UPDATE: Express (EXPR) Tops Q2 EPS by 2c, Comps Increase 1%
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Express (NYSE: EXPR) reported Q2 EPS of $0.03, vs the analyst estimate of $0.01. Revenue for the quarter came in at $493.6 million versus the consensus estimate of $481.65 million.
Guidance:
The Company notes that 2018 is a fifty-two week period as compared to a fifty-three week period in 2017. The fifty-third week was in the fourth quarter and contributed approximately $0.04 in diluted EPS in 2017. The table below compares the Company's projected results for the thirteen week period ended November 3, 2018 to the actual results for the thirteen week period ended October 28, 2017.
| � | � | |||
| Third Quarter 2017 | ||||
| Third Quarter 2018 Guidance | Actual Results | |||
| Comparable Sales | -1% to 1% | -1% | ||
| Effective Tax Rate | Approximately 29% | 40.9%(1) | ||
| Interest Income/(Expense), Net | $0.1 million | $(0.6) million | ||
| Net Income | $6.0 to $8.0 million | $6.0 million(1) | ||
| Diluted EPS | $0.08 to $0.11 | $0.08 (1) | ||
| Weighted Average Diluted Shares Outstanding | 74.4 million | 78.9 million | ||
| � |
(1) | � | 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. |
� |
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 2017 | ||||
| Full Year 2018 Guidance | Actual Results | |||
| Comparable Sales | 0% to 1% | -3% | ||
| Effective Tax Rate | Approximately 32%(1) | 34.6%(2,4) | ||
| Interest Income/(Expense), Net | $0.6 million | $(2.2) Million | ||
| Net Income | $32.5 to $36.5 million | $18.9 million(2,3,4) | ||
| Adjusted Net Income | N/A | $28.9 million (4,5) | ||
| Diluted EPS | $0.43 to $0.49 | $0.24 (2,3,4) | ||
| Adjusted Diluted EPS | N/A | $0.37 (4,5) | ||
| Weighted Average Diluted Shares Outstanding | 75.0 million | 78.9 million | ||
| Capital Expenditures | $58 to $63 million | $57.4 million | ||
| � |
(Street sees Q3 EPS of 7c and FY EPS of 0.42)
For earnings history and earnings-related data on Express (EXPR) click here.
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