Express Inc. (EXPR: Quote) reported higher first-quarter net income of $42.1 million, or $0.47 per share, compared with $35.0 million, or $0.39 per share last year. Net income for the previous year, adjusted for non-core operating costs, was $37.5 million, or $0.42 per share.
On average, 10 analysts polled by Thomson Reuters expected earnings per share of $0.49 for the quarter. Analysts' estimates typically exclude one-time items.
Net sales grew 6% to $496.0 million from $467.4 million in the first quarter of 2011, while 8 analysts estimated revenues of $503.17 million for the quarter. Comparable sales increased 4%, following an 8% increase in comparable sales in the first quarter of 2011.
Looking ahead to the second quarter, the company sees comparable sales to increase low to mid single digits and net income in the range of $13.0 million - $16.0 million, or $0.15 - $0.18 per share.
For 2012, the company now expects comparable sales to increase in the low to mid single digits compared to an increase of 6% in 2011. Earnings for the fifty-three week period in 2012 are expected in the range of $1.79 - $1.89 per share.
Also, Express plans to open nearly 30 new stores in 2012, including 23 in the United States and 7 in Canada, and close some 12 stores in the U.S., to end the year with about 627 locations and around 5.4 million gross square feet in operation.
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by RTT Staff Writer
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