Proactiveinvestors United Kingdom Express https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Express RSS feed en Tue, 18 Jun 2019 05:49:08 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Express hits five-month high on upbeat Q1 outlook, stronger Q4 results ]]> https://www.proactiveinvestors.co.uk/companies/news/105864/express-hits-five-month-high-on-upbeat-q1-outlook-stronger-q4-results-60366.html Express (NYSE:EXPR) advanced to the highest in more than five months after the apparel retailer gave an upbeat outlook for its current quarter and delivered holiday-quarter results that soundly topped expectations.

Shares rose to $16.05, the highest intraday price since September 29, and were trading at $15.40, up 3 percent, at 3:43 p.m. in New York.

For the current quarter ending in April, Express expects its per-share earnings to range from $0.11 to $0.14, according to a statement today from the Columbus, Ohio-based company.

Fourteen analysts, on average, are modeling earnings of $0.11 per diluted share, according to Capital IQ.

For the fiscal fourth quarter that ended on January 31, the company reported a profit of $41.8 million, or $0.49 per share. That surpassed the $0.46 average estimate of 16 analysts polled by Capital IQ.

Total sales inched up 1 percent to $725.8 million, also topping analyst estimates of $712.9 million.

Express credited decreased promotional activity for its improved results, among other factors.

“I’m particularly pleased that as we reduced all-store promotional activity in January versus the prior year, we drove merchandise margin gains and positioned ourselves to begin 2015 with a better composition of spring inventory than at this time last year,” chief executive officer David Kornberg said in the statement.

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Wed, 11 Mar 2015 15:53:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/105864/express-hits-five-month-high-on-upbeat-q1-outlook-stronger-q4-results-60366.html
<![CDATA[News - Express leaps as Sycamore reports stake, plans takeover bid ]]> https://www.proactiveinvestors.co.uk/companies/news/101814/express-leaps-as-sycamore-reports-stake-plans-takeover-bid-54760.html Express Inc. (NYSE:EXPR), the struggling clothing retailer, surged in midday trade after private-equity firm Sycamore Partners said it is interested in acquiring the company.

Shares of the Columbus, Ohio-based company were up 21 percent at $16.45, after rising to as high as $16.75.

Sycamore, which has amassed a 9.9 percent stake in Express, said in a filing that it sent a letter to the company's board yesterday about possibly submitting a binding, fully financed proposal. Sycamore said it may seek discussions with Express's management and board and other stockholders.

“Given the strategic and operational challenges faced by specialty retailers generally and the company in particular, a fully financed, binding, all-cash offer to acquire the company would be a valuable alternative for the company’s board of directors and stockholders to consider,” Stefan Kaluzny, Sycamore’s managing director, said in the letter.

Express confirmed in a statement the receipt of the letter, and said it formed a special board committee to "determine a course of action it believes is in the best interest of all stockholders."

Express said it hired Perella Weinberg Partners LP and Sullivan & Cromwell LLP to advise the company and its new special committee.

The retailer, which is geared toward young adults, broke off from L Brands Inc.  in 2007 and went public in 2010. The company sells work and casual clothing for customers in their 20s and 30s and operates more than 600 stores. 

On May 29, Express lowered its earnings outlook for the year and said "second quarter results will be impacted by the need to move through slow selling spring inventory" and a Memorial Day event that wasn't as successful as last year.

Sycamore, which was started in 2011 by two executives from buyout firm Golden Gate Capital Corp., has been looking for opportunities in a retail economy battered by shaky consumer confidence and declining mall traffic. It previously acquired a stake in Aeropostale Inc. (NYSE:ARO) and extended a $150 million loan to the teen retailer.

Earlier this week, Sycamore announced it had acquired the Coldwater Creek brand and other intellectual property as part of that retailer’s Chapter 11 proceedings.

 

 

 

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Fri, 13 Jun 2014 14:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/101814/express-leaps-as-sycamore-reports-stake-plans-takeover-bid-54760.html
<![CDATA[News - Express shares rally on higher Q4 outlook ]]> https://www.proactiveinvestors.co.uk/companies/news/92413/express-shares-rally-on-higher-q4-outlook-39438.html

Apparel retailer Express (NYSE:EXPR) raised its fourth quarter outlook due to better than expected performance during the holiday season, sending shares up more than 22% this afternoon. 

The Ohio-based company now sees a profit in the range of 72 to 74 cents a share for the three months ending February 2, up from its prior forecast of 62 to 68 cents a share. 

Comparable sales are anticipated to range from flat to up 1%, compared to its prior expectation of a decrease in the low single digit range. 

"Our performance during the holiday season exceeded our expectations based on third quarter trends," said chairman and CEO, Michael Weiss.

