Retailer Francesca's profit drops 21 pct

Women's apparel retailer Francesca's reported a 21 percent drop in first-quarter profit as sales fell at its boutique due to a harsh winter and the company offered discounts to clear off an inventory pile-up.

The company said net income fell to $8.6 million, or 20 cents per share, in the quarter ended May 3, from $10.9 million, or 24 cents per share.

Revenue rose 8 percent to $85.4 million, while comparable sales fell 7 percent.