- Express press release ( NYSE: EXPR ): Q2 GAAP EPS of $0.10 beats by $0.01 .
- Revenue of $464.92M (+1.6% Y/Y) misses by $14.7M .
- Shares +4.7% PM.
- Q3 Outlook: Comparable sales to decrease mid-single digits; Gross margin rate to decrease approximately 350 basis points; SG&A expenses as a percent of sales to delever approximately 350 basis points, including incremental investments in technology and higher store labor expenses; Net interest expense of $4M; Effective tax rate essentially zero percent.
- FY2022 Outlook: Comparable sales to increase mid-single digits vs. prior outlook of 8% - 10%; Gross margin rate to increase at least 100 basis points; Adjusted effective tax rate of essentially zero percent vs. prior view of approximately 45% after adjusting for the impact of changes in the valuation allowance recorded against deferred tax assets' Adjusted diluted EPS of $0.16 to $0.22 vs. prior outlook of $0.14 to $0.20 and consensus of $0.15; Capital expenditures of ~$50M.
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Express GAAP EPS of $0.10 beats by $0.01, revenue of $464.92M misses by $14.7M