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

May 31 deadline for registration of chemicals under REACH

Textiles | On 23rd May 2018

May 31 deadline for registration of chemicals under REACH

May 31 is the final deadline for companies to register all chemicals...

US cotton production projected to decline in 2018: USDA

Textiles | On 23rd May 2018

US cotton production projected to decline in 2018: USDA

US cotton production is forecast at 19.5 million bales, nearly 7 per...

Pakistan's textile exports up 8.13% in July-April FY18

Textiles | On 23rd May 2018

Pakistan's textile exports up 8.13% in July-April FY18

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Binoy Ravjani
Hero's Fashion

‘One of the recent trends in hand block printing is the indigo process,...

Spokesperson
Hugo Boss

'Hugo Boss works with carefully selected sourcing partners'

Saket Garg
Garg Corporation

The biggest challenge is lack of skilled workforce and competition from...

Tom Adeyoola

Describing itself as the best body shape and garment fit company in the...

Mala Alwani

<div>Delhi-based fast fashion womenswear brand, Besiva, aims to bridge the ...

Abhishek Pachauri

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

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Silvia Venturini Fendi
Fendi s.r.l

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

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, 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

Leave your Comments


May 2018

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

news category


Related Categories:

Advanced Search