Express Q3 profit up 11%, cuts full year earnings outlook

New York -- Express Inc. reported net income of $19.3 million for the quarter ended Nov. 2, an 11% rise over last year’s $17.4 million profit.

Revenue increased 7.4% to $503 million, beating Wall Street’s expected $500 million in sales, and same-store sales increased 5%.

However, the specialty retailer lowered its guidance for the fiscal year as it said Thanksgiving week sales exceeded last year's levels but didn't meet expectations.

"We had been planning for a promotional holiday season, but we now expect the intensity of those promotions to reach heightened levels and we are updating our full year guidance accordingly," said Michael Weiss, chairman and CEO.

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