Express, Inc. Reaffirms Earnings Guidance for the Fourth Quarter and Full Year 2016 Ending January 28, 2017
January 10, 2017 at 11:45 am
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Express, Inc. reaffirmed earnings guidance for the fourth quarter and full year 2016 ending January 28, 2017. For the quarter, the company reaffirmed comparable sales are currently expected to be negative 13%. The company continues to expect net income to be in the range of $20 to $23 million and diluted earnings per share to be in the range of $0.26 to $0.30 on 78.8 million weighted average shares outstanding.
For the full year, the company’s comparable sales are expected to be negative 9%. Net income is expected to be in the range of $55 to $58 million, or $0.70 to $0.74 per diluted share. Adjusted net income is expected to be in the range of $62 to $65 million, or $0.78 to $0.82 per diluted share on 79.1 million shares outstanding. Adjusted net income excludes approximately $11.4 million, or $6.9 million net of tax benefit, of non-core operating items related to an amendment to the Times Square Flagship store lease.
Express, Inc. is a multi-brand fashion retailer. The Companyâs business includes an omnichannel operating platform, physical and online stores, and a multi-brand portfolio that includes Express and Bonobos. The Company operates Express retail and Express Factory Outlet stores in the United States and Puerto Rico, the Express.com online store and the Express mobile app; and Bonobos Guideshop locations and the Bonobos.com online store. It sells its products through its online store, www.express.com, its mobile app, as well as through franchisees who operate Express locations in Latin America. It also sells gift cards in its stores, on its e-commerce Website, and through third parties. It utilizes facilities for the distribution of its products, both of which are owned and operated by third parties. Virtually all the merchandise sold in its stores and on its Website is received and processed at a central distribution facility in Columbus, Ohio.