Francesca’s will close 20 stores after a disappointing end to last year.
Net sales decreased 14 percent at Francesca’s in the fourth quarter of 2018. Comparable sales also decreased 14 percent, according to a company statement.
The company will close 20 boutiques, it told investors Friday, according to Retail Dive. That adds to 26 closed in 2018 and 10 closed in 2017, according to the release. The company also opened 32 boutiques in 2018 and 60 in 2017.
“While sales for the fourth quarter were in-line with our expectations, adjusted diluted loss per share was better than anticipated reflecting some of the early work that has been done around expense management. Over the last three months we have done an abundance of work, evaluating all areas of the business and developing a strategic turnaround plan that we believe will return the company to longer-term positive sales, cash flow and operating income performance,” said interim CEO Michael Prendergast.
Francesca’s has locations at the Mall at Fairfield Commons, The Greene Town Center, Cincinnati Premium Outlets, Liberty Center and Kenwood Towne Center.
The Dayton Daily News has contacted Francesca’s for more details about local stores.
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