Express, Inc. Updates Outlook For Third Quarter 2012
COLUMBUS, Ohio, Oct. 2, 2012
COLUMBUS, Ohio, Oct. 2, 2012 /PRNewswire/ --Express, Inc. (NYSE: EXPR), a
specialty retail apparel chain operating more than 600 stores, today updated
its sales and earnings outlook for the third quarter of fiscal 2012, the
13-week period ending October 27, 2012, based on its quarter-to-date
performance and expectations for the balance of the period. The Company
currently expects third quarter fiscal 2012 comparable sales to decline in the
mid single digit range. Net income for the third quarter of fiscal 2012 is
currently expected in the range of $14 million to $17 million, or $0.16 to
$0.20 per diluted share on 86.4 million weighted average shares outstanding.
The Company expects to report actual third quarter fiscal 2012 results the
week of November 26, 2012. The Company plans to update its fourth quarter and
fiscal year 2012 guidance when it reports third quarter results in November.
Michael Weiss, Chairman, President and CEO stated: "While our sales in August
were in line with the expectations we provided when we introduced third
quarter guidance, trends became increasingly difficult in September driven by
an abrupt change in traffic. This along with increased promotional activity
to maintain our inventory discipline has led to the revision in our third
quarter sales and earnings guidance. We have seen traffic trends improve in
the final week of September, as we conveyed a clearer pricing message to our
customers. We have also experienced a favorable reaction to the new sweater
styles we recently delivered in our women's offering and continue to generate
solid sales within our men's business.
"As we look ahead, we are intently focused on improving our sales and earnings
performance and believe we have the necessary initiatives in place to achieve
this objective. We will also maintain stringent control of our inventory and
expenses," Mr. Weiss continued. "We remain confident in our strategies, which
we believe position us to achieve our long term goals in our ongoing efforts
to provide compelling fashion and value to our 20-to-30-year old demographic
around the globe."
About Express, Inc.:
Express is a specialty apparel and accessories retailer of women's and men's
merchandise, targeting the 20 to 30 year old customer. The Company has over
30 years of experience offering a distinct combination of fashion and quality
for multiple lifestyle occasions at an attractive value addressing fashion
needs across work, casual, jeanswear, and going-out occasions. The Company
currently operates over 600 retail stores, located primarily in high-traffic
shopping malls, lifestyle centers, and street locations across the United
States, in Canada and in Puerto Rico and also works with franchisees
throughout the Middle East and Latin America. The Company also distributes
its products through the Company's e-commerce website, www.express.com.
Certain statements are "forward-looking statements" made pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include any statement that does not directly relate
to any historical or current fact and may herein include, but are not limited
to, statements regarding expected net income, comparable sales, earnings per
diluted share, expense and inventory management, strategies and growth plans.
Forward-looking statements are based on our current expectations and
assumptions, which may not prove to be accurate. These statements are not
guarantees and are subject to risks, uncertainties and changes in
circumstances that are difficult to predict. Many factors could cause actual
results to differ materially and adversely from these forward-looking
statements. Among these factors are (1) changes in consumer spending and
general economic conditions; (2) our ability to identify and respond to new
and changing fashion trends, customer preferences and other related factors;
(3) fluctuations in our sales and results of operations on a seasonal basis
and due to store events, promotions and a variety of other factors; (4)
increased competition from other retailers; (5) our dependence upon
independent third parties to manufacture all of our merchandise; (6) our
growth strategy, including our international expansion plan; (7) our
dependence on a strong brand image; (8) our dependence upon key executive
management; (9) our reliance on third parties to provide us with certain key
services for our business; and (10) our substantial indebtedness and lease
obligations. Additional information concerning these and other factors can be
found in Express, Inc.'s filings with the Securities and Exchange Commission.
We undertake no obligation to publicly update or revise any forward-looking
statement as a result of new information, future events or otherwise, except
as otherwise required by law.
SOURCE Express, Inc.
Contact: D. Paul Dascoli, Senior Vice President & Chief Financial Officer,
+1-614-474-4300; Media Contact: Barbara Coleman, Corporate Communications,
+1-614-474-4083, firstname.lastname@example.org; Investor Contacts: ICR, Inc., Allison
Malkin / Anne Rakunas, +1-203-682-8200 / +1-310-954-1113
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