Lastly, I wanted to deliver significant value to our investor base. Since going public the company has delivered very strong result and from the guidance we are providing today, you can see that we expect those results to continue. I am very proud of these accomplishments and have enjoyed the past six years tremendously. Since we are about to begin next year’s budgeting cycle, I thought that allowing Theresa and Neill to lead that process it was important. I am confident that this leadership transition is another step, another right step in continuing to execute on our well defined strategy of growing our boutique base, driving same store sales, and improving our infrastructure to support that growth.
Before I turn to the second quarter, Neill would like to comment on the transition as well.
Thanks, John, and good afternoon everyone. I have worked with John over the last five years as a member of the company's board of directors and I do share his vision for Francesca’s. Francesca’s has a very strong connection with its target customer and is able to adjust changing market conditions very effectively. I believe that exploiting our core competitive competencies that are inherent in our merchandizing and real estate strategies, as well as selectively further leveraging the Francesca’s brand, will drive our strategy in the near-term.Building on our domestic presence is our higher priority. Moving from today's base of 357 boutiques to a market potential of 900. I also believe there are tremendous market share to be gained in the digital sales channel. Our volume of visits in the digits channel, while approximately less than 2% penetrated today, is growing at a three year compounded annual growth rate of 60%. Achieving penetration rates in excess of 10% are in my forward view. Read the rest of this transcript for free on seekingalpha.com