Businessweek

Express Inc. at its AGM to be held on June 6, 2013, to consider the approval of an amendment to the company's Certificate of Incorporation to remove the requirement of plurality voting for directors.

EXPRESS Inc. announced that the company currently has eleven dual-gender store locations throughout Canada, with plans to open up to 50 locations over the course of the next several years.

Express Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended February 2, 2013. For the quarter, the company's net sales were $728,711,000 compared to $673,153,000 a year ago. Operating income was $111,408,000 compared to $108,902,000 a year ago. Income before income taxes was $106,049,000 compared to $101,209,000 a year ago. Net income was $63,943,000 or $0.75 per diluted share compared to $60,394,000 or $0.68 per diluted share a year ago. Comparable sales for the fourth quarter and full year 2012 were calculated using the fourteen and fifty-three week periods ending February 4, 2012, respectively. Comparable sales, which compares the fourteen week period ended February 2, 2013 to the fourteen week period ended February 4, 2012 and is inclusive of e-commerce sales, increased 1.5%, following a 5% increase in the fourth quarter of 2011. Capital expenditures during the quarter were $26 million. For the year, the company's net sales were $2,148,069,000 compared to $2,073,355,000 a year ago. Operating income was $251,563,000 compared to $270,946,000 a year ago. Income before income taxes was $231,971,000 compared to $235,565,000 a year ago. Net income was $139,267,000 or $1.60 per diluted share compared to $140,697,000 or $1.58 per diluted share a year ago. Net cash provided by operating activities was $269,364,000 compared to $212,609,000 a year ago. Capital expenditures were $99,674,000 compared to $77,176,000 a year ago. Increase in capital expenditures year-to-year was primarily in real state spending and information technology to support the company’s pillars of growth. Purchase of intangible assets was $210,000 compared to $60,000 a year ago. Comparable sales, which compares the fifty-three week period ended February 2, 2013 to the fifty-three week period ended February 4, 2012 and is inclusive of e-commerce sales, were flat, following a 6% increase in 2011. The company expects first quarter of 2013 comparable sales, including e-commerce, to range from flat to down low single digits compared to an increase of 4% in the first quarter of 2012. The effective tax rate is expected to be approximately 39.5%. Net income is expected in the range of $29.5 million to $32.5 million, or $0.34 to $0.38 per diluted share on 85.5 million weighted average shares outstanding. This compares to net income of $42.1 million, or $0.47 per diluted share, in the first quarter of 2012. This guidance assumes some degradation of merchandise margin in addition to approximately $4.0 million before tax of incremental expense related to pre-opening rent for locations and additional fulfillment costs reflecting the expected increase in e-commerce business. The company expects full year 2013 comparable sales, including e-commerce, to increase low single digits compared to a flat performance in 2012. The effective tax rate is expected to be between 39.3% and 39.8%. Net income is expected in the range of $120 million to $132 million, or $1.40 to $1.54 per diluted share on 85.9 million weighted average shares outstanding, and includes approximately $8.0 million before tax of incremental expense related to pre-opening rent for locations. This compares to net income on a fifty-two week basis of approximately $136.3 million, or $1.56 per diluted share, in 2012. Net income as reported on a fifty-three week basis in 2012 was $139.3 million, or $1.60 per diluted share. Capital expenditures are expected to be between $110 million and $115 million in 2013. The increase in capital expenditures is primarily driven by the incremental cost of preparing the flagship location. Approximately 2/3 of 2013 CapEx budget relates to real estate initiatives, with the balance going to IT initiatives to support the company's growth pillars and a relatively small amount allocated to ongoing maintenance activities. The company expects to open 3 new stores in the first quarter of 2013, including 1 store in Canada. For the first quarter of 2013, the company expects to close 8 stores in the United States to end the quarter with 620 locations and approximately 5.4 million gross square feet in operation. The company expects to open 16 new stores in 2013, including 4 in Canada. For the year 2013, the company expects to close 9 stores in the United States to end the year with 632 locations and approximately 5.5 million gross square feet in operation.

Express Inc., Q4 2012 Earnings Call, Mar 13, 2013

Express Inc. announced that they will report Q4, 2012 results at 9:00 AM, Eastern Standard Time on Mar 13, 2013