RTTNews | Jul 28, 2020 10:02AM EDT

10:02 Tuesday, July 28, 2020 (RTTNews.com) - Shares of Francesca's Holdings Corp. (FRAN) are soaring nearly 70% on Tuesday morning. The women's apparel retailer issued a revenue outlook for the second quarter, that is expected to increase from first-quarter.

FRAN is currently trading at $7.86, up $3.20 or 68.67%, on the Nasdaq.

For the first quarter, Francesca's reported a net loss of $15.3 million or $5.25 per share, wider than last year's loss of $10.1 million or $3.50 per share. Adjusted net loss was $9.73 per share, compared to $2.84 per share last year.

Sales for the first quarter plunged to $43.8 million from $87.1 million last year, hurt largely by store closures due to the ongoing COVID-19 crisis.

The company said it permanently closed eight stores during the quarter bringing the total to 703.

Moving ahead, Francesca's expects second-quarter sales of $67.0 million to $71.0 million.

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