FBR Capital Reiterates Market Perform as Francesca's (FRAN) Appoints New CEO
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FBR Capital reiterated a Market Perform rating and $14.00 price target on Francesca's Holdings (NASDAQ: FRAN) following the company's announced appointment of Steven Lawrence as president and CEO, effective October 10. Interim CEO Richard Kunes will become chairman of the board, and Mr. Lawrence will serve as a class II director. FRAN has also recently hired a new chief merchandising officer, CFO, SVP of marketing and DTC, SVP of IT, VP of real estate, and divisional merchandise manager.
Analyst Susan Anderson commented, "Yesterday, FRAN's board announced the appointment of Steven Lawrence as president and CEO, effective October 10. Mr. Lawrence most recently served as chief merchandising officer at Stage Stores and prior to that general merchandising manager at JCP. Interim CEO Richard Kunes will become chairman of the board, and Mr. Lawrence will serve as a class II director. We believe Mr. Kunes will remain highly involved in FRAN as Mr. Lawrence transitions to CEO and continues to execute on FRAN's 2020 Vision Plan. The six pillars of the plan are: (1) invigorate merchandising, (2) optimize real estate, (3) enhance the in-boutique experience, (4) expand branding and marketing, (5) develop the online customer experience, and (6) drive outlet channel business. We believe Mr. Lawrence has the right skill set in merchandising and beyond from his previous experience (i.e., store operations, cost programs, etc.) that will prove valuable to FRAN."
Shares of Francesca\'s Holdings closed at $15.17 yesterday.
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