Express Inc. (EXPR), a specialty retail apparel chain operating more than 600 stores, said Monday that it raised its outlook for the fourth quarter and full year 2012, ending February 2, 2013, based on better than anticipated performance during the holiday season and expectations for the balance of the period.
For the fourth-quarter, the company currently expects comparable sales to range from flat to up 1%, compared to its previous expectation of a decrease in the low single digit range.
Net income for the fourth-quarter is currently expected in the range of $61 million to $63 million, or $0.72 to $0.74 per share. This compared to the company's previous guidance of $53 million to $58 million, or $0.62 to $0.68 per share. Analysts polled by Thomson Reuters expect the company to report earnings of $0.66 per share for the fourth-quarter. Analysts' estimates typically exclude special items.
Looking ahead for fiscal 2012, comparable sales are now expected to be approximately flat compared to the previous expectation of a decrease in the low single digit range. Net income for fiscal 2012 is currently estimated at $136 million to $138 million, or $1.56 to $1.59 per share. This compared to the company's previous expectation of $128 million to $133 million, or $1.47 to $1.53 per share.
Analysts expect the company to report earnings of $1.50 per share for fiscal 2012.
The company now expects a positive contribution from the fifty-third week in the range of $0.04 to $0.05 per share, up from the prior estimate of $0.03 to $0.04 per share.
The company noted that it expects to report fourth quarter and full year 2012 results the week of March 11, 2013.
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