Francesca's Holdings Corp (FRAN) SEC Filing 10-K Annual report for the fiscal year ending Saturday, February 1, 2020

SEC Filings

FRAN Annual Reports

Francesca's Holdings Corp

CIK: 1399935 Ticker: FRAN


Exhibit 99.1



francesca’s® Reports Fourth Quarter and Fiscal Year 2019 Financial Results and Provides Update on COVID-19 Pandemic Response


·Fourth quarter net sales were flat at $119.0 million and comparable sales increased 1%
·Fourth quarter GAAP loss per share was $3.97
·Fourth quarter adjusted loss per share was $0.31 (see Non-GAAP Information below)
·Material COVID-19 response measures to improve the Company’s liquidity underway


HOUSTON, TEXAS — May 1, 2020 —

Francesca’s Holdings Corporation (Nasdaq: FRAN) today reported financial results for the fourth quarter and fiscal year ended February 1, 2020 and provided a material update on its response to the COVID-19 pandemic.




Andrew Clarke, President and CEO, stated, “As we continue to manage our business through the COVID-19 pandemic, our first priority is the health and safety of our teams and our customers. Following the guidance of local governments and healthcare organizations, we closed all of our boutiques as of March 25th. We also began to implement a comprehensive plan to help mitigate the impact of the COVID-19 pandemic through careful management of expenses and cash priorities while working to enhance liquidity. We have continued to operate our e-commerce business and our distribution center remains open, albeit at reduced capacity, and we have been pleased with the increase in ecommerce sales and the reduction in inventory, as well as with customer insights we have gained. We recently began to reopen a small number of our boutiques in select locations as local authorities have allowed. Our approach to reopening will be methodical to ensure the safety of our employees and customers, as well as to protect our liquidity as we begin to emerge from this crisis. Our primary focus will be to continue to drive down inventory levels in our boutiques and to leverage our flexible supply chain, working with our vendors to manage supply and demand as necessary.”


As a result of the COVID-19 pandemic, the Company’s revenues, results of operations and cash flows have been materially adversely impacted which raises substantial doubt about its ability to continue as a going concern. In response, the Company is taking aggressive and prudent actions to reduce its expenses and defer payment of accounts payables and inventory purchases to preserve cash on hand. These actions include, but are not limited to:


·temporary furlough of substantially all corporate and boutique employees (for the duration of boutique closures at their location and subject to reduced staffing for a phase-in period upon reopening);


·base salary reductions for our senior leadership team;


·suspension of payment of all accounts payable other than those necessary to support our ecommerce business;


·deferring payment of rent at all of our boutiques, corporate headquarters and distribution facility, beginning in April 2020 subject to discussion with our landlords;


·limiting current investments in our ecommerce to necessary website and supporting functions; and


·suspension of all capital expenditures.


Additionally, the Company borrowed $5.0 million under its Amended Asset Based Revolving Credit Facility with JPMorgan Chase (“Amended ABL Credit Facility”) in April 2020. The Company also filed for an income tax refund for $10.7 million with the IRS related to the provision under the Corona Aid, Relief and Economic Security Act (“CARES Act”) enacted in March 2020 that allows the carryback of net operating losses to prior years. The Company is electing to take other available relief under the CARES Act including deferral of payment of certain payroll taxes and employee retention tax credits. The Company continues to evaluate the provisions of the CARES Act and the ways in which it could assist the Company’s business and improve its liquidity.


The following information was filed by Francesca's Holdings Corp (FRAN) on Friday, May 1, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Francesca's Holdings Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statement Of Changes In Stockholders' Equity
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations
(Loss) Earnings Per Share
(Loss) Earnings Per Share (Details)
(Loss) Earnings Per Share (Tables)
(Loss) Earnings Per Share - Additional Information (Details)
Asset Impairment Charges
Asset Impairment Charges (Details)
Credit Facilities
Credit Facilities (Details)
Credit Facilities (Tables)
Credit Facilities - Asset Based Revolving Credit Facility (Details)
Credit Facilities - Term Loan Credit Agreement (Details)
Detail Of Certain Balance Sheet Accounts
Detail Of Certain Balance Sheet Accounts (Details)
Detail Of Certain Balance Sheet Accounts (Tables)
Employee Benefits
Employee Benefits (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Asset And Liabilities (Details)
Income Taxes - Income Tax Expense (Details)
Income Taxes - Rate Reconciliation (Details)
Leases (Tables)
Leases - Additional Information (Details)
Leases - Components Of Operating Lease Costs (Details)
Leases - Maturities Of Lease Liabilities (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Details)
Quarterly Financial Data (Unaudited) (Tables)
Revenues (Details)
Revenues (Tables)
Revenues - Additional Information (Details)
Segment Reporting
Segment Reporting (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stocks Roll Forward (Details)
Stock-Based Compensation - Restricted Stocks Units Roll Forward (Details)
Stock-Based Compensation - Stock Options Roll Forward (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Stockholders' Equity
Stockholders' Equity (Details)
Stockholders' Equity (Tables)
Stockholders' Equity - Repurchase Of Shares (Details)
Subsequent Event
Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Property And Equipment Estimated Useful Lives (Details)
Ticker: FRAN
CIK: 1399935
Form Type: 10-K Annual Report
Accession Number: 0001104659-20-055658
Submitted to the SEC: Fri May 01 2020 5:13:29 PM EST
Accepted by the SEC: Fri May 01 2020
Period: Saturday, February 1, 2020
Industry: Retail Apparel And Accessory Stores

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