 Shares of Francescas Holdings Corp. soared 42.5 in Tuesday premarket trading after the womens clothing and accessories retailer gave a second-quarter sales outlook that improves on the first-quarter result. For the first quarter, Francescas reported a net loss of 15.3 million, or 5.25 per share, after a loss of 10.1 million, or 3.50 per share, last year. Adjusted net losses per share totaled 9.73. Sales of 43.8 million were halved from 87.1 million last year. There are no FactSet consensus numbers. The sales decline was due to COVID-19-related store closures, though e-commerce offset some of those losses. The company permanently closed eight stores during the quarter bringing the total to 703. Francescas has reopened 674 locations, most with reduced operating hours and reduced capacity. Twenty-two stores in California have re-closed due to the coronavirus. All reopened stores require customers to wear a face covering. Francescas has repaid 2.0 million of borrowings under its amended ABL credit agreement with 12.1 million outstanding. The company expects 10.7 million from the CARES Act, which it will use towards this outstanding balance. Cash and equivalents total 18.7 million. The company has also substantially deferred or abated lease payments for April, May and June. For the second quarter, Francescas expects sales in the range of 67.0 million and 71.0 million. Comparable store sales are expected to fall 11 to 16. Margins are expected to be under pressure as the company clears inventory, however our priority remains to ensure that we maintain disciplined inventory levels, said Andrew Clarke, Francescas chief executive, in a statement. The company expects to relaunch its e-commerce site in the fall. An iOS app is coming in the next few weeks with an Android app launching in the fall. Cash and cash equivalents are expected to be in the 10.0 million to 12.0 million range. Last month, Francescas raised doubts about its ability to continue as a going concern due to COVID-19. Francescas stock has fallen more than 55 for the year to date while the SP 500 index is up 0.3 for the period. 