Express (EXPR) Reports In-Line Q3 EPS

Express (NYSE: EXPR) reported Q3 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenue for the quarter came in at $498.7 million versus the consensus estimate of $488.1 million.

Third quarter comparable sales decreased by 1%.

David Kornberg, the Company’s president and chief executive officer, stated: “We are pleased with the progress we are making towards returning our business to growth. Our key initiatives continue to gain traction and contribute incrementally, which is driving improved trends in our results. Comparable sales were at the top end of our guidance, as were earnings excluding the hurricane impact. E-commerce sales growth remained strong, increasing 23% over last year, and store comps showed further sequential improvement.”

Mr. Kornberg continued, "We enter the important holiday season with positive momentum and are confident that our assortment and fashion are resonating well with our customers based on the continued strength in our e-commerce business and improving store performance. We are seeing success from our recently expanded omni-channel capabilities and expect enrollment growth in our NEXT loyalty program to drive increased customer engagement in the fourth quarter and into 2018. Our team is managing costs effectively and delivering on our savings targets. Our balance sheet remains strong with $198 million in cash and no debt, our inventories are well-positioned, and we expect to generate solid cash flow. We are committed to driving shareholder value and are pleased to announce a new $150 million share repurchase program. We continue to remain confident in our strategy and ability to successfully transform our business to navigate a rapidly changing environment.”

GUIDANCE:

Express narrows FY2017 EPS to $0.43-$0.47, versus the consensus of $0.44.

For earnings history and earnings-related data on Express (EXPR) click here.

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