Express Trims Q4, 2013 Outlook After Weak Holiday Sales - Quick Facts

(RTTNews) - Express, Inc. (EXPR) on Monday revised its outlook for the fourth quarter and fiscal 2013, based on its performance during the holiday season and expectations for the balance of the period.

The company noted that it experienced a deeper than anticipated drop in traffic as consumers waited until much closer to Christmas to shop as well as extended the duration of promotions and deepened the discount being offered.

Looking ahead to the fourth quarter, the company currently expects earnings in a range of $0.57 to $0.61 per share, down from the prior forecast in the range of $0.66 to $0.71 per share.

On average, 14 analysts polled by Thomson Reuters now expects the company to report earnings of $0.69 per share for the quarter. Analysts' estimates typically exclude special items.

Comparable sales are now expected to range from flat to an increase in the low single digit range, compared to the earlier guidance of low single digits growth.

For fiscal 2013, the company now trimmed its earnings guidance to a range of $1.37 to $1.41 per share from the previous forecast of $1.46 to $1.51 per share, while continuing to anticipate comparable sales to increase in the low single digit range.

Street is currently looking for full-year 2013 earnings of $1.49 per share on annual revenues of $2.23 billion.