Express Inc. (EXPR) reported net income of $63.9 million, or $0.75 per share for its fourteen-week fourth quarter ended February 2, 2013, with the fourteenth week contributing approximately $0.04 per share. This compares to net income of $60.4 million, or $0.68 per share in the fourth quarter of last year, which was a thirteen week period. Net income in the fourth quarter of prior year, adjusted for non-core operating costs, was $62.1 million, or $0.70 per share.
Net sales increased 8% to $728.7 million from $673.2 million last year, and included $27.0 million related to the fourteenth week. Comparable sales, which compares the fourteen week period ended February 2, 2013 to the fourteen week period ended February 4, 2012 and is inclusive of e-commerce sales, increased 1.5%. Gross margin was 35.1% of net sales compared to 37.2% prior year.
On average, 11 analysts polled by Thomson Reuters expected the company to report profit per share of $0.74 for the quarter. Analysts' estimates typically exclude speical items. Analysts expected revenue of $722.38 million for the quarter.
The company expects first-quarter comparable sales, including e-commerce, to range from flat to down low single digits. Net income is expected in the range of $29.5 million to $32.5 million, or $0.34 to $0.38 per share. Analysts expect the company to report fiscal first-quarter profit per share of $0.46.
The company expects full year 2013 comparable sales, including e-commerce, to increase low single digits. Net income is expected in the range of $120 million to $132 million, or $1.40 to $1.54 per share. Analysts expect the company to report 2013 profit per share of $1.72.
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