Express Reports Fiscal Q2 Profit

Express reported Thursday fiscal Q2 adjusted earnings of $0.01 per share, down from reported earnings of $0.13 a year ago but better than the $0.01 loss that had been expected by analysts polled by Capital IQ. Revenue in the quarter ended July 29 fell to $478.5 million from $504.8 million but topped the $474.1 million estimate while comparable sales were down by 4%, better than the 5.2% decline expected by analysts.

Looking ahead, the specialty apparel and accessories retailer said it expects Q3 comparable sales to be down in the “low single digits” compared to the 1.2% decline expected by analysts, while diluted EPS is expected to be between $0.06 and $0.10 compared to the consensus for GAAP EPS of $0.08. For the FY, Express expects comparable sales to be down in the “low single digits” compared to the 3% decline see by analysts, and adjusted diluted EPS to be between $0.41 and $0.48, straddling the $0.42 estimate.

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