Express (EXPR) Misses Q1 EPS by 1c; Guides Lower
Express (NYSE: EXPR) reported Q1 EPS of ($0.03), $0.01 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $467 million versus the consensus estimate of $468.64 million.
- First quarter net sales decreased by 7% to $467.0 million
- First quarter loss of $0.06 per share, including a net negative $0.03 per share impact related to certain discrete tax items and the exit of Canada
- E-commerce sales increased 27% in the first quarter, accounting for 21% of net sales
- Remain on track to deliver $20 million in cost savings in 2017
- First quarter operating cash flow improved by $16.6 million; strong balance sheet maintained with more than $190 million in cash and no debt
GUIDANCE:
Express sees Q2 2017 EPS of ($0.03)-$0.01, versus the consensus of $0.08.
Express sees FY 2017 EPS of $0.41-$0.48, versus the consensus of $0.67
2017 Guidance:
The table below compares the Company's projected results for the thirteen week period ended July 29, 2017 to the actual results for the thirteen week period ended July 30, 2016.
| Second Quarter 2016 Actual Results | ||||
| Negative mid single digits | Effective Tax Rate | 40.8% | ||
| $0.7 million | Net Income | $10.1 million | ||
| ($2) to $1 million(2) | Diluted Earnings Per Share (EPS) | $0.13 | ||
| ($0.03) to $0.01(2) | Weighted Average Diluted Shares Outstanding | 78.9 million |
(1)
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 53 week period ended February 3, 2018 to the actual results for the 52 week period ended January 28, 2017.
| Full Year 2016 Actual Results | ||||
| Negative low single digits | Effective Tax Rate | 36.6% | ||
| $3 million | Net Income | $57.4 million(3) | ||
| $32 to $38 million(2) | Diluted EPS | $0.73(3) | ||
| $0.41 to $0.48(2) | Weighted Average Diluted Shares Outstanding | 79.0 million | ||
| $62 to $67 million | $98.7 million |
For earnings history and earnings-related data on Express (EXPR) click here.