NEW YORK (TheStreet) -- Shares of Francesca's Holdings are falling after the retailer blamed harsh winter weather for a 29% drop in fiscal fourth-quarter earnings.
Francesca's Holdings (FRAN) reported fiscal fourth-quarter earnings that fell 29% -- and the clothing and accessories retailer is blaming it on the harsh winter weather.
Francesca's reported adjusted earnings of 27 cents a share, missing analyst estimates by a penny, according to Thomson Reuters. The company's comparable-store sales fell 6%, and markdowns and promotions also contributed to lower margins.CEO Neill Davis attributed the weaker-than-expected results to stores forced to close in January due to the extreme winter conditions. Davis said the negative trends have continued into the current quarter, hampering the retailer's ability to clear out fall and winter merchandise. He said the company's quarterly outlook reflects its expectation that customer traffic will remain soft through the quarter. For the current quarter, Francesca's forecasts earnings of 20 cents to 24 cents a share, falling short of analyst expectations of profit of 28 cents a share, according to Thomson Reuters. At last check, shares of Francesca's were falling 10.5% to $18.67. In New York, I'm Brittany Umar for TheStreet. -- Written by Brittany Umar in New York.