NEW YORK (TheStreet) -- Shares of Francesca's Holdings Corp. (FRAN) climbed higher by 30.54% to $15.09 on Friday afternoon, following the company's announcement that Michael Barnes, the former CEO of Signet Jewelers (SIG) , has been named chairman, president, and CEO of the specialty retailer.
Barnes was CEO of Signet from 2011, and led the jeweler's $1.46 billion acquisition of Zales Corp., transforming Signet into the largest specialty jewelry retailer in the U.S., Canada, and the U.K., the company said.
Barnes will be taking over, effective immediately, for Neill Davis, who has resigned as Francesca's president, CEO, and a director.
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Additionally, Francesca's reported its preliminary results for its fiscal 2014 third quarter today, and is expecting net sales of approximately $87 million, and earnings of 17 cents per share.
Analysts are expecting EPS of 18 cents, on revenue of $88.43 million for the quarter.
Separately, TheStreet Ratings team rates FRANCESCAS HOLDINGS CORP as a Hold with a ratings score of C-. TheStreet Ratings Team has this to say about their recommendation:
"We rate FRANCESCAS HOLDINGS CORP (FRAN) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and a generally disappointing performance in the stock itself."