Reuters: Global Markets: Retailer Express cuts full-year profit outlook again; shares fall

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Retailer Express cuts full-year profit outlook again; shares fall Aug 22nd 2012, 13:20 Wed Aug 22, 2012 9:20am EDT (Reuters) - Retailer Express Inc (EXPR.N) cut its full-year earnings forecast for the second time after reporting lower-than-expected quarterly revenue, sending its shares down 8 percent in premarket trading. Express, known for its Editor pant and 1MX shirt, has been increasing promotional activities to clear excess inventory, which hurt its margins in the second quarter. Gross margins dipped to 32.2 percent from 33.6 percent. Express now sees full-year earnings of $1.69 to $1.79 per share, lower than its prior forecast of $1.79 to $1.89 per share. The company also forecast third-quarter earnings below analysts' estimates. It expects earnings of 27 cents to 32 cents per share. Analysts on average were expecting 37 cents per share, according to Thomson Reuters I/B/E/S. Express, which sells clothes and accessories to 20- to 30-year-old men and women, said net income rose to $15.8 million, or 18 cents per share, from $12.6 million, or 14 cents per share, a year earlier. Net sales climbed 2 percent to $454.9 million. Analysts on average had expected earnings of 17 cents per share on revenue of $467 million. Shares of Express were down at $15.60 before the bell. They closed at $16.90 on Tuesday on New York Stock Exchange. (Reporting by Aditi Shrivastava in Bangalore; Editing by Maju Samuel) Link this Share this Digg this Email Reprints

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