"Our promotional strategy and the introduction of opening price points in key categories contributed to a sequential improvement in comparable sales since the third quarter of 2012 and higher gross margin dollars versus last year's holiday season.  

"E-Commerce, one of our four growth pillars, continued to grow as a percentage of the business and customers responded strongly to our offering, especially our new spring assortment."

Based on the new fourth quarter forecast, the company has adjusted its full year guidance as well, with full year comparable sales now expected to be roughly flat compared to the prior outlook of a decrease in the low single digit range. 

Profit for the year is expected between $1.56 to $1.59 per share, up from its previous view of $1.47 tp $1.53 per share. 

The company is slated to report its fourth quarter results the week of March 11. 

Express is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer. It operates over 600 retail stores, across the United States, in Canada and in Puerto Rico.

Shares in the retailer jumped over 22% to $17.19 on Tuesday. 

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Tue, 15 Jan 2013 12:32:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/92413/express-shares-rally-on-higher-q4-outlook-39438.html
<![CDATA[News - Express Q3 earnings fall on weaker sales, but Q4 profit forecast beats ]]> https://www.proactiveinvestors.co.uk/companies/news/91549/express-q3-earnings-fall-on-weaker-sales-but-q4-profit-forecast-beats-37899.html  

Apparel retailer Express Inc. (NASDAQ:EXPR) reported a drop in third-quarter profits as sales declined, but it forecast a stronger than expected fourth quarter profit on record Black Friday sales. 

For the quarter ended October 27, net income fell to $17.4 million, or 20 cents per share, from $32.7 million, or 37 cents per share, a year earlier. Revenue fell 4 per cent to $468.5 million.

Analysts had expected a profit of 17 cents on revenue of $469 million, according to Yahoo finance.

"The third quarter was a very challenging one for our company," Express's chairman and CEO Michael Weiss said.

"We were disappointed with our results, which included a net sales decrease of 4% and a comparable sales decrease of 5% compared to the prior year third quarter. However, we believe we have identified the issues impacting our performance and have developed, and begun to execute, a plan to fix them. 

"To that end, we re-balanced our sweater assortment, introduced entry price point fashion items in key categories, and began to set and communicate clearer pricing and promotional strategies for our customers. We believe that these actions will position us well for the future."

Express said that in the third quarter, comparable sales decreased 5 per cent, compared to a 5 per cent increase in the third quarter of 2011. Gross margin was 32.3 per cent of net sales compared to 36.2 per cent a year earlier.

At the end of the quarter, the company had 618 locations and 5.4 million gross square feet in operation.

The company is revising its fourth quarter 2012 guidance and currently expects fourth quarter comparable sales to decrease low single digits compared to an increase of 5 per cent in the fourth quarter of 2011.

Looking ahead, Express said that net income is expected in the range of $53 million to $58 million, or $0.62 to $0.68 per diluted share. This compares to adjusted net income of $62.1 million, or $0.70 per diluted share, in the fourth quarter of 2011.

But this is also well ahead of analyst estimates of 56 cents per share for the fourth quarter, according to Thomson Reuters.

"As we begin the fourth quarter, we are pleased to report that our clear promotional messaging contributed to a record Black Friday performance that exceeded our expectations," Weiss added.

"However, we remain cautious on the overall performance of the fourth quarter given that the majority of the holiday season lies ahead."

Shares in the company rose more than 9.7 per cent to $14.25 late Wednesday afternoon.

 

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Wed, 28 Nov 2012 14:13:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/91549/express-q3-earnings-fall-on-weaker-sales-but-q4-profit-forecast-beats-37899.html
<![CDATA[News - Express lowers Q3 profit outlook, shares tumble ]]> https://www.proactiveinvestors.co.uk/companies/news/90051/express-lowers-q3-profit-outlook-shares-tumble-35433.html

Specialty clothing retailer Express (NYSE:EXPR) downgraded its fiscal third-quarter profit projections Tuesday, as less people frequented its stores in September. 

The company's stock fell over 18 per cent in pre-market trade.  

The Columbus, Ohio-based company, which operates more than 600 locations, expects to see third quarter earnings of 14 to 20 cents per-share. 

Analysts polled by Bloomberg expected to see per-share earnings of 30 cents prior to the announcement, on sales of $498 million for the period that ends October 27. 

For the 13-week period, the fashion retailer also forecasted same-store sales to decline in the mid-single digit range.

Comparable sales are a key metric used to gauge a retailer's financial health as they exclude results from shops that recently opened or closed during the year. 

Chief executive, Michael Weiss, said that sales in August were in line with expectations, but trends became increasingly difficult in September due to an "abrupt change" in traffic. 

