Express reaffirms reduced fourth quarter and full year guidance

By

Obi Anyanwu

Published
Jan 10, 2017

Express on Tuesday reaffirmed its fourth quarter and full year 2016 guidance ending January 28, 2017, following its 2016 holiday season performance.

 
Fourth quarter comparable sales are expected to be negative 13%, and Express continues to expect net income to range from $20 million to $23 million. Diluted earnings per share are expected to be in range of $0.26 to $0.30 on 78.8 million weighted average shares outstanding.
 
Comparable sales for the full year are expected to be negative 9% and net income is expected to be in range of $55 million and $58 million, or $0.70 to $0.74 per diluted share. Adjusted net income is projected to be in range of $62 million and $65 million, or $0.78 to $0.82 per diluted share, excluding $11.4 million of non-core operating items related to an amendment to the Times Square Flagship store lease.

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David Kornberg, Express, Inc.'s president and chief executive officer, commented: "Our store performance continues to be impacted by challenging mall traffic trends and a more promotional retail environment. However, we remain pleased with our e-commerce sales performance, which continues to trend positively year-over-year."
 
Express updated its fourth quarter and fiscal year guidance in December following its third quarter performance. All fourth quarter guidance projections are below its actual fourth quarter 2015 results.