UPDATE: Express Beats Q4 Expectations

reported better-than-expected financial results for the fourth quarter. The Columbus, Ohio-based company posted quarterly net income of $41.8 million, or $0.49 per share, versus $47.9 million, or $0.57 per share, in the year-ago quarter. Its net sales rose 1% to $725.8 million from $715.9 million. However, analysts were expecting a profit of $0.46 per share on revenue of $713 million. Comparable sales, including e-commerce sales, fell 2% in the quarter, versus a 1% decline in the year-ago quarter. E-commerce sales gained 4% to $144.3 million. Operating income in the quarter dropped to $76.5 million from $85.4 million. During the fourth quarter, Express did not repurchase any shares of its common stock. David Kornberg, the Company's President and Chief Executive Officer, said, "Our fourth quarter comparable sales and earnings performance exceeded the increased guidance that we issued in January. Sales picked up substantially during the final two weeks of December and remained strong throughout the balance of the quarter." Express expects FY adjusted earnings of $0.93 to $1.07 per share, versus analysts' estimates of $0.99 per share. For the current quarter, Express expects earnings of $0.11 to $0.14 per share, versus analysts' expectations of $0.11 per share. Express shares gained 6.10% to close at $14.95 yesterday.