UPDATE: Express Shares Jump On Upbeat Results

Shares of Express

jumped more than 9% in pre-market trading after the company reported stronger-than-expected second quarter results. The Columbus, Ohio-based company posted quarterly net income of $6.9 million, or $0.08 per share, down from $16.9 million, or $0.20 per share, in the year-ago quarter. Its net sales fell 2% to $481.4 million from $490.1 million. However, analysts were expecting earnings of $0.00 per share on revenue of $457.68 million. Comparable sales fell 5% in the quarter, versus analysts' expectations for a 7.7% drop. E-commerce sales increased 3% to $61.8 million in the quarter. Express's operating income declined to $14.6 million from $33.4 million. At the end of the second quarter, cash and cash equivalents totaled $253.3 million, compared to $234.3 million at the end of year-ago quarter. Inventory at the end of the quarter was $239.9 million. Michael Weiss, the Company's Chairman and Chief Executive Officer, said, "In light of the difficult environment, we feel very good about the progress made during the second quarter and delivering earnings that exceeded the high end of our guidance. With 17 of our 20 Express Factory Outlet stores open for approximately four months, we are delighted to see them continuing to exceed our expectations from both a revenue and a margin contribution perspective.” Express raised its FY earnings forecast to $0.85 to $0.95 per share. It expects Q3 earnings of $0.13 to $0.18 per share, versus analysts' estimates of $0.16 per share. Express shares jumped 9.32% to $15.95 in pre-market trading.