=Express (EXPR) reported earnings on Thur 31 May 2018 (b/o)

Express beats by $0.03, beats on revs; guides Q2 EPS in-line; guides FY19 EPS in-line 

• Reports Q1 (Apr) earnings of $0.01 per share, $0.03 better than the Capital IQ Consensus of ($0.02); revenues rose 1.1% year/year to $479.4 mln vs the $460.78 mln Capital IQ Consensus.
  • Comparable sales (including e-commerce sales) increased 1%, compared to a 10% decrease in the first quarter of 2017.
    Gross margin improved 200 basis points to 29.9% of net sales compared to 27.9% in last year's first quarter. The improvement was driven by a 90 basis point increase in merchandise margin and a 110 basis point decrease in buying and occupancy costs as a percentage of net sales.
• Co issues in-line guidance for Q2, sees EPS of ($0.02)-$0.02 vs. $0.00 Capital IQ Consensus Estimate.
  • Q2 Comparable Sales -1% to 1%
• Co issues in-line guidance for FY19, sees EPS of $0.37-0.47 vs. $0.41 Capital IQ Consensus Estimate.
  • FY18 Comparable Sales -1% to 1%