- Express press release ( NYSE: EXPR ): Q3 GAAP EPS of -$0.50 misses by $0.21 .
- Revenue of $434.15M (-8.0% Y/Y) misses by $17.62M .
- Comparable sales declined by 8%.
- Gross margin decreased by 540 basis points.
- FY2022 Outlook : Comparable sales of flat to up 1%; Gross margin rate to decrease approximately 150 basis points; SG&A expenses as a percent of sales to delever approximately 200 basis points; Net interest expense of $17 million; Effective tax rate essentially zero percent; Diluted loss per share of $1.12 to $1.22 vs. consensus of -$0.18; Capital expenditures of approximately $50 million; Inventory to move closer to parity with sales trends by the end of the year.
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Express GAAP EPS of -$0.50 misses by $0.21, revenue of $434.15M misses by $17.62M