Women apparel specialty retailer Francesca’s Holdings Corporation’s (NASDAQ:FRAN) Chairman, President and Chief Executive Officer (CEO), Michael W. Barnes has resigned for personal reasons, effective immediately. Barnes has been substituted by the company’s former Lead Director, Richard W. Kunes who will currently serve as the interim Chairman, President and CEO.
In his illustrious career, Kunes has served Francesca’s since 2013 and has been in his current position since 2015. Starting Aug 2012 to Jun 2013, Kunes has served as the Executive Vice President & Senior Advisor to the Chief Executive Officer at cosmetics giant The Estée Lauder Companies, Inc. (NYSE:EL) . He also held important positions as Executive Vice President and Chief Financial Officer at Estée Lauder for twelve years prior to that. Kunes is currently a member of the Board of Directors and head of the Audit and Finance Committee at Tory Burch LLC.
The company is slated to release its first-quarter fiscal 2016 results on Jun 9, 2016. Preliminary comps for the quarter ended Apr 30, 2016 increased 2% compared to a decrease of 2% a year ago. The company reported preliminary earnings per share of 17 cents, which remained flat on a year-over-year basis. The Zacks Consensus Estimate for first-quarter fiscal 2016 earnings is pegged at 19 cents, which is higher than the preliminary earnings reported by the company.
Francesca currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the shoes/ retail apparel sector include Carter’s Inc. (NYSE:CRI) and Sequential Brands Group Inc. (NASDAQ:SQBG) , both carrying a Zacks Rank #2 (Buy).
ESTEE LAUDER (EL): Free Stock Analysis Report
CARTERS INC (CRI): Free Stock Analysis Report
FRANCESCAS HLDG (FRAN): Free Stock Analysis Report
SEQUENTIAL BRND (SQBG): Free Stock Analysis Report
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