Francesca's Q2 profit doubles; CEO to retire
Houston -- Francesca's Holdings Corp. said Tuesday that net income for the quarter ended July 28 topped expectations by nearly doubling to $12.7 million, from $5.5 million in the same quarter last year. Sales leaped nearly 50% to $25.1 million, and same-store sales surged $20.7%.
The company said it is on track to open 76 stores and one outlet this fiscal year, two of them in the third quarter.
Francesca’s also announced a senior leadership transition plan, as current CEO John De Meritt will retire from the company and will be succeeded by current president Neill Davis, effective Jan. 1. De Meritt cited a desire to pursue personal endeavors as reason for his exit.
Current COO Theresa Backes will step in as president, also effective Jan. 1.