Express (EXPR) Misses Q2 EPS by 4c: Comps Miss Estimates; Issues Light Q3, FY16 EPS Outlook
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Express (NYSE: EXPR) reported Q2 EPS of $0.13, $0.04 worse than the analyst estimate of $0.17. Revenue for the quarter came in at $504.8 million versus the consensus estimate of $520.95 million.
- Comparable sales (including e-commerce sales) decreased 8%, compared to a 7% increase in the second quarter of 2015. (The Street was looking for a drop of 4.7 percent.)
- E-commerce sales declined 7% to $70.1 million.
- Merchandise margin declined by 200 basis points driven by increased markdowns on clearance items as we focused on positioning our inventory for the fall season. Buying and occupancy as a percentage of net sales rose by 120 basis points. In combination, this resulted in a 320 basis point decline in gross margin, representing 29.9% of net sales compared to 33.1% in last year’s second quarter.
Express sees Q3 2016 EPS of $0.09-$0.15, versus the consensus of $0.32.
Express sees FY2016 EPS of $1.00-$1.14, versus the consensus of $1.46.
For earnings history and earnings-related data on Express (EXPR) click here.
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