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HOUSTON, Dec. 5, 2013 (GLOBE NEWSWIRE) -- Francesca's Holdings Corporation (Nasdaq:FRAN) today reported net income of $8.7 million or $0.20 per diluted share for the third quarter of 2013, compared to net income of $10.8 million or $0.24 per diluted share for the third quarter of 2012.
Neill P. Davis, francesca's® Chief Executive Officer stated, "We delivered third quarter results in line with our guidance range on top of strong prior year quarter increases. Throughout the third quarter our merchandise performance reflected strength in new and emergent categories; however, these were offset by the absence of strong trends in our apparel tops and jewelry offerings. In addition, we experienced strong consumer responses to the francesca's brand as reflected in our direct-to-consumer business, which produced healthy gains, growing 87% during the quarter and represents 2.3% of our year-to-date net sales."
Commenting on the fourth quarter, Mr. Davis noted that, "Boutique transactions during November were below expectation, particularly during the final week. In light of a weaker start to the holiday selling season and the broader retail industry trends reflecting slower traffic in the early start to the holiday, we are adjusting our fourth quarter sales outlook. We are focused on managing through the tough retail environment, and committed to operating our distinctive business with a long-term vision. Our planning for the Spring 2014 season is well underway and I believe the fashion themes represented in our offerings will resonate with our customers, particularly in categories lacking newness in prior seasons."
THIRD QUARTER SUMMARY
Net sales for the thirteen weeks increased 11% to $79.6 million driven by 87 new boutique openings since the prior year quarter. Performance was strongest in accessories, outpacing increases in apparel and jewelry, and a decline in gifts.