Express – EXPR – Reports an Increase in Second Quarter Net Sales and Net Income
Express, Inc. (NYSE: EXPR), a specialty retail apparel chain operating more than 600 stores, today announced its second quarter 2012 financial results for the thirteen and twenty-six week periods ended July 28, 2012, which compares to the same period ended July 30, 2011.
- Achieves twelfth consecutive quarter of increased comparable sales
- Second quarter diluted EPS increases to $0.18, at high-end of guidance
- Quarter end inventory aligned with sales growth
- Revises guidance for full year 2012
EXPR Second Quarter Operating Results:
- Net sales increased 2% to $454.9 million from $446.0 million in the second quarter of 2011;
- Comparable sales increased 1%, following a 6% increase in comparable sales in the second quarter of 2011;
- Gross margin was 32.2% of net sales compared to 33.6% in the second quarter of 2011;
- Selling, general, and administrative (SG&A) expenses totaled $115.3 million, or 25.3% of net sales, compared to $117.7 million, or 26.4% of net sales, in the second quarter of 2011;
- Operating income was $31.2 million, or 6.9% of net sales, compared to $31.7 million, or 7.1% of net sales, in the second quarter of 2011;
- Interest expense totaled $4.8 million compared to $10.5 million in the second quarter of 2011, which included a $3.7 million loss on extinguishment of debt associated with the repurchases of $24.2 million of Senior Notes and the amendment of the $200 million Revolving Credit Facility;
- Income tax expense was $10.4 million, at an effective tax rate of approximately 39.6%, compared to $8.6 million, at an effective tax rate of approximately 40.6%, in the second quarter of 2011; and
- Net income was $15.8 million, or $0.18 per diluted share. This compares to net income of $12.6 million, or $0.14 per diluted share, in the second quarter of 2011, which included a $2.2 million, or $0.03 per diluted share, after tax loss on extinguishment of debt associated with the repurchases of $24.2 million of Senior Notes and the amendment of the $200 million Revolving Credit Facility. Net income in the second quarter of 2011 adjusted for non-core operating costs noted above was $14.9 million, or $0.17 per diluted share (see Schedule 4 for discussion of non-GAAP measures).
About Express, Inc. – EXPR
Express (EXPR) is a specialty apparel and accessories retailer of women’s and men’s merchandise, targeting the 20 to 30 year old customer.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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