- Prachi Singh |
Express operating approximately 630 stores, reported net sales increase of 9 percent to 502.4 million dollars from 460.7 million dollars in the first quarter of 2014. Comparable sales including e-commerce sales increased 7 percent. E-commerce sales rose 12 percent to 77.6 million dollars.
Commenting on the results, David Kornberg, the company's President and Chief Executive Officer, said, “2015 is off to a strong start. In the first quarter, our merchandise margin expanded by 200 basis points, driving earnings above our initial expectations."
Operating income was 33.9 million dollars, or 6.8 percent of net sales, compared to 15 million dollars, or 3.3 percent of net sales in the first quarter of 2014. Net income was 13.1 million dollars, or 0.15 dollars per diluted share.
For the second quarter, comparable sales are expected to increase low-single-digit and diluted earnings per share are expected to be in the range of 0.13 dollars to 0.16 dollars. For the full year, comparable sales are again expected increase on a low-single-digit and diluted earnings to be in the range of 1.11 dollars to 1.22 dollars.