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Francesca's has a new vision for growth
Specialty retailer Francesca’s says its third-quarter sales show initiatives such as reducing inventories and enhancing assortments are producing results ahead of a new growth strategy for the company.
For the third quarter ended Oct. 31, the company posted a net income of $6.95 million, down 4.4% from a year earlier, and earnings of 16 cents per diluted share, down 1 cent from the third quarter of 2014. Net sales were up 19% from one year ago, to $103.7 million. Same-store sales rose 4%.
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Belk begins new ownership era
The 127-year old family owned Belk department store chain is family owned no more, although one of the founder’s descendants remains in place as CEO.
The private equity firm Sycamore Partners completed its previously announced acquisition of the 296 unit Belk chain on Dec. 10, thus beginning a new chapter for what had been the nation’s oldest privately held department store retailer.