"This along with increased promotional activity to maintain our inventory discipline led to the revision in our third quarter sales and earnings guidance," he said. 

The company noted, however, that traffic trends began to improve in the final week of September. It therefore said it has the proper initiatives in place to improve both sales and earnings performance.

"We remain confident in our strategies, which we believe position us to achieve our long term goals in our on-going efforts to provide compelling fashion and value to our 20-to-30-year old demographic around the globe," Weiss said.   

Express is scheduled to report third-quarter results by November 26. It plans to give an update for both the fourth quarter and the fiscal year, when it reports results. 

Shares, in pre-market trade, lost 18.05 per cent to $12.30 each on the New York Stock Exchange

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Tue, 02 Oct 2012 08:48:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/90051/express-lowers-q3-profit-outlook-shares-tumble-35433.html
<![CDATA[News - Express posts 26% rise in Q2 profit, but lowers outlook for the year ]]> https://www.proactiveinvestors.co.uk/companies/news/88915/express-posts-26-rise-in-q2-profit-but-lowers-outlook-for-the-year-33665.html

Young adult apparel retailer Express (NYSE:EXPR) reported a 26 per cent increase in second quarter profit Wednesday, but lowered its outlook for the year on slower than expected sales growth. 

Shares dropped more than 7 per cent before the bell as the company lowered its full-year earnings estimate by 10 cents to between $1.69 and $1.79 a share and said it expects same-store sales to rise in the low single digits. 

The company had already cut its forecast in May due to costs related to the opening of two flagship locations in the US. 

It had previously forecast same-store sales to increase in the low to mid-single digits.

The retail chain, which operates more than 600 stores, posted net income of $15.8 million, or 18 cents per diluted share, for the period that ended July 28, meeting the high end of its previous guidance. This compared to $12.6 million, or 14 cents per share, a year earlier. 

The year-ago period included a $2.2 million, or 3 cent per share loss related to the extinguishment of debt. Excluding this, earnings were 17 cents per share for the year ago period.

Net sales increased 2 per cent in the latest quarter to $454.9 million, falling well short of the $467 million in sales expected by analysts. Comparable sales rose just 1 per cent, down from a 6 per cent increase in the second quarter of 2011. 

Same store sales are a key metric by which to gauge a retailer's health as they exclude sales from stores that recently opened or closed during the year. 

"Our second quarter results included an increase in net sales, positive comparable sales, and disciplined expense management, which combined, offset increased promotional activity in the latter part of the quarter and drove earnings per diluted share to the high end of our guidance," said chairman, president and CEO, Michael Weiss. 

"We continued to focus on our growth pillars during the quarter, opening new stores and maintaining double digit growth in e-commerce."

Weiss also noted the company's progress internationally, securing its third international franchise agreement, with the latest deal in Mexico. 

Express is planning on opening US flagship locations in Times Square in New York, and Union Square in San Francisco by the fall of 2013 in an effort to help build its brand globally. The opening of these locations helped accelerate costs in 2012. 

Gross margin was 32.2 per cent, down from 33.6 per cent a year ago. Selling, general and admin expenses came in at $115.3 million, versus $117.7 million in the same period of last year. 

Looking ahead, Weiss said: "As we begin the second half of the year, we believe it is prudent to set our guidance more conservatively and in line with the trend we experienced in the second quarter."

Express forecast current-quarter earnings of 27 cents to 32 cents a share, while analysts polled by Thomson Reuters were looking for 37 cents. Third quarter comparable sales are anticipated to be flat to up low single digits, compared to an increase of 5 per cent a year ago. 

The company now plans to open 28 new stores this year, and close 12 stores in the United States, to end the year with 625 locations.  

Express, which broke off from Limited Brands Inc. (NYSE:LTD) in 2007, listed in 2010. Shares fell 7.3 per cent Wednesday premarket, to $15.66. 

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Wed, 22 Aug 2012 09:05:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/88915/express-posts-26-rise-in-q2-profit-but-lowers-outlook-for-the-year-33665.html
<![CDATA[News - Express announces $100 mln share buyback program ]]> https://www.proactiveinvestors.co.uk/companies/news/86452/express-announces-100-mln-share-buyback-program-29551.html Young adult apparel and accessories retailer Express (NYSE:EXPR) announced Thursday a $100 million share buyback program that has been authorized by the company’s board of directors.

The repurchase program of the company’s common stock will be funded using available cash, and is expected to be executed over the next 18 months.

"Our Board believes that at the current price our stock is undervalued based on many criteria, including the long-term growth prospects for the company, and that the repurchase program is an effective means to enhance shareholder value,” said chairman, president and CEO, Michael Weiss.

