Express Q1 Profit Plunges; Cuts FY14 EPS Outlook - Quick Facts

(RTTNews) - Express Inc. (EXPR), a specialty retail apparel chain, said that its first-quarter net income was $5.1 million or $0.06 per share, compared to $32.4 million or $0.38 per share, in the comparable quarter last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.14 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the first quarter were $460.65 million, down from $509.36 million in the prior year quarter. Sixteen analysts estimated revenues of $464.06 million for the quarter.

Comparable sales, including e-commerce sales decreased 11%, following flat comparable sales in last year's first quarter. E-commerce sales declined 2% to $69.0 million following a 48% increase in last year's first quarter.

For the second quarter 2014, the company expects net income to be in the range of a loss of $2.5 million to profit $2.5 million or loss per share of $0.03 to profit of $0.03. Analysts project second-quarter earnings of $0.12 per share. Comparable sales are expected to range from Negative mid to high single digits.

Looking ahead for fiscal 2014, the company now anticipates net income to be in the range of $63 million - $76 million or earnings in the range of $0.74 - $0.90 per share. Analysts project annual earnings per share of $1.14. Comparable Sales is expected to range from negative mid single digits.

Earlier, the company expected net income to be in the range of $88 million - $105 million or earnings in the range of $1.03 - $1.23 per share.

Further, the company announced that its Board of Directors has authorized it to repurchase up to $100 million of its common stock. The share repurchases are expected to be made over the next 18 months and will be funded through the company's available cash.