Express (EXPR) Tops Q2 EPS by 2c, Comps Decline 4%
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(Updated - August 23, 2017 6:49 AM EDT)
Express (NYSE: EXPR) reported Q2 EPS of $0.01, $0.02 better than the analyst estimate of ($0.01). Revenue for the quarter came in at $478.5 million versus the consensus estimate of $474.1 million.
Second quarter comparable sales decreased by 4%
2017 Guidance:
The table below compares the Company's projected results for the thirteen week period ended October 28, 2017 to the actual results for the thirteen week period ended October 29, 2016.
| Third Quarter 2017 Guidance | Third Quarter 2016 Actual Results | ||||||
| Comparable Sales | Negative low single digits | -8% | |||||
| Effective Tax Rate | Approximately 40% | 19.6% | |||||
| Interest Expense, Net | $0.7 million | $0.6 million | |||||
| Net Income | $5 to $8 million | $11.6 million | |||||
| Diluted Earnings Per Share (EPS) | $0.06 to $0.10 | $0.15 | |||||
| Weighted Average Diluted Shares Outstanding | 78.9 million | 78.6 million | |||||
The table below compares the Company's projected results for the 53 week period ended February 3, 2018 to the actual results for the 52 week period ended January 28, 2017.
| Full Year 2017 Guidance | Full Year 2016 Actual Results | ||||||
| Comparable Sales | Negative low single digits | -9% | |||||
| Effective Tax Rate | Approximately 41% | 36.6% | |||||
| Interest Expense, Net | $3 million | $13.5 million(3) | |||||
| Net Income | $20 to $26 million(1) | $57.4 million(3) | |||||
| Adjusted Net Income | $32 to $38 million(2) | $64.3 million(2) | |||||
| Diluted EPS | $0.26 to $0.33(1) | $0.73(3) | |||||
| Adjusted Diluted EPS | $0.41 to $0.48(2) | $0.81(2) | |||||
| Weighted Average Diluted Shares Outstanding | 79.0 million | 79.0 million | |||||
| Capital Expenditures | $60 to $65 million | $98.7 million |
| (1) | Includes $23.9 million, or $11.5 million net of tax and $0.15 per share, related to the exit of Canada incurred during the twenty-six weeks ended July 29, 2017. | |||||
| (2) | 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. | |||||
| (3) | Includes approximately $11.4 million, or $6.9 million net of tax and $0.08 per share, of non-core items related to an amendment to the Times Square Flagship store lease. |
(Street sees Q3 EPS of 11c and FY EPS of 42c)
For earnings history and earnings-related data on Express (EXPR) click here.
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