"Express' strong financial condition allows us to take advantage of opportunities to purchase our securities at attractive prices. We remain confident in our go-to-market strategy and believe that our four growth pillars provide significant opportunity going forward."

The company is authorized to repurchase shares of its outstanding common stock on the open market, or in privately negotiated transactions, from time-to-time.

The timing and amount of stock bought back will depend on a variety of factors, such as market conditions as well as corporate and regulatory considerations, the company said.

Express recently reported first quarter results that fell short of estimates.

For the three month period that ended April 28, Express posted net income of $42.1 million, or 47 cents per diluted share, compared to net income of $35.0 million, or 39 cents per diluted share in the first quarter of 2011, when Express had $2.4 million in non-core operating costs.

Net sales increased six percent to $496.0 million, from $467.4 million in the year earlier quarter.

Analysts had forecast earnings of 49 cents per share on revenues of $503.17 million, according to Thomson Reuters.

Comparable sales increased four percent in the latest period - lower than the company’s reported eight percent increase in comparable sales in the first quarter of 2011.

The specialty retailer currently operates more than 600 retail stores, located primarily in shopping malls, lifestyle centers, and street locations across the United States, Canada, and Puerto Rico.

Express said it plans to open approximately 30 new stores in 2012, including 23 in the United States and seven in Canada. The company also distributes its products through the Company's e-commerce website.

Shares increased 2.63 percent Thursday morning to $18.33.

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Thu, 24 May 2012 11:42:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/86452/express-announces-100-mln-share-buyback-program-29551.html
<![CDATA[News - Express Q1 profit misses street and outlook disappoints, shares fall sharply ]]> https://www.proactiveinvestors.co.uk/companies/news/86366/express-q1-profit-misses-street-and-outlook-disappoints-shares-fall-sharply-29411.html Clothing retailer Express (NYSE:EXPR) said Tuesday that its first-quarter profit rose 20 percent, but its results missed Street expectations and shares fell over 25 percent in early morning trading.

Shares fell 25.47 percent, trading at $17.21, after Express also forecasted its second-quarter results below Street estimates and lowered its full-year earnings guidance.

For the three month period that ended April 28, the company posted net income of $42.1 million, or 47 cents per diluted share, compared to net income of $35.0 million, or 39 cents per diluted share in the first quarter of 2011, when Express had $2.4 million in non-core operating costs.

Net sales increased six percent to $496.0 million, from $467.4 million in the year earlier quarter.

Analysts had forecast earnings of 49 cents per share on revenues of $503.17 million, according to Thomson Reuters.

"We had a solid start to the year, reporting a double digit increase in earnings per diluted share while making steady progress toward our long-term goals,” said president and CEO Michael Weiss.

"The first quarter included the roll out of our new loyalty program, Express NEXT, to all stores in the United States and the opening of four new stores in our new design format.

"In addition, shortly after quarter end, we entered into a multi-country international franchise arrangement, marking our entry into Latin America."

Comparable sales increased four percent in the latest period - lower than the company’s reported eight percent increase in comparable sales in the first quarter of 2011.

Same store sales are considered to be a key indicator to measure a retailer’s financial health as they exclude sales from stores that recently opened or closed during the year.

Express said that it saw a double digit increase in e-commerce sales.

The company reported that gross margin decreased 10 basis points to 38.1 percent, compared to 38.2 percent a year earlier.

During the first quarter, Express opened four new stores in the United States and closed seven stores.  At quarter end, the company operated 606 stores and had approximately 5.2 million gross square feet in operation.

Express said it currently expects second quarter comparable sales to increase in the low to mid single digit range, compared to an increase of six percent in the second quarter of 2011.

The company said that profit is expected in the range of $13.0 to $16.0 million, or 15 to 18 cents per diluted share, based on 89.4 million weighted average shares outstanding.

Analysts are expecting 20 cents per share in earnings on $480 million in revenue for the second quarter.

For the full year, Express said it currently expects comparable sales to increase in the low to mid single digit range. Earnings for 2012 are anticipated between $1.79 to $1.89 per diluted share, based on 89.6 million weighted average shares outstanding.

Analysts expected earnings per share of $1.95 for the year, and revenues of $2.26 billion.

Express said it plans to open approximately 30 new stores in 2012, including 23 in the United States and seven in Canada, and close approximately 12 stores in the United States, to end the year with 627 locations.

The company is a specialty apparel and accessories retailer of women's and men's merchandise, targeting the 20 to 30 year old customer.  It currently operates more than 600 retail stores, located primarily in shopping malls, lifestyle centers, and street locations across the United States, in Canada, and in Puerto Rico.

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Tue, 22 May 2012 11:29:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/86366/express-q1-profit-misses-street-and-outlook-disappoints-shares-fall-sharply-29411.html