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Express raises Q4 and FY15 outlook

By Prachi Singh

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Ahead of its presentation at the ICR Xchange Conference, Express, has updated its guidance for the fourth quarter and full year 2015 ending January 30, 2016, based on its performance during the 2015 holiday season and its expectations for the balance of the period. Fourth quarter comparable sales are expected to increase by three percent, while full year comparable sales are still expected to increase in the mid-single digit range.

Commenting, David Kornberg, Express President and Chief Executive Officer, said, "We were pleased with our holiday results. The solid performance we experienced over Thanksgiving continued through December and into early January as customers responded enthusiastically to our assortment. We believe we are well positioned for the fourth quarter and as a result, we are increasing our fourth quarter and full year guidance."

Fourth quarter and FY 15 guidance

Net income is currently expected to be in the range of 53 dollars to 55 million dollars, or 0.63 dollar to 0.65 dollar per diluted share on 83.7 million weighted average shares outstanding. This compares to the company's previous guidance of a low single digit comparable sales increase and net income of 50 dollars to 54 million dollars, or 0.60 dollar to 0.64 dollar per diluted share on 83.9 million weighted average shares outstanding.

Net income for the full year is currently expected to be in the range of 113 dollars to 115 million dollars, or 1.34 dollars to 1.36 dollars per diluted share. After giving effect to approximately 9.7 million dollars of non-core operating items in connection with the first quarter 2015 redemption of the company's Senior Notes, adjusted net income is expected to be in the range of 119 dollars to 121 million dollars, or 1.41 dollars to 1.43 dollars per diluted share on 84.7 million shares outstanding. This compares to the Company's previous guidance of net income of 110 dollars to 114 million dollars, or 1.31 dollars to 1.35 dollars per diluted share, and adjusted net income of 116 dollars to 120 million dollars, or 1.38 dollars to 1.42 dollars per diluted share on 84.7 million shares outstanding.

Express