Express Dives Following Q3 Earnings Release
Shares of Express (NASDAQ: EXPR) are trading lower in the after-hours following the release of the company's Q3 earnings results. Currently, shares are lower by 5.24%, trading at $21.50; they ended the regular session higher by 4.85%, at $22.69.
Express reported Q3 EPS of $0.37 on revenues of $486.8 million; the Street was looking for $0.35 per share on revenues of $487.41 million. Revenues increased 8% year over year.
Michael Weiss, Express, Inc.'s Chairman, Chief Executive Officer, and President commented: "We are pleased to continue our positive momentum from the first half of the year and report better-than-expected third quarter earnings. We believe this is a testament to the increasing awareness and strength of our brand as a leading fashion authority for our customers.”
The company currently expects Q4 2011 comparable sales to increase mid single digits compared to an increase of 12% in the fourth quarter of 2010. Net income is expected in the range of $59 million to $62 million, or $0.66 to $0.70 per diluted share on 89.1 million shares outstanding.
Express, Inc. is a specialty apparel and accessory retailer offering both women's and men's merchandise. It offers customers an edited assortment of apparel and accessories to address fashion needs across multiple aspects of their lifestyles, including work, casual, jeanswear, and going-out occasions.
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