Francesca's on Tuesday said that second quarter net sales fell 6% to $106 million from $113 million in the year-ago quarter.
Comparable sales fell 5%, due to lower average unit prices from "deeper markdowns on legacy product," partially offset by higher conversion rates and average units per transaction, according to a press release.
Gross profit as a percent of net sales fell to 38.2% from 39% a year ago because the deeper markdowns lowered margins. Net income rose to $1.8 million from $0.5 million in the prior-year quarter. The company opened one store and closed five during the period for a total of 718.. . . more