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Francesca's Holdings Q2 FY20 sales dip to $76 mn
16 Sep 20 2 min read
Francesca's Holdings Corp, a US-based specialty retailer, reported 29 per cent decline in its net sales to $75.7 million during second quarter (Q2) for fiscal 2020 ended on August 1, 2020 compared to the sales of $106.0 million in the same period previous year. Net loss for the quarter was $17.2 million compared to net income of $1.8 million in Q2 FY19.
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“During the second quarter, we continued to take measures to optimise sales and monetise inventory through our e-commerce channel as well as our reopened boutiques. As we substantially reduced aged inventory in our boutiques as they reopened, we saw a strong response to new merchandise that reflects her current mindset of casual comfort as well as our assortment of fashion outfitting,” Andrew Clarke, president and CEO at Francesca's, said in a press release.
Gross profit for the quarter came down to $13.2 million (Q2 FY19: $40.5 million). Selling, general and administrative expenses for Q2 FY20 were $26.0 million ($38.9 million. Francesca's incurred a loss from operations of $12.7 million compared to income from operations to $1.4 million in Q2 FY19.
Sales of apparel segment for the reported period slipped to $39.0 million ($52.3 million). While jewellery segment sales dropped to $18.2 million ($27.9 million). Accessories sales for the second quarter were $11.4 million ($16.2 million).
“We remain encouraged by the growth we are seeing in new customers and have initiated tests in new categories, including lounge wear and face masks, as we see the opportunity to benefit from the market disruption,” Clarke said. “We will build on our progress as we continue to leverage our demand driven sourcing model, enhance our omni-channel capabilities and evolve our marketing strategies to optimise engagement with existing customers while broadening our reach to new customers.”
Fibre2Fashion News Desk (JL)
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