Express Q3 Profit Grows; Revises FY Targets - Quick Facts

(RTTNews) - Express Inc. (EXPR), a specialty retail apparel chain, posted higher third-quarter net income of $19.3 million, or $0.23 per share, compared with the prior year's $17.4 million, or $0.20 per share. On average, 14 analysts polled by Thomson Reuters expected earnings per share of $0.25 for the quarter. Analysts' estimates typically exclude one-time items.

Quarterly net sales increased 7% year-over-year to $503.0 million, from $468.5 million, while 13 analysts estimated revenues of $499.67 million for the quarter. For the quarter, comparable sales went up by 5%, versus a 5% decline in last year's third quarter.

The company said its quarterly performance was in line with its guidance, highlighted by a 5% growth in comparable sales and 15% earnings per share growth.

Looking ahead, fourth-quarter 2013 net profit is expected to lie between $56 million and $60 million, or $0.66 - $0.71 per share. Fourteen analysts anticipate earnings per share of $0.78 for the fourth quarter.

For 2013, the firm now expects net income in the range of $124 million - $128 million, or $1.46 - $1.51 per share, whereas 14 analysts project annual earnings of $1.61 per share.