Apparel retailer Francesca's Holdings Corp. (FRAN), Wednesday reported first-quarter net income of $10.9 million or $0.24 per share, up from $8.7 million or $0.20 per share last year.
Adjusted net income for the quarter rose to $11.5 million or $0.26 per share from $9.2 million or or $0.21 per share last year. On average, 14 analysts polled by Thomson Reuters estimated earnings of $0.26 per share for the quarter. Analysts' estimates typically exclude special items.
Net sales for the three-month period grew 29 percent to $79.0 million from $61.3 million last year, driven largely by 56 new boutique openings. Analysts estimated revenues of $79.56 million for the quarter.
Comparable sales, including direct-to-consumer sales, increased 2 percent on top of a 16 percent increase in the prior year quarter.
Gross margins declined to 52.4 percent from 53.1 percent, hurt by higher promotion costs.
Looking forward to the second quarter, the company expects earnings of $0.35 to $0.36 per share and net sales between $94.5 million and $95.5 million. Analysts currently estimate earnings of $0.35 per share on revenues of $94.84 million for the quarter.
For the full year ending February 2014, the company continues to expects earnings of $1.27 to $1.30 per share on sales of $365 million to $370 million. Analysts currently expect earnings of $1.30 per share for the year, on sales of $370.04 million.
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