Better-than-expected Q2 results at Express

07 Sep '10

2 min read

Express, Inc., a specialty retail apparel chain operating 577 stores, announced its second quarter financial results for the thirteen and twenty-six week periods ended July 31, 2010, which compares to the same periods ended August 1, 2009.

Michael Weiss, Express, Inc.'s President and Chief Executive Officer commented: "We are pleased to report better-than-expected second quarter results, reflecting our continued fashion leadership and fueling a 6% increase in comparable store sales, a 190 basis point expansion in merchandise margin, and a 60% rise in e-commerce sales during the period.

"The on-going benefit of our go-to-market strategy along with outstanding execution of our key growth strategies is resulting in increased sales productivity and profitability for our Company, and therefore we are confirming our guidance for the full year."

Store Expansion:
During the second quarter of 2010, the Company opened 2 new stores and closed 1 existing store in the United States, ending the quarter with 577 stores and approximately 5.0 million gross square feet in operation. For the remainder of 2010, the Company plans to open 13 additional stores and close 1 existing location in the United States, ending the year with 589 locations and approximately 5.1 million gross square feet in operation.

2010 Guidance:

Full Year 2010:
The Company continues to expect 2010 comparable store sales to increase mid-single digits compared to a decrease of 6% in 2009. The Company also continues to expect net income, adjusted for one-time items related to the Senior Notes offering and initial public offering, to be in the range of $109 million to $114 million, or $1.27 to $1.33 per diluted share on 86.1 million shares outstanding, versus net income of $75.3 million, or $1.00 per diluted share on 75.6 million weighted average shares outstanding in 2009.

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Express Inc

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