Express (EXPR) Boosts Q4 Outlook; Adjusts FY12 Expectations
Express, Inc. (NYSE: EXPR) raised its outlook for the fourth quarter and full year 2012, ending February 2, 2013, based on better than anticipated performance during the holiday season and expectations for the balance of the period.
Michael Weiss, Express, Inc.'s Chairman and Chief Executive Officer commented: "Our performance during the holiday season exceeded our expectations based on third quarter trends. Our promotional strategy and the introduction of opening price points in key categories contributed to a sequential improvement in comparable sales since the third quarter of 2012 and higher gross margin dollars versus last year's holiday season. E-Commerce, one of our four growth pillars, continued to grow as a percentage of the business and customers responded strongly to our offering, especially our new spring assortment."
2012 Guidance: Fourth Quarter:
The Company is raising its fourth quarter 2012 guidance and currently expects comparable sales to range from flat to up 1%, compared to its previous expectation of a decrease in the low single digit range. Net income is currently expected in the range of $61 to $63 million, or $0.72 to $0.74 per diluted share on 85.2 million weighted average shares outstanding. This compares to the Company's previous guidance of $53 to $58 million, or $0.62 to $0.68 per diluted share.
*** The Street sees Q4 EPS of 66 cents and revs of $701.97 million.
Full Year:Based on its increased fourth quarter outlook, the Company is adjusting its full year 2012 guidance as well. Full year comparable sales are now expected to be approximately flat compared to the previous expectation of a decrease in the low single digit range. Net income for the fifty-three week period in 2012 is currently estimated at $136 to $138 million, or $1.56 to $1.59 per diluted share on 87.2 million weighted average shares outstanding. This compares to the Company's previous expectation of $128 to $133 million, or $1.47 to $1.53 per diluted share. The Company now expects a positive contribution from the fifty-third week in the range of $0.04 to $0.05 per diluted share, up from the prior estimate of $0.03 to $0.04 per diluted share. Consistent with previous years, this guidance excludes any non-core operating items that may occur, such as debt extinguishment costs.
*** The Street sees FY12 EPS of $1.50 and revs of $2.12 billion.
The Company expects to report fourth quarter and full year 2012 results the week of March 11, 2013.
Michael Weiss, Express, Inc.'s Chairman and Chief Executive Officer commented: "Our performance during the holiday season exceeded our expectations based on third quarter trends. Our promotional strategy and the introduction of opening price points in key categories contributed to a sequential improvement in comparable sales since the third quarter of 2012 and higher gross margin dollars versus last year's holiday season. E-Commerce, one of our four growth pillars, continued to grow as a percentage of the business and customers responded strongly to our offering, especially our new spring assortment."
2012 Guidance: Fourth Quarter:
The Company is raising its fourth quarter 2012 guidance and currently expects comparable sales to range from flat to up 1%, compared to its previous expectation of a decrease in the low single digit range. Net income is currently expected in the range of $61 to $63 million, or $0.72 to $0.74 per diluted share on 85.2 million weighted average shares outstanding. This compares to the Company's previous guidance of $53 to $58 million, or $0.62 to $0.68 per diluted share.
*** The Street sees Q4 EPS of 66 cents and revs of $701.97 million.
Full Year:Based on its increased fourth quarter outlook, the Company is adjusting its full year 2012 guidance as well. Full year comparable sales are now expected to be approximately flat compared to the previous expectation of a decrease in the low single digit range. Net income for the fifty-three week period in 2012 is currently estimated at $136 to $138 million, or $1.56 to $1.59 per diluted share on 87.2 million weighted average shares outstanding. This compares to the Company's previous expectation of $128 to $133 million, or $1.47 to $1.53 per diluted share. The Company now expects a positive contribution from the fifty-third week in the range of $0.04 to $0.05 per diluted share, up from the prior estimate of $0.03 to $0.04 per diluted share. Consistent with previous years, this guidance excludes any non-core operating items that may occur, such as debt extinguishment costs.
*** The Street sees FY12 EPS of $1.50 and revs of $2.12 billion.
The Company expects to report fourth quarter and full year 2012 results the week of March 11, 2013.