Francescas Holdings Corporation Reports Consolidated Unaudited Earnings Results for the Third Quarter and Nine Months Ended October 29, 2016; Provides Earnings Guidance for the Fourth Quarter Ending January 28, 2017; Revises Earnings Guidance for the Full Year Ending January 28, 2017
For the month, the company reported net sales of $340,843,000 against $304,772,000 a year ago. Income from operations was $44,341,000 against $38,145,000 a year ago. Income before income tax expense was $44,106,000 against $37,710,000 a year ago. Net income was $27,366,000 against $23,496,000 a year ago. Diluted earnings per share were $0.70 against $0.55 a year ago. Net cash provided by operating activities was $35,469,000 against $30,367,000 a year ago. Purchases of property and equipment was $18,666,000 against $19,850,000 a year ago.
For the fourth quarter ending January 28, 2017, the company's net sales are expected to be in the range of $143 million to $148 million, assuming comparable sales will be in the low single digit decrease to low single digit increase range compared to the prior year increase of 11%. Diluted earnings per share are expected to be in the range of $0.33 to $0.37 and includes approximately $0.03 of expense due to a timing shift from third quarter to fourth quarter.
For the full year ending January 28, 2017, the company now expects net sales to be in the range of $484 million to $489 million, assuming a low-single digit increase in comparable sales compared to the prior year increase of 3%. Diluted earnings per share are now expected to be in the range of $1.03 to $1.07 compared to the previous guidance of $0.96 to $1.03. This guidance includes a $0.03 per share benefit associated with the previously announced resignation of the Company's former Chairman, President and Chief Executive Officer. The effective tax rate is estimated to be 37.9%. Capital expenditures for fiscal year 2016 are expected to be in the range of $25.0 million to $28.0 million.