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Express (EXPR) Misses Q1 EPS by 1c; Guides Lower

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June 1, 2017 6:48 AM EDT
Get Alerts EXPR Hot Sheet
Price: $0.83 --0%

Today's EPS Names:
PLCE, COE, JVA, More
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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.


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