
|
- |
|
| Cost of goods sold and
occupancy costs |
|
264,915 |
|
|
56.2 |
% |
|
|
258,561 |
|
|
53.1 |
% |
|
|
6,354 |
|
|
2 |
% |
|
310 |
|
| Gross profit |
|
206,763 |
|
|
43.8 |
% |
|
|
228,627 |
|
|
46.9 |
% |
|
|
(21,864 |
) |
|
(10 |
)% |
|
(310 |
) |
| Selling, general and
administrative expenses |
|
176,801 |
|
|
37.5 |
% |
|
|
160,702 |
|
|
33.0 |
% |
|
|
16,099 |
|
|
10 |
% |
|
450 |
|
| Income from
operations |
|
29,962 |
|
|
6.4 |
% |
|
|
67,925 |
|
|
13.9 |
% |
|
|
(37,963 |
) |
|
(56 |
)% |
|
(750 |
) |
| Interest expense |
|
(452 |
) |
|
(0.1 |
)% |
|
|
(464 |
) |
|
(0.1 |
)% |
|
|
12 |
|
|
3 |
% |
|
- |
|
| Other income |
|
346 |
|
|
0.1 |
% |
|
|
147 |
|
|
0.0 |
% |
|
|
199 |
|
|
135 |
% |
|
10 |
|
| Income before income
tax expense |
|
29,856 |
|
|
6.3 |
% |
|
|
67,608 |
|
|
13.9 |
% |
|
|
(37,752 |
) |
|
(56 |
)% |
|
(760 |
) |
| Income tax expense |
|
14,295 |
|
|
3.0 |
% |
|
|
25,607 |
|
|
5.3 |
% |
|
|
(11,312 |
) |
|
(44 |
)% |
|
(230 |
) |
| Net income |
$ |
15,561 |
|
|
3.3 |
% |
|
$ |
42,001 |
|
|
8.6 |
% |
|
$ |
(26,440 |
) |
|
(63 |
)% |
|
(530 |
) |
| (1)
Percentage totals or differences in the above table may not
equal the sum or difference of the components due to rounding. |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Diluted earnings per
share |
$ |
0.43 |
|
|
|
|
$ |
1.09 |
|
|
|
|
|
|
|
|
|
| Weighted average
diluted share count |
|
36,300 |
|
|
|
|
|
38,551 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Comparable sales
change |
|
(11)% |
|
|
2% |
|
|
|
|
|
|
|
|
Francesca’s Holdings
CorporationConsolidated Balance
Sheets(In thousands, except share and per share
amounts)
|
|
|
|
|
|
|
|
|
|
|
February 3, |
|
|
January 28, |
|
|
|
|
2018 |
|
|
2017 |
|
|
ASSETS |
|
|
|
|
|
|
|
|
| Current assets: |
|
|
|
|
|
|
|
|
| Cash and
cash equivalents |
|
$ |
31,331 |
|
|
$ |
53,202 |
|
| Accounts
receivable |
|
|
16,642 |
|
|
|
5,605 |
|
|
Inventories |
|
|
26,816 |
|
|
|
23,958 |
|
| Deferred
income taxes |
|
|
- |
|
|
|
8,487 |
|
| Prepaid
expenses and other current assets |
|
|
9,714 |
|
|
|
8,823 |
|
| Total current
assets |
|
|
84,503 |
|
|
|
100,075 |
|
| Property and equipment,
net |
|
|
87,702 |
|
|
|
80,484 |
|
| Deferred income
taxes |
|
|
9,413 |
|
|
|
6,978 |
|
| Other assets, net |
|
|
3,622 |
|
|
|
2,056 |
|
| TOTAL ASSETS |
|
$ |
185,240 |
|
|
$ |
189,593 |
|
| |
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
| Current
liabilities: |
|
|
|
|
|
|
|
|
| Accounts
payable |
|
$ |
17,801 |
|
|
$ |
9,205 |
|
| Accrued
liabilities |
|
|
14,654 |
|
|
|
25,761 |
|
| Total current
liabilities |
|
|
32,455 |
|
|
|
34,966 |
|
| Landlord incentives and
deferred rent |
|
|
38,337 |
|
|
|
38,092 |
|
| Total liabilities |
|
|
70,792 |
|
|
|
73,058 |
|
| Commitments and
contingencies |
|
|
|
|
|
|
|
|
| Stockholders’
equity: |
|
|
|
|
|
|
|
|
| Common
