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Oct. 2, 2012 /PRNewswire/ -- Express, Inc. (NYSE: EXPR), a specialty retail apparel chain operating more than 600 stores, today updated its sales and earnings outlook for the third quarter of fiscal 2012, the 13-week period ending
October 27, 2012, based on its quarter-to-date performance and expectations for the balance of the period. The Company currently expects third quarter fiscal 2012 comparable sales to decline in the mid single digit range. Net income for the third quarter of fiscal 2012 is currently expected in the range of
$14 million to $17 million, or
$0.16 to $0.20 per diluted share on 86.4 million weighted average shares outstanding. The Company expects to report actual third quarter fiscal 2012 results the week of
November 26, 2012. The Company plans to update its fourth quarter and fiscal year 2012 guidance when it reports third quarter results in November.
Michael Weiss, Chairman, President and CEO stated: "While our sales in August were in line with the expectations we provided when we introduced third quarter guidance, trends became increasingly difficult in September driven by an abrupt change in traffic. This along with increased promotional activity to maintain our inventory discipline has led to the revision in our third quarter sales and earnings guidance. We have seen traffic trends improve in the final week of September, as we conveyed a clearer pricing message to our customers. We have also experienced a favorable reaction to the new sweater styles we recently delivered in our women's offering and continue to generate solid sales within our men's business.
"As we look ahead, we are intently focused on improving our sales and earnings performance and believe we have the necessary initiatives in place to achieve this objective. We will also maintain stringent control of our inventory and expenses," Mr. Weiss continued. "We remain confident in our strategies, which we believe position us to achieve our long term goals in our ongoing efforts to provide compelling fashion and value to our 20-to-30-year old demographic around the globe."