Shares of Express Inc. (NYSE: EXPR), a specialty apparel and accessory retailer, are seeing a huge rally in trading today after the company raised its outlook for the fourth quarter and full year 2012.
EXPR, which currently operates more than 600 retail stores, cited better-than-expected performance during the holiday season and expectations for the balance of the period as the reason for upward revision.
For the fourth quarter ending February 2, 2013, the Columbus, Ohio-based company now expects comparable sales to range from flat to up 1%. This compares with previous guidance of a decrease in low single digit range. Net income for the quarter is expected to come in between $61 million and $63 million, or $0.72 per share and $0.74 per share, compared to previous guidance range of $53 million to $58 million, or $0.62 per share to $0.68 per share.
For the full year, comparable sales are now expected to be approximately flat, compared to previous forecast of a decline in low single digit range. Net income for the year ending February 2, 2013 is expected to come in between $136 million and $138 million, or $1.56 per share and $1.59 per share. This compares to previous forecast of $128 million to $133 million, or $1.47 per share to $1.53 per share.
Express is expected to report its fourth-quarter financial results during the week of March 11, 2013.
EXPR shares rose to an intra-day high of $17.26 earlier today. At last check, the stock was trading 22.69% higher at $17.25 on above average volume of 7.62 million.
In the last one year, EXPR shares have fallen more than 15%, compared to a gain of 14% for the S&P 500.
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