stock-$.01 par value, 80.0 million shares authorized, 46.3
millionand 46.1 million shares issued as of February 3, 2018 and
January 28, 2017,respectively. |
|
|
463 |
|
|
|
461 |
|
|
Additional paid-in capital |
|
|
111,439 |
|
|
|
109,008 |
|
| Retained
earnings |
|
|
159,045 |
|
|
|
143,557 |
|
| Treasury
stock, at cost – 10.3 million and 8.5 million shares held at
February3, 2018 and January 28, 2017, respectively. |
|
|
(156,499 |
) |
|
|
(136,491 |
) |
| Total stockholders’
equity |
|
|
114,448 |
|
|
|
116,535 |
|
| TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
$ |
185,240 |
|
|
$ |
189,593 |
|
| |
Francesca’s Holdings
CorporationConsolidated Statements of Cash
Flows(In thousands)
| |
|
|
|
Fiscal Year Ended |
|
|
|
|
February 3, |
|
|
January 28, |
|
|
January 30, |
|
|
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
|
| Cash Flows Provided by
Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net
income |
|
$ |
15,561 |
|
|
$ |
42,001 |
|
|
$ |
38,152 |
|
|
|
Adjustments to reconcile net income to net cash providedby
operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
21,202 |
|
|
|
19,337 |
|
|
|
16,816 |
|
|
|
Stock-based compensation expense |
|
|
2,430 |
|
|
|
1,016 |
|
|
|
2,932 |
|
|
| Excess
tax benefit from stock-based compensation |
|
|
- |
|
|
|
(34 |
) |
|
|
(236 |
) |
|
|
Impairment charges |
|
|
258 |
|
|
|
141 |
|
|
|
790 |
|
|
| Loss on
disposal of assets |
|
|
733 |
|
|
|
407 |
|
|
|
487 |
|
|
|
Amortization of debt issuance costs |
|
|
250 |
|
|
|
245 |
|
|
|
245 |
|
|
| Deferred
income taxes |
|
|
6,099 |
|
|
|
(5,411 |
) |
|
|
(3,226 |
) |
|
| Changes
in assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Accounts
receivable |
|
|
(10,764 |
) |
|
|
3,975 |
|
|
|
2,935 |
|
|
|
Inventories |
|
|
(2,858 |
) |
|
|
7,583 |
|
|
|
(7,740 |
) |
|
| Prepaid
expenses and other assets |
|
|
(3,177 |
) |
|
|
(3,160 |
) |
|
|
(524 |
) |
|
| Accounts
payable |
|
|
6,013 |
|
|
|
(4,936 |
) |
|
|
4,137 |
|
|
| Accrued
liabilities |
|
|
(11,167 |
) |
|
|
9,467 |
|
|
|
4,424 |
|
|
| Landlord
incentives and deferred rent |
|
|
245 |
|
|
|
1,540 |
|
|
|
3,675 |
|
|
| Net cash provided by
operating activities |
|
|
24,825 |
|
|
|
72,171 |
|
|
|
62,867 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows Used in
Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Purchase
of property and equipment |
|
|
(26,778 |
) |
|
|
(21,852 |
) |
|
|
(24,276 |
) |
|
|
Other |
|
|
- |
|
|
|
8 |
|
|
|
12 |
|
|
| Net cash used in
investing activities |
|
|
(26,778 |
) |
|
|
(21,844 |
) |
|
|
(24,264 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash Flows Used in
Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchases of common stock |
|
|
(19,860 |
) |
|
|
(53,853 |
) |
|
|
(22,185 |
) |
|
| Proceeds
from the exercise of stock options |
|
|
96 |
|
|
|
512 |
|
|
|
499 |
|
|
