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Fourth quarter net sales increased 6% to $92.1 million
Fourth quarter comparable sales decreased 6%
Fourth quarter adjusted diluted earnings per share were $0.27
HOUSTON, March 26, 2014 (GLOBE NEWSWIRE) -- Francesca's Holdings Corporation (Nasdaq:FRAN) today announced fourth quarter and full year 2013 financial results. These results cover the 13 and 52 week periods ended February 1, 2014 along with comparisons to the 14 and 53 week periods ended February 2, 2013.
Neill P. Davis, francesca's
® Chief Executive Officer and President stated, "Sales results for the fourth quarter were below our revised guidance driven by the impact of 370 full and partial daily boutique closings during January due to extreme weather conditions. Performance in regions less affected by extreme weather performed within our updated fourth quarter guidance. Looking at our full year performance, compared to the comparable 52-weeks in the prior year, sales increased 16% driven by new boutique openings and continued strong growth in our direct-to-consumer business. Our business model was evident in the challenging environment of 2013 as we delivered full year operating margins in excess of 20% while growing our market presence, supporting our growth with infrastructure investments, and managing through the transition in our merchandise offerings."
Commenting on the first quarter and full year 2014 outlook, Mr. Davis noted that, "The headwinds our business experienced as we progressed through January have continued into the first quarter, impacting our ability to clear through seasonal fall and winter products and resulting in the delay of spring season full-price selling. Although initial customer reaction to our spring apparel fashion is strong, clarity and timing of Spring 2014 customer buying trends remain uncertain. Our outlook for the quarter is based on current trends and an expectation of continued soft traffic through the balance of the first quarter. Underpinning our full year outlook of double-digit growth rates in sales and diluted earnings per share is our expectation of an improving trend in the second half of the fiscal year based on new boutique openings and related sales productivity, improving comparable sales results aided by easier second half comparisons, and leveraging of prior year infrastructure investments."