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.