UPDATE: Express Posts 20% Rise In Q1 Earnings, Lowers Full-Year Forecast

Express Inc

reported a 20% rise in its fiscal first-quarter earnings. Express cut its full-year earnings forecast to $1.79 to $1.89 a share, versus its March view of $1.84 to $1.97 per share. It expects current-quarter earnings of $0.15 to $0.18 per share, versus analysts' estimates of $0.20 per share. Express posted its quarterly profit at $42.1 million, or $0.47 per share, versus $35 million, or $0.39 per share, in the year-ago period. Excluding items, Express earned $0.42 per share. The company in March expected earnings of $0.46 to $0.49 per share. Its sales climbed 6.1% to $496 million, versus analysts' estimates of $503 million. Its same-store sales gained 4%, while gross margin declined to 38.1% from 38.2%. Express shares closed at $23.09 yesterday.