Express Surpasses Analysts Expectations

Express (Columbus, Ohio) reported the results from its third-quarter earnings, which included a 10-percent increase in net sales, from $497.6 million to $546.6 million. This was more than $6 million hirer than analysts had expected.

The retailer’s net income also saw a significant increase, up to $26.3 million from last year’s $14.6 million.  Comparable sales increased by 6 percent; gross margins were up 35 percent; and operating margin grew to 8.1 percent.

The company credits the results to a strong product offering, well-managed inventory, and a reduction in promotions.

The retailer expects its fourth-quarter performance to be in the low single digits for comparable sales; last year comparable sales were down two percent for the fourth quarter. It also expects net income to come in between $50 million and $54 million for the fourth quarter, reports Women’s Wear Daily.