EXPR - Express Non-GAAP EPS of -$0.63 revenue of $514.3M

March, 24 2023 06:50 AM Express Inc.

2023-03-24 06:50:22 ET

Express press release ( NYSE: EXPR ): Q4 Non-GAAP EPS of -$0.63.
Revenue of $514.3M (-13.6% Y/Y) .
Comparable retail sales, which includes both Express stores and eCommerce, were down 15% compared to the fourth quarter of 2021. Retail stores comparable sales decreased 11% while eCommerce declined 19%
Comparable outlet sales decreased 7% compared to the fourth quarter of 2021
Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $385.8 million, which included the $409.5 million gain on the transaction with WHP Global, compared to $25.8 million in the fourth quarter of 2021. Adjusted EBITDA was negative $10.1 million in the fourth quarter of 2022
Q1 Outlook:
Comparable sales of negative low-double digits
Gross margin rate to decrease approximately 850 basis points
SG&A expenses as a percent of sales to deleverage approximately 500 basis points
Net interest expense of $3 million
Effective tax rate of essentially zero percent
Diluted loss per share of $0.70 to $0.80
Inventory to move closer to parity with sales trends as the year progresses
FY23 Outlook:
Comparable sales of positive low-single digits
Net interest expense of $10 million
Effective tax rate of essentially zero percent
Diluted loss per share of $0.85 to $1.05
Capital expenditures of approximately $55 million
Shares +5.41% PM.

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