×
103 126
Fashion Jobs
NORDSTROM INC
Logistics Area Manager Warehouse - Gainesville, fl
Permanent · Gainesville
NORDSTROM
Asset Protection - Agent - Harbison Court Rack
Permanent · Columbia
NORDSTROM
Asset Protection - Agent - Gainesville Distribution Center
Permanent · Gainesville
NORDSTROM INC
Area Manager Warehouse - Riverside, ca
Permanent · Riverside
NORDSTROM INC
sr. Manager, Influencer Marketing
Permanent · Seattle
GUESS
Security Guard
Permanent · Louisville
H&M
Store Visual Manager
Permanent · National City
OLD NAVY
General Manager - Lancaster River
Permanent · Lancaster
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Nashville
OLD NAVY
Asset Protection Agent - 86th Street
Permanent · New York
OLD NAVY
General Manager - North Macon Promenade
Permanent · Macon
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Clarksville
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Murfreesboro
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Madison
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Nashville
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Brentwood
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Mt. Juliet
OLD NAVY
External Asset Protection Lead - Multi-Unit
Permanent · Cookeville
ADIDAS
Finance Analyst, Retail bm Opex
Permanent · Portland
ADIDAS
Human Resources Manager, Brand And Business Development
Permanent · Portland
ABERCROMBIE AND FITCH CO.
Enterprise Business Solutions Analyst
Permanent · Columbus
ESTÉE LAUDER
International Marketing Manager
Permanent · Irvine
By
Reuters
Published
Mar 12, 2014
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Express first-quarter profit forecast misses estimate

By
Reuters
Published
Mar 12, 2014

Apparel retailer Express Inc forecast a profit for the current quarter that fell far short of analyst expectations, citing deep discounting and a steeper-than-expected fall in store traffic.

The company's shares fell 17 percent in premarket trading after the specialty fashion apparel retailer also reported fourth-quarter results that also missed analyst estimates.

Express current collection

Express said it expects first-quarter earnings of 12 cents to 18 cents per share, below analysts' average forecast of 41 cents per share, according to Thomson Reuters I/B/E/S.

"The start of 2014 has ... been extremely difficult," Chief Executive Officer Michael Weiss said in a statement.

In the past two days, U.S. apparel retailers, American Eagle Outfitters and Urban Outfitters Inc have warned that results in the current quarter would be hurt by stiff competition and choppy sales trends at malls.

In recent quarters, sales have slumped at most U.S. teen and fashion apparel retailers, including Abercrombie & Fitch Co and Aeropostale Inc, as young shoppers shift to the trendier and cheaper options at chains such as Sweden's Hennes & Mauritz and Inditex's Zara.

Express forecast comparable sales to fall in the low double digits to the high single digits in the first quarter.

The company's net income fell to $47.93 million, or 57 cents per share, in the fourth quarter ended Feb. 1, from $63.94 million, or 75 cents per share, a year earlier.

Sales fell 2 percent to $715.9 million, while comparable-store sales rose 1 percent.

Analysts on average were expecting a profit of 59 cents on revenue of $721.13 million.

"The heavier than planned pace of promotions impacted both top-line and margins," Weiss said.

The company's shares closed at $18.24 Tuesday on the New York Stock Exchange. The stock slumped to $15.10 in trading before the bell on Wednesday.

© Thomson Reuters 2021 All rights reserved.