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March 26, 2014
11:40 EDTDLIA, BKE, CACH, TLYS, FRANFrancesca's sinks after results, guidance trail expectations
Shares of Francesca's (FRAN), which operates retail boutiques offering fashion apparel, jewelry, accessories and gifts, are falling after the company's fourth quarter results and first quarter guidance trailed expectations. WHAT'S NEW: This morning, Francesca's reported Q4 adjusted earnings per share of 27c and revenue of $92.1M, compared to expectations of 28c and $94.33M, respectively. The company reported Q4 same store sales declined 6%. Francesca's forecast Q1 EPS of 20c-24c and Q1 revenue of $85M-$90M, compared to expectations of 28c and $92.05M, respectively. The company forecast Q1 SSS to be down in the low single-digits to up in the low single-digits. The company plans to open approximately 60 new boutiques during Q1. For fiscal year 2014, Francesca's sees EPS of $1.16-$1.31, compared to consensus $1.26, and FY14 revenue of $391M-$409M, versus consensus of about $405M. Francesca's CEO Neill Davis stated, "The headwinds our business experienced as we progressed through January have continued into Q1, impacting our ability to clear through seasonal fall and winter products and resulting in the delay of spring season full-price selling. Although initial customer reaction to our spring apparel fashion is strong, clarity and timing of Spring 2014 customer buying trends remain uncertain." PRICE ACTION: In late morning trading, Francesca's fell $2.71, or about 13%, to $18.15 on more than twice its average daily trading volume. Including today's slide, the stock has lost about 40% over the past twelve months. OTHERS TO WATCH: Other specialty fashion and accessory retailers include Cache (CACH), dELiA's (DLIA), The Buckle (BKE) and Tilly's (TLYS).
News For FRAN;CACH;DLIA;TLYS;BKE From The Last 14 Days
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December 15, 2014
17:12 EDTDLIAInvesture reports 20.8% stake in dELiA's
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December 10, 2014
14:57 EDTFRANFrancesca's EPS guidance appears conservative, says Nomura
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12:17 EDTFRANFrancesca's downgraded to Neutral from Buy at CL King
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09:23 EDTFRANOn The Fly: Pre-market Movers
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07:33 EDTFRANFrancesca's sees FY15 EPS 75c-81c, consensus 89c
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07:32 EDTFRANFrancesca's sees Q4 EPS 13c-19c, consensus 27c
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07:31 EDTFRANFrancesca's reports Q3 EPS 17c, consensus 17c
Reports Q3 revenue $87.1M, consensus $88.4M.
December 9, 2014
15:18 EDTFRANNotable companies reporting before tomorrow's open
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13:34 EDTFRANFrancesca's December volatility elevated into Q3 and guidance
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07:06 EDTBKEThe Buckle announces special cash dividend, increased quarterly dividend
The Buckle, Inc. announced that at its quarterly meeting of the Board of Directors, held on December 8, the Board authorized a $2.77 per share special cash dividend to be paid to shareholders of record at the close of business on January 15, 2015. The Board also authorized a 23c per share quarterly dividend to be paid to shareholders of record at the close of business on January 15, 2015. This represents an increase of 1c per share, or 4.5%, in the company’s regular quarterly dividend rate. Both the $2.77 per share special cash dividend and the 23c per share regular quarterly dividend are payable on January 27, 2015 and will be paid together.
December 8, 2014
07:32 EDTDLIAdELiA's, certain affiliates file for Chapter 11 bankruptcy
dELiA*s, along with certain of its subsidiaries, has filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York in White Plains, NY on December 7. The company will continue to manage its properties and operate its businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court. As previously announced on December 5, after exploring strategic alternatives to raise financing and/or engage in a sale, merger, or other form of business combination, the Company’s Board of Directors concluded that it was in the best interests of the Company’s stakeholders to close its retail stores and liquidate its assets, that it had entered into an agency agreement with Hilco Merchant Resources, LLC and Gordon Brothers Retail Partners, LLC, to among other things, liquidate all merchandise owned by the Company and to dispose of certain furnishings, trade fixtures, equipment and improvements to real property with respect to the Company’s stores, and that it would commence a bankruptcy case to seek approval to conduct store closing and going out of business sales pursuant to the Agency Agreement. In connection with the bankruptcy filing, the Company is seeking customary authority from the Bankruptcy Court that will enable it to continue to operate and serve its customers during an orderly wind down of the business. The requested approvals include requests for the authority to make wage and salary payments, continue various benefits for employees, as well as honor certain customer programs for a limited time, such as gift cards and returns on merchandise purchased prior to the bankruptcy filing. All sales are final on merchandise purchased during the liquidation. In addition, the Company has negotiated a commitment for a $20M debtor in possession credit facility with Salus Capital Partners, LLC, which provides for immediate liquidity to continue operations and to conduct the store closing and going out of business sales while in bankruptcy. The DIP credit facility would subsume all of the Company’s obligations under its existing credit agreement with Salus, which has approximately $18.5M outstanding as of the date hereof. The Company currently anticipates that some recovery will be available to general unsecured creditors in the bankruptcy cases, but does not currently anticipate that any value will be available to holders of the Company’s common and preferred equity, although this will be determined upon the conclusion of the bankruptcy cases.
07:31 EDTDLIAdELiA's, certain affiliates file for Chapter 11 bankruptcy
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