Express (EXPR) Boosts Q4 Outlook Ahead of ICR Xchange Conf. Presentation

In advance of its presentation at the ICR Xchange Conference, Express, Inc. (NYSE: EXPR) updated its guidance for the fourth quarter and full year 2015 ending January 30, 2016, based on its performance during the 2015 holiday season and its expectations for the balance of the period.

David Kornberg, Express, Inc.'s President and Chief Executive Officer, commented: "We were pleased with our holiday results. The solid performance we experienced over Thanksgiving continued through December and into early January as customers responded enthusiastically to our assortment. We believe we are well positioned for the fourth quarter and as a result, we are increasing our fourth quarter and full year guidance."

2015 Guidance:

Fourth Quarter:

Comparable sales are expected to increase by three percent. Net income is currently expected to be in the range of $53 to $55 million, or $0.63 to $0.65 per diluted share on 83.7 million weighted average shares outstanding. This compares to the Company's previous guidance of a low single digit comparable sales increase and net income of $50 to $54 million, or $0.60 to $0.64 per diluted share on 83.9 million weighted average shares outstanding.

*** The Street sees Q4 revenue of $772 million and EPS of $0.63.

Full Year:

Full year comparable sales are still expected to increase in the mid-single digit range. Net income is currently expected to be in the range of $113 to $115 million, or $1.34 to $1.36 per diluted share. After giving effect to approximately $9.7 million of non-core operating items in connection with the first quarter 2015 redemption of the Company's Senior Notes, adjusted net income is expected to be in the range of $119 to $121 million, or $1.41 to $1.43 per diluted share on 84.7 million shares outstanding. This compares to the Company's previous guidance of net income of $110 to $114 million, or $1.31 to $1.35 per diluted share, and adjusted net income of $116 to $120 million, or $1.38 to $1.42 per diluted share on 84.7 million shares outstanding.

*** The Street sees FY15 revenue of $2.36 billion and EPS of $1.41.

Refer to Schedule 1 for a reconciliation of GAAP to Non-GAAP financial measures.

Consistent with past practice, this guidance excludes any additional non-core operating items that may occur.

The Company expects to report fourth quarter and full year 2015 results during the week of March 6, 2016.

ICR XChange:

The Company will present at the 18th Annual ICR XChange Conference being held at the JW Marriott Orlando Grande Lakes in Orlando, FL. The presentation will begin at 2:30 p.m. Eastern Time (ET). David Kornberg, President and Chief Executive Officer, and Perry Pericleous, Senior Vice President and Chief Financial Officer, will host the presentation and Marisa Jacobs, Vice President of Investor Relations, will be in attendance. The Company's investor presentation will be posted on the Express website by 7:00 a.m. ET on Tuesday, January 12, 2016 and the conference presentation will be webcast live and available for replay for 30 days at www.express.com/investor.

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