Net sales in the fourth quarter were $86.7 million, an increase of 40.6% compared with net sales of $61.7 million during the same period in fiscal 2011. Net earnings of $14.9 million increased 78.0% compared to net earnings of $8.4 million for the same quarter last year.
Francesca's follows the NRF reporting calendar, which included an extra week in the fourth quarter of fiscal 2012 (the 53rd week). In the 53rd week, the Company had net sales of approximately $3.9 million, representing an approximate $0.03 increase to earnings per diluted share for both the quarter and fiscal year. The 53rd week is not included in comparable boutique sales calculations.
FULL YEAR RESULTS
Net sales increased 45.2% to $296.4 million. Net sales increases were driven by a 14.9% comparable boutique sales increase and 77 new boutique openings since the end of the prior year. The comparable sales increase was driven primarily by increased transactions.
Net income for 53 weeks ending February 2, 2013 was $47.1 million or $1.05 per diluted share compared to net income for 52 weeks ending January 28, 2012 of $22.5 million, or $0.52 per diluted share. Adjusted net income for 53 weeks ending February 2, 2013 was $47.7 million, or $1.06 per diluted share, after excluding $479,000 pretax charges ($291,000 net of tax) related to a secondary equity offering, $264,000 pretax charges ($160,000 net of tax) related to stock option acceleration expenses and $342,000 pretax charges ($208,000 net of tax) related to the relocation of our headquarters and distribution facilities.
Adjusted net income for 52 weeks full year 2011 was $25.2 million, or $0.58 per diluted share, after excluding charges of $1.6 million pretax ($958,000 net of tax) related to the early termination of the company's prior senior secured credit facility, $2.3 million pretax ($1.4 million net of tax) of option acceleration costs, and $611,000 pretax ($368,000 net of tax) related to a secondary equity offering.
FOURTH QUARTER SUMMARY
Net sales for the fourteen weeks increased 40.6% to $86.7 million. Net sales increases were driven by a 9.2% comparable boutique sales increase following a 14.7% increase in the prior year period and 77 new boutique openings since the end of the prior year quarter. The comparable sales increase was driven primarily by increased transactions. In addition, the increase in net sales was driven by strong growth in our clothing and jewelry categories.
Gross profit, as a percentage of net sales, increased 92 basis points to 53.37%. The increase was attributable to leverage of occupancy costs on increased sales.
Selling, general and administrative (SG&A) expenses increased 20.8% to $21.6 million. As a percentage of net sales, SG&A decreased 408 basis points to 24.91%, primarily attributable to leverage on increased sales.
Income from operations for the quarter increased 70.6% to $24.7 million and as a percentage of net sales, increased 500 basis points to 28.45%.
Textiles | On 20th May 2018
American & Efird (A&E), a global leader in industrial sewing thread...
Textiles | On 20th May 2018
Archroma, a leader in colour and specialty chemicals, has joined...
‘In future, clothing boundary lines will become increasingly blurred.’
Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli
‘The percentage share of printing in the global textile market is pretty...
Fashion industry likely to remain labour-intensive in coming years
<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...
Aizome, Asia's first Fairtrade denim brand, is all set to launch next...
<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...
Iago Castro Asensio
RCfil Distribuciones S.L.
Iago Castro Asensio, International Business Manager of RCfil...
Schlegel und Partner
Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...
Voith Paper GmbH & Co. KG
The glass mat industry is growing by five to eight per cent annually. Kai...
"We should not compare India and the West. There are things we do that...
Gildan Activewear SRL
Gildan Activewear, a manufacturer and marketer of branded clothing and...
Rupa Sood and Sharan Apparao
Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...