Columbus, Ohio -- Express said its fourth-quarter net income rose a better-than-expected 6%, but its full-year projection for earnings came up short as the retailer provided a weak outlook.
Express, similar to many other retailers, had less traffic in February, as higher taxes and rising gas prices cut into shoppers’ discretionary spending.
For the period ended Feb. 2, Express Inc. earned $63.9 million, up from $60.4 million a year earlier.
Revenue increased 8% to $728.7 million from $673.2 million. Same-store sales rose 1.5%.
Full-year net income inched down 1% to $139.3 million, from $140.7 million in the previous year.
Annual revenue rose 4% to $2.15 billion from $2.07 billion. Same-store sales were flat.