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Express Q2 net sales rise 11 percent

By Prachi Singh

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Express net sales increased 11 percent to 535.6 million dollars from 481.4 million dollars in the second quarter of 2014. Comparable sales including e-commerce sales increased 7 percent, compared to a 5 percent decrease in the second quarter of 2014 and ecommerce sales rose 21 percent to 75 million dollars.

Commenting on the results, David Kornberg, the company's President and Chief Executive Officer, noted, “We delivered record second quarter sales, operating income and diluted earnings per share. Strong fashion supported by brand focused marketing and an elevation of our customer experience drove a 7 percent increase in comparable sales. The various components of our business were managed consistently with our balanced approach to growth, and each contributed to our diluted earnings per share results, which rose 213 percent to 0.25 dollar.”

Gross margin improved 480 basis points, with gross margin of 33.1 percent compared to 28.3 percent in last year's second quarter. Operating income was 35.9 million dollars, or 6.7 percent of net sales. Net income was 21 million dollars, or 0.25 dollars per diluted share compared to net income of 6.9 million dollars, or 0.08 dollar per diluted share, in the second quarter of 2014.

Positive results for twenty-six week period

Net sales increased 10 percent to 1.038 billion dollars from 942.1 million dollars in the prior year period. Comparable sales during the period including ecommerce sales increased 7 percent, compared to a decrease of 8 percent in the prior year period. Ecommerce sales of 152.6 million dollars increased 17 percent from 130.8 million dollars in the prior year period.

Operating income was 69.8 million dollars, or 6.7 percent of net sales, compared to 29.6 million dollars, or 3.1 percent of net sales, in the prior year period. Net income was 34.1 million dollars, or 0.40 dollar per diluted share, compared to net income of 12 million dollars, or 0.14 dollar per diluted share, in the prior year period.

For the thirteen weeks period ending October 31, 2015, the company expects comparable sales to increase mid-single-digits and diluted earnings per share of 0.26 dollar to 0.29 dollar. For the fiscal year ended January 30, 2016, the company anticipates comparable sales to again increase mid-single-digits and diluted earnings per share of 1.23 dollars to 1.30 dollars. Adjusted diluted earnings per share are expected to be in the range of 1.30 dollars to 1.37 dollars.

Express