Express, Inc. (NYSE: EXPR) shares were fairly flat Wednesday, after the company reported better-than-expected results for its fourth quarter.
Net sales increased 2% to $693.8 million from $678.8 million in the fourth quarter of 2016. Fourth- quarter 2017 net sales benefited from an extra week, which was worth $26 million. Comparable sales (including e-commerce sales) decreased 1%, compared to a 13% decrease in the fourth quarter of 2016
Net income was $29.4 million, or $0.37 per diluted share. On an adjusted basis, net income was $26.8 million, or $0.34 per diluted share, excluding the aforementioned tax-related items. This compares to net income of $22.8 million, or $0.29 per diluted share, in the fourth quarter of 2016.
CEO David Kornberg said "We were particularly pleased with the performance of our e-commerce business, which continues its significant growth and accounted for over $500 million in sales in 2017. We are confident that our strategy will continue to yield improved results and believe that Express is uniquely positioned to capture opportunities presented by the ongoing retail industry transformation.
"For 2018, we are focused on delivering compelling product, growing our customer base and brand awareness, and pursuing double-digit growth in our e-commerce business. In addition, we will continue to expand our omni-channel capabilities, while further optimizing our store footprint."
Shares in EXPR doffed five cents to $7.35, with only minutes to go before the closing bell, within a 52-week trading range of $5.28 to $11.24
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