| Excess
tax benefit from stock-based compensation |
|
|
- |
|
|
|
34 |
|
|
|
236 |
|
|
| Taxes
paid related to net settlement of equity awards |
|
|
(154 |
) |
|
|
(42 |
) |
|
|
- |
|
|
| Net cash used in
financing activities |
|
|
(19,918 |
) |
|
|
(53,349 |
) |
|
|
(21,450 |
) |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net increase in cash
and cash equivalents |
|
|
(21,871 |
) |
|
|
(3,022 |
) |
|
|
17,153 |
|
|
| Cash and cash
equivalents, beginning of year |
|
|
53,202 |
|
|
|
56,224 |
|
|
|
39,071 |
|
|
| Cash and cash
equivalents, end of year |
|
$ |
31,331 |
|
|
$ |
53,202 |
|
|
$ |
56,224 |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Supplemental
Disclosures of Cash Flow Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash paid
for income taxes |
|
$ |
24,163 |
|
|
$ |
19,324 |
|
|
$ |
23,958 |
|
|
| Interest
paid |
|
$ |
192 |
|
|
$ |
192 |
|
|
$ |
190 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Francesca’s Holdings
CorporationSupplemental Information
Quarterly Sales by Merchandise Category
|
|
| |
Fourteen Weeks EndedFebruary
3, 2018 |
|
Thirteen Weeks EndedJanuary 28,
2017 |
|
Variance |
| |
In USD |
|
As a %of Sales |
|
|
In USD |
|
As a %of Sales |
|
In Dollars |
|
% |
| |
(in thousands, except
percentages) |
| Apparel(1) |
54,977 |
|
39.7 |
% |
|
|
59,930 |
|
41.0 |
% |
|
|
(4,953 |
) |
(8 |
)% |
| Jewelry |
32,481 |
|
23.5 |
% |
|
|
34,069 |
|
23.3 |
% |
|
|
(1,588 |
) |
(5 |
)% |
| Accessories(1) |
24,928 |
|
18.0 |
% |
|
|
25,612 |
|
17.5 |
% |
|
|
(684 |
) |
(3 |
)% |
| Gifts |
24,412 |
|
17.6 |
% |
|
|
25,834 |
|
17.7 |
% |
|
|
(1,422 |
) |
(6 |
)% |
| Merchandise sales |
136,798 |
|
98.8 |
% |
|
|
145,445 |
|
99.4 |
% |
|
|
(8,647 |
) |
(6 |
)% |
| Others(2) |
1,693 |
|
1.2 |
% |
|
|
900 |
|
0.6 |
% |
|
|
793 |
|
88 |
% |
| Net sales |
138,491 |
|
100.0 |
% |
|
|
146,345 |
|
100.0 |
% |
|
|
(7,854 |
) |
(5 |
)% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) In fiscal year 2017,
swimwear and leggings were reclassified out of accessories to
apparel. To facilitate comparability, prior year amounts were
reclassified.(2) Includes gift
card breakage income, shipping and change in return reserve.
Quarterly Comparable Sales
|
|
| |
|
FY 2017 |
|
FY 2016 |
|
FY 2015 |
|
|
Q1 |
(5)% |
|
2% |
|
(2)% |
| |
Q2 |
(3)% |
|
0% |
|
(4)% |
| |
Q3 |
(18)% |
|
7% |
|
4% |
| |
Q4 |
(15)% |
|
0% |
|
11% |
| |
Fiscal year |
(11)% |
|
2% |
|
3% |
| |
|
|
|
|
|
|
|
|
|
Boutique Count
| |
Fiscal Year Ended |
| |
February 3, 2018 |
|
January 28, 2017 |
|
January 30, 2016 |
|
| Number of boutiques
open at the beginning of period |
671 |
|
616 |
|
539 |
|
| Boutiques opened |
60 |
|
64 |
|
83 |
|
| Boutiques closed |
(10 |
) |
(9 |
) |
(6 |
) |
| Number of boutiques
open at the end of period |
721 |
|
671 |
|
616 |
|
| |
|
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