Express updates Q4 and full year outlook

Express has updated its outlook for the fourth quarter and full year 2014 ending January 31, 2015, based on its performance during the 2014 holiday season and its expectations for the balance of the period. Comparable sales are now expected to decline 3 percent to 4 percent compared to the company's previous guidance of a mid to high single digit decline. Full year comparable sales are now expected to decline in the mid-single digit range, compared to the company's previous guidance of a mid to high single digit decline.

Net income for the fourth quarter is currently expected to range from 36.5 dollars to 39 million dollars, or 0.43 dollars to 0.46 dollars per diluted share on 84.8 million weighted average shares outstanding. This compares to the company's previous guidance of 32 dollars to 38 million dollars, or 0.38 dollars to 0.45 dollars per diluted share. For the full year, net income is now estimated at 63 dollars to 66 million dollars, or 0.74 dollars to 0.77 dollars per diluted share on 84.6 million weighted average shares outstanding. This compares to the company's previous expectation of 59 dollars to 65 million dollars, or 0.69 dollars to 0.76 dollars per diluted share.

Commenting on the update, Michael Weiss, Chairman and Chief Executive Officer of Express, said, “The guidance we issued in early December 2014 incorporated our quarter to date results as well as our expectation that the balance of the holiday period would be challenging. The first three weeks of December did reflect a post-Thanksgiving lull, but business then strengthened markedly through the balance of December and the first week of January, exceeding our expectations. As a result, we are increasing our fourth quarter and full year guidance.”

The company expects to report fourth quarter and full year 2014 results during the week of March 8, 2015.