Francesca's (FRAN) Raises Q4 Guidance
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Francesca's Holdings Corporation (Nasdaq: FRAN) today announced that the Company has updated its guidance for the fourth quarter ending January 31, 2015 based on its holiday period sales performance and current expectations for the remainder of the quarter.
The Company now expects sales for the fourth quarter ending January 31, 2015 to be between $103.0 million and $105.0 million, including a low-single-digit decrease in comparable sales.
(Street sees Q4 sales of $99.85 million)
This compares to previous guidance provided on December 10, 2014 of sales between $96.0 million and $102.0 million, including a decrease of 5% to 10% in comparable sales. Adjusted earnings per diluted share for the quarter, excluding costs related to our CEO transition (projected to be approximately $0.03), are expected to be in the range of $0.17 to $0.20 for the fourth quarter ending January 31, 2015, compared to the Company's previous guidance of $0.13 to $0.19.
Mike Barnes, francesca's® Chairman, President, and Chief Executive Officer commented, "We are pleased with our sales results through the first two months of the quarter. Our customers responded favorably to our broad assortment of seasonal and holiday product offerings, particularly in our giftable categories. For the remainder of the quarter, we plan to diligently move through excess inventory and clearance product, particularly in apparel. As we stated in our last conference call, we expect these actions to result in a gross margin decline of 475 to 525 basis points during the quarter as compared to last year. We believe this will enable us to enter FY 2015 in a better position with cleaner inventory and an appropriate amount of newness in our boutiques."
The Company management plans to attend the 17th Annual ICR XChange Conference to be held at the JW Marriott Orlando Grande Lakes in Orlando, Florida on Monday, January 12, 2015 and Tuesday, January 13, 2015.
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