Express Q4 Profit Down; Sees Q1, FY14 EPS Below View - Quick Facts

(RTTNews) - Express Inc. (EXPR), a specialty retail apparel chain, said that its fourth-quarter of 2013 net income was $47.9 million or $0.57 per share, compared to net income of $63.9 million or $0.75 per share, in the fourth quarter of 2012, with 2012's fourteenth week contributing about $0.04 per share. Analysts polled by Thomson Reuters expected the company to report earnings of $0.59 per share for the quarter. Analysts' estimates typically exclude special items.

Net sales for the fourth quarter were $715.9 million, down from $731.7 million in the prior year quarter. Seventeen analysts estimated revenues of $721.13 million for the quarter. The prior year quarter's net sales included approximately $27.0 million related to the fourteenth week in last year's fourth quarter.

Comparable sales, including e-commerce sales, increased 1% compared to a 1.5% increase in last year's fourth quarter. E-commerce sales increased 14% to $138.8 million in the fourth quarter of 2013 (13 weeks) compared to last year's 14 week fourth quarter.

The results covered the 13 week periods ended February 1, 2014 and compare to the 14 week periods ended February 2, 2013.

For the first quarter 2014, the company expects net income to be in the range of $10 million - $15 million, earnings per share of $0.12 to $0.18. Analysts project first-quarter earnings of $0.41 per share. Comparable sales are expected to range from Negative low double to negative high single digits.

Looking ahead for fiscal 2014, the company anticipates net income to be in the range of $88 million - $105 million, and $1.03 - $1.23 per share. Analysts project annual earnings per share of $1.58. Comparable Sales is expected to range from negative low single digits to flat.