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Express makes all the right moves in Q2


Columbus, Ohio -- Express Inc. soared in the second quarter as its profit tripled amid increased sales and profit margins and reduced promotional activity.

The retailer on Wednesday reported better-than-expected sales and profit for the second quarter. It also raised its full year outlook.

Express’ net income totaled $21 million, compared to $6.9 million, boosted by gross profit resulting from cost of sales growth that was significantly behind the rate of net sales growth.

Net sales increased 11% to $535.58 million, from $481.42 million. Same-store sales rose 7% and e-commerce sales grew 21%.

“Disciplined inventory management, combined with the appeal of our product assortment, enabled us to reduce the breadth, depth and frequency of our promotions,” said David Kornberg, president and CEO. “Growth continued across our distribution channels of retail stores, e-commerce and factory outlets. The various components of our business were managed consistently with our balanced approach to growth.”

For the third quarter of fiscal 2015, Express predicts net income of $22 million to $25 million and same-store sales growth in the mid-single digits.

During the full fiscal year, Express forecasts net income of $105 million to $111 million, and the same level of same-store sales growth.

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