Home / Knowledge / News / Apparel/Garments / Specialty apparel retailer Express lowers sales guidance
Specialty apparel retailer Express lowers sales guidance
13
Jan '14
Express, Inc,  a specialty retail apparel chain operating more than 625 stores, revised its outlook for the fourth quarter and full year 2013, ending February 1, 2014, based on its performance during the holiday season and expectations for the balance of the period.
 
Fourth Quarter:
The Company is revising its fourth quarter 2013 guidance for the 13 weeks ending February 1, 2014.  Comparable sales are expected to range from flat to an increase in the low single digit range.  Net income is currently expected in the range of $48 to $52 million, or $0.57 to $0.61 per diluted share on 84.8 million weighted average shares outstanding.  This compares to the Company's previous guidance of $56 to $60 million, or $0.66 to $0.71 per diluted share. 
 
Full Year:
Based on its revised fourth quarter outlook, the Company has also adjusted its guidance for the 52 week year ending February 1, 2014. Full year comparable sales are still expected to increase in the low single digit range.  Net income is currently estimated at $117 to $121 million, or $1.37 to $1.41 per diluted share on 85.1 million weighted average shares outstanding. This compares to the Company's previous expectation of $124 to $128 million, or $1.46 to $1.51 per diluted share.  Consistent with previous years, this guidance excludes any non-core operating items that may occur.
 
Michael Weiss, Express, Inc.'s Chairman and Chief Executive Officer commented: "Our fourth quarter guidance issued in early December 2013 contemplated a promotional holiday season as well as a slowdown in traffic after the Thanksgiving week.  What we experienced was a drop in traffic that was even deeper than anticipated, as consumers waited until much closer to Christmas to shop.  
 
“To ensure that we captured customer dollars when customers ultimately arrived, and with a view to preventing inventories from building, we extended the duration of our promotions and deepened the discount being offered.  January traffic to date has been weak and we have remained promotional and expect to maintain this stance throughout the month.  While we believe the actions we took, and are taking, are appropriate, it does require us to adjust our fourth quarter and full year guidance accordingly."
 
Mr. Weiss then noted that, "We expect our inventory at the beginning of 2014 to reflect low to mid single digit growth and to be more heavily weighted to Spring product than at this time last year.  Furthermore, we have significant open to buy dollars available for investment during the Spring season." 
 

Express Inc


Must ReadView All

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Abhishek Pachauri

Reckon Industries adapts latest systems for manufacturing from designing...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

October 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.8%
No
13.0%
Skip
10.1%

Total Votes: 69

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.3%
No
27.5%
Skip
10.1%

Total Votes: 69

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
85.5%
No
10.1%
Skip
4.3%

Total Votes: 69

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
75.4%
No
11.6%
Skip
13.0%

Total Votes: 69


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search