Express Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended August 1, 2015; Provides Earnings Guidance for the Thirteen Weeks Ending October 31, 2015 and Fifty Two Weeks Ending January 30, 2016
Aug 26 15
Express Inc. reported unaudited consolidated earnings results for the second quarter and six months ended August 1, 2015. For the quarter, the company reported net sales of $535,582,000 compared to $481,420,000 a year ago. Operating income was $35,865,000 compared to $14,608,000 a year ago. Income before income taxes was $34,215,000 compared to $8,645,000 a year ago. Net income was $21,028,000 or $0.25 per diluted share compared to $6,867,000 or $0.08 per diluted share a year ago.
For the six months, the company reported net sales of $1,037,960,000 compared to $942,072,000 a year ago. Operating income was $69,813,000 compared to $29,599,000 a year ago. Income before income taxes was $56,199,000 compared to $17,764,000 a year ago. Net income was $34,090,000 or $0.40 per diluted share compared to $11,950,000 or $0.14 per diluted share a year ago. Net cash provided by operating activities was $63,483,000 compared to $4,805,000 a year ago. Capital expenditures were $50,904,000 compared to $59,466,000 a year ago. Purchase of intangible assets was $35,000 compared to $10,000 a year ago.
For the thirteen weeks ending October 31, 2015, the company expects positive mid single digits, effective tax rate of approximately 39%, interest expense, net of $1.2 million, net income of $22 million to $25 million and diluted EPS of $0.26 to $0.29 and expects a mid-single digits comparable sales increase for the quarter.
For the fifty two weeks ending January 30, 2016, the company expects positive mid single digits, effective tax rate of approximately 39%, interest expense, net of $15.9 million, net income of $105 million to $111 million, adjusted net income of $111 to $117 million, diluted EPS of $1.23 to $1.30, adjusted diluted EPS of $1.30 to $1.37 and capital expenditures of $114 to $119 million. The company said it expects a mid-single digit increase in full year comparable sales, up from the prior expectation of a low single digit increase.