Express (EXPR) Boosts Q4, FY14 EPS Midpoint Guidance

Express (NYSE: EXPR) 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.

Michael Weiss, Express, Inc.'s Chairman and Chief Executive Officer commented: "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."

2014 Guidance:Fourth Quarter:Comparable sales are now expected to decline 3% to 4% compared to the Company's previous guidance of a mid to high single digit decline. Net income is currently expected to range from $36.5 to $39 million, or $0.43 to $0.46 per diluted share on 84.8 million weighted average shares outstanding. This compares to the Company's previous guidance of $32 to $38 million, or $0.38 to $0.45 per diluted share.

Full Year:Based on its revised fourth quarter outlook, the Company has also adjusted its guidance for the 52 week year ending January 31, 2015. 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 is now estimated at $63 to $66 million, or $0.74 to $0.77 per diluted share on 84.6 million weighted average shares outstanding. This compares to the Company's previous expectation of $59 to $65 million, or $0.69 to $0.76 per diluted share.

Consistent with previous years, this guidance excludes any non-core operating items that may occur. The Company expects to report fourth quarter and full year 2014 results during the week of March 8, 2015.

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