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%.
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