Francesca's Holdings CORP

CIK:0001399935|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019	Aug. 01, 2020	Aug. 03, 2019
Consolidated Statements of Operations
Net sales	$ 75,723	$ 105,972	$ 119,476	$ 193,097
Cost of goods sold and occupancy costs	62,453	65,469	109,077	122,267
Gross profit	13,270	40,503	10,399	70,830
Selling, general and administrative expenses	26,018	38,935	50,969	78,929
Asset impairment charges	0	189	7,472	189
(Loss) income from operations	(12,748)	1,379	(48,042)	(8,288)
Interest expense	457	152	886	325
Other income	(25)	(259)	(84)	(372)
(Loss) income before income tax expense (benefit)	(13,180)	1,486	(48,844)	(8,241)
Income tax expense (benefit)	3,980	(326)	(16,342)	96
Net (loss) income	$ (17,160)	$ 1,812	$ (32,502)	$ (8,337)
Basic (loss) income per common share	$ (5.80)	$ 0.62	$ (11.06)	$ (2.87)
Diluted (loss) income per common share	$ (5.80)	$ 0.61	$ (11.06)	$ (2.87)
Weighted average shares outstanding:
Basic shares	2,959	2,907	2,939	2,904
Diluted shares	2,959	2,960	2,939	2,904

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Aug. 01, 2020	Aug. 03, 2019
Cash Flows Provided by Operating Activities:
Net loss	$ (32,502)	$ (8,337)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	8,924	11,320
Operating lease right-of-use asset amortization	21,240	23,273
Stock-based compensation expense	295	(190)
(Gain) loss on sale of assets	(44)	99
Asset impairment charges	7,472	189
Changes in operating assets and liabilities:
Accounts receivable	(12,951)	8,322
Inventories	8,639	(464)
Prepaid expenses and other assets	(3,263)	(373)
Accounts payable	16,619	(3,765)
Accrued liabilities	(2,014)	1,064
Operating lease liabilities	(11,832)	(25,763)
Net cash provided by operating activities	583	5,375
Cash Flows Used in Investing Activities:
Purchases of property and equipment	(1,319)	(3,372)
Proceeds from insurance for damaged boutique	101	0
Net cash used in investing activities	(1,218)	(3,372)
Cash Flows Provided by (Used in) Financing Activities:
Proceeds from borrowings under the revolving credit facility	5,000	5,000
Repayments of borrowings under the revolving credit facility	(2,000)	(5,000)
Payment of debt issuance costs	0	(144)
Net cash provided by (used in) financing activities	3,000	(144)
Net increase in cash and cash equivalents	2,365	1,859
Cash and cash equivalents, beginning of year	17,839	20,103
Cash and cash equivalents, end of period	20,204	21,962
Supplemental Disclosures of Cash Flow Information:
Cash paid (received) for income taxes	126	(8,601)
Interest paid	$ 537	$ 330

Consolidated Balance Sheets - USD ($) $ in Thousands	Aug. 01, 2020	Feb. 01, 2020	Aug. 03, 2019
Current assets:
Cash and cash equivalents	$ 20,204	$ 17,839	$ 21,962
Accounts receivable	16,688	3,743	7,987
Inventories	22,947	31,636	30,942
Prepaid expenses and other current assets	8,945	12,325	10,759
Total current assets	68,784	65,543	71,650
Operating lease right-of-use assets, net	186,135	208,503	230,295
Property and equipment, net	44,476	51,469	61,874
Other assets, net	9,053	3,093	4,197
TOTAL ASSETS	308,448	328,608	368,016
Current liabilities:
Accounts payable	27,642	10,823	18,773
Accrued liabilities	10,394	12,410	12,398
Current portion of long-term debt	12,146	8,936	0
Current portion of operating lease liabilities	57,724	48,691	49,937
Total current liabilities	107,906	80,860	81,108
Operating lease liabilities	185,761	200,938	213,870
Long-term debt, net	0	0	10,000
Other liabilities	433	284	61
Total liabilities	294,100	282,082	305,039
Commitments and contingencies
Stockholders' equity:
Common stock - $0.01 par value, 80.0 million shares authorized; 4.0 million at each August 1, 2020, February 1, 2020, and August 3, 2019	40	40	40
Additional paid-in capital	113,425	113,101	112,869
Retained earnings	60,904	93,406	110,089
Treasury stock, at cost - 0.9 million shares at each of August 1, 2020, February 1, 2020 and August 3, 2019	(160,021)	(160,021)	(160,021)
Total stockholders' equity	14,348	46,526	62,977
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 308,448	$ 328,608	$ 368,016