Francesca's (FRAN) Terminates CFO Morphis; Boosts Q1 Outlook on Stronger Comps
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Francesca's Holdings Corporation (Nasdaq: FRAN) has terminated for cause the employment of Chief Financial Officer Gene Morphis, based on an investigation by the Board of Directors with the assistance of outside counsel, which has found that he improperly communicated Company information through social media. The investigation was launched after the Company discovered this activity on May 11, 2012.
A search for a new Chief Financial Officer is underway. Cynthia Thomassee, Francesca's Controller since 2007 and Vice President of Accounting since 2010, will serve as Interim Chief Financial Officer.
The Company also announced today that it expects to report same store sales for the fiscal first quarter ended April 28, 2012 above its previously announced guidance and, as a result, Francesca's is raising its earnings per diluted share guidance from $0.14-$0.15 to $0.17-$0.18. The Street sees EPS of $0.15.
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A search for a new Chief Financial Officer is underway. Cynthia Thomassee, Francesca's Controller since 2007 and Vice President of Accounting since 2010, will serve as Interim Chief Financial Officer.
The Company also announced today that it expects to report same store sales for the fiscal first quarter ended April 28, 2012 above its previously announced guidance and, as a result, Francesca's is raising its earnings per diluted share guidance from $0.14-$0.15 to $0.17-$0.18. The Street sees EPS of $0.15.
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