Rough Day For Francesca's After Q2 Results

Among the worst performers on Wednesday has been Francesca's Holdings

, which has plunged around 17 percent after the company released its fiscal second quarter results after the closing bell on Tuesday. In addition to reporting earnings results, the company also said that its current President Neill Davis will replace Chief Executive Officer John DeMeritt as of December 12. DeMeritt is retiring, due to personal reasons. The specialty retailer reported net income for the quarter of $12.7 million or $0.28 per share, compared to $5.5 million or $0.13 per share in the year ago period. This came in ahead of Wall Street analysts' consensus earnings per share (EPS) estimates of $0.24. Net sales in the period were $76 million versus $51 million last year. This also exceeded analysts' consensus revenue estimates of $71.19 million. Looking ahead to the third quarter, the company said that it expects adjusted EPS of $0.21 to $0.22 on net sales of $70.5 million to $71.5 million. This is ahead of current consensus earnings estimates of $0.19 on revenues of $67.01 million. For the full-year, Francesca's raised its earnings guidance to a range of $0.96 to $0.98 on net sales of $290 million to $292 million. This compares to previous EPS guidance of $0.89 to $0.91 on revenues of $280 million to $283 million. Currently, analysts are projecting that Francesca's Holdings will report full-year EPS of $0.91 on sales of $282.16 million. Despite the overall strong results and guidance, traders are dumping shares on Wednesday. The stock had risen sharply ahead of the results throughout July and August. Clearly, investors were looking for even more upside from the company and are trying to lock in profits on Wednesday. Despite the steep fall in the share price during the trading day, Francesca's Holdings is still up around 30 percent over the last three months.