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

Textiles | On 23rd Jun 2017

Textile ministry organises training workshop on GST

The ministry of textiles had organised training workshop on GST which ...

Apparel/Garments | On 23rd Jun 2017

Uware Brands into licensing agreement with Polaroid

Uware Brands has entered into a licensing agreement with Polaroid for ...

Textiles | On 23rd Jun 2017

Ralph Lauren ex-president Tiger of Sweden's new CEO

Hans-Christian Meyer, former president of Ralph Lauren Corporation,...

Interviews View All

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Smita Murarka
Amanté

‘There is huge demand in the Indian lingerie market for non-wired styles.’

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

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

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

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

news category


Related Categories:
June 2017

June 2017

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

SUBSCRIBE


Browse Our Archives

GO


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