Express Inc. (EXPR), a specialty retail apparel chain, reported that its first-quarter net income decreased to $32.4 million or $0.38 per share from $42.1 million or $0.47 per share last year.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.36 for the quarter. Analysts' estimates typically exclude special items.
Net sales rose to $508.52 million from $495.95 million prior year. Analysts expected revenue of $498.21 million for the quarter. Comparable sales were flat following a 4% comparable sales increase in last year's first quarter. Gross margin declined to 33.6% of net sales compared to 38.1% in the first quarter of 2012.
The company expects its second-quarter profit per share in the range of $0.17-$0.21. Analysts expect the company to reort second-quarter profit per share of $0.14.
For full year 2013, the company now expects profit per share in the range of $1.48-$1.58. Analysts expect the company to report fiscal 2013 profit per share of $1.52.
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