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Express (EXPR) Tops Q1 EPS by 3c, Comps Increase 1%, Offers Q2 and FY Guidance

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May 31, 2018 6:48 AM EDT

Express (NYSE: EXPR) reported Q1 EPS of $0.01, $0.03 better than the analyst estimate of ($0.02). Revenue for the quarter came in at $479.4 million versus the consensus estimate of $460.84 million.

Comparable sales (including e-commerce sales) increased 1%, compared to a 10% decrease in the first quarter of 2017.

Second Quarter 2018 Guidance

Second Quarter 2017Actual Results

Comparable Sales -1% to 1% -4%
Effective Tax Rate NM(1) 26.6%(2,4)
Interest Expense, Net $0.1 million $0.7 million
Net Income ($1.5) to $1.5 million ($11.9) million(2,3,4)
Adjusted Net Income N/A $0.7 million (4,5)
Diluted EPS ($0.02) to $0.02 ($0.15) (2,3,4)
Adjusted Diluted EPS N/A $0.01 (4,5)
Weighted Average Diluted Shares Outstanding 74.5 million 78.8 million
(1) Not meaningful for the second quarter of 2018 due to the projected near break even pre-tax income.
(2) Includes an income tax benefit of $5.1 million related to the exit of Canada.
(3) Includes $17.6 million in restructuring costs and inventory adjustments related to the exit of Canada.
(4) Retrospectively adjusted to reflect adoption of the new revenue recognition accounting standard. For additional information regarding the adjustments see Exhibit 99.3 to the Company’s Form 8-K filed with the SEC on March 14, 2018.
(5) Adjusted Net Income and Adjusted Diluted EPS are non-GAAP financial measures. Refer to Schedule 4 for a reconciliation of GAAP to Non-GAAP financial measures.

The table below compares the Company’s projected results for the fifty-two week period ended February 2, 2019 to the actual results for the fifty-three week period ended February 3, 2018.

Full Year 2018 Guidance

Full Year 2017Actual Results

Comparable Sales -1% to 1% -3%
Effective Tax Rate Approximately 33%(1) 34.6%(2,4)
Interest Expense, Net $0.6 million $2.2 Million
Net Income $28 to $35 million $18.9 million(2,3,4)
Adjusted Net Income N/A $28.9 million (4,5)
Diluted EPS $0.37 to $0.47 $0.24 (2,3,4)
Adjusted Diluted EPS N/A $0.37 (4,5)
Weighted Average Diluted Shares Outstanding 75.1 million 78.9 million
Capital Expenditures $60 to $65 million $57.4 million

(Street sees Q2 EPS of ($0.03) and FY EPS of $0.41)

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


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