Express Inc. Reports Unaudited Consolidated Earnings Results for the Thirteen Weeks and Fifty Two Weeks Ended February 1, 2014; Provides Earnings Guidance for the Thirteen Week Period Ending May 3, 2014 and for the Fifty-Two Week Period Ending January 31, 2015
Mar 12 14
Express Inc. reported unaudited consolidated earnings results for the thirteen weeks and fifty two weeks ended February 1, 2014. For the thirteen weeks, the company reported net sales of $715,880,000 against $731,685,000 a year ago. Operating income was $85,420,000 against $111,408,000 a year ago. Income before income taxes was $79,742,000 against $106,049,000 a year ago. Net income was $47,926,000 or $0.57 per basic and diluted share against $63,943,000 or $0.75 per basic and diluted share a year ago. Comparable sales (including e-commerce sales) increased 1% compared to a 1.5% increase in last year's fourth quarter. Capital expenditures were $27 million compared to $26 million a year ago.
For the fifty two weeks, the company reported net sales of $2,219,125,000 against $2,157,227,000 a year ago. Operating income was $214,259,000 against $251,563,000 a year ago. Income before income taxes was $193,166,000 against $231,971,000 a year ago. Net income was $116,539,000 or $1.37 per diluted share against $139,267,000 or $1.60 per diluted share a year ago. Net cash provided by operating activities was $195,075,000 against $269,364,000 a year ago. Capital expenditures were $105,368,000 against $99,674,000 a year ago. Purchase of intangible assets was $94,000 against $210,000 a year ago. Comparable sales (including e-commerce sales) increased 3% while comparable sales in the prior year period were flat. The increase in Capital expenditures relates primarily to real estate spending and information technology investments to support growth.
The company provided earnings guidance for the thirteen week period ending May 3, 2014 and for the fifty-two week period ending January 31, 2015. For the thirteen week period, the company expects comparable sales to be negative low double to negative high single digit, effective tax rate of 40.0% - 41.0%, interest expense, net of $5.5 million - $6 million, net income of $10 million - $15 million and diluted earnings per share of $0.12 - $0.18.
For the fifty-two week period, the company expects comparable sales to be negative low single digits to flat, effective tax rate of approximately 40.0%, interest expense, net of $23 million - $25 million, net income of $88 million - $105 million and diluted earnings per share of $1.03 - $1.23. Capital expenditures are expected to range between $110 million and $115 million for the full year compared to $105 million in 2013. This increase primarily reflects investments in new stores, including outlets and ongoing store remodel program, as well as investments in multiple IT initiatives, including new retail management and enterprise planning system, as well as e-commerce upgrades.
Express, Inc. Revises Earnings Guidance for the Fourth Quarter and Full Year Ending February 1, 2014
Jan 13 14
Express Inc. revised its earnings guidance for the fourth quarter and full year ending February 1, 2014. Based on its performance during the holiday season and expectations for the balance of the period, the company expects fourth quarter comparable sales to range from flat to an increase in the low single digit range. Net income is currently expected in the range of $48 to $52 million, or $0.57 to $0.61 per diluted share. This compares to the company's previous guidance of $56 to $60 million, or $0.66 to $0.71 per diluted share.
Based on its revised fourth quarter outlook, the company has also adjusted its guidance for the 52 week year ending February 1, 2014. Full year comparable sales are still expected to increase in the low single digit range. Net income is currently estimated at $117 to $121 million, or $1.37 to $1.41 per diluted share. This compares to the company's previous expectation of $124 to $128 million, or $1.46 to $1.51 per diluted share.