Express (EXPR) Tops Q1 EPS by 3c, Offers Outlook

Express (NYSE: EXPR) reported Q1 EPS of ($0.55), $0.03 better than the analyst estimate of ($0.58). Revenue for the quarter came in at $345.8 million versus the consensus estimate of $323.91 million.

• consolidated comparable sales up 5%.

Full Year 2021 Outlook:

At this time, the Company will only provide a high level outlook for 2021. The Company expects the following:

• Sequential comparable sales improvement throughout the year
• Significant gross margin improvement for the year
• Buying & Occupancy expense dollars to decrease double digits as a percent to 2019
• SG&A expense dollars to decrease mid-single digits as a percent to 2019
• Net interest expense of $4 million in the second quarter and $16 million for the full year
• Effective tax rate of approximately 16% for the second quarter and approximately 20% for the third quarter, fourth quarter and for the year, excluding the impact of any valuation allowances recorded against deferred tax assets
• Positive EBITDA for the third quarter and the second half of the year
• Positive operating cash flow for the year beginning in Q2 2021
• Capital expenditures of approximately $35 million

Assumptions in the Company outlook are dependent upon the duration and intensity of the COVID-19 pandemic.

See Schedule 5 for a discussion of projected real estate activity.

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

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