Express profit plummets 23% but beats expectations

Columbus, Ohio -- Express Inc. reported Thursday that its third-quarter net income fell 23% to $32.4 million, compared with $42.1 million in the same period last year. Results, impacted by heavier discounting and higher costs, still beat Wall Street’s estimates.



Revenue climbed 3% to $508.5 million, solidly topping analysts’ estimate of $498 million and prompting the apparel retailer to lift its full-year earnings forecast. Same-store sales were flat in the quarter, after a 4% gain last year.