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Express profit beats consensusin fiscal Q2

Express Inc. said its normalized net income for the fiscal second quarter ended Aug. 2 amounted to 8 cents per share, compared with the S&P Capital IQ consensus estimate of 0 cents per share.

EPS fell 61.6% year over year from 20 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.7 million, a decline of 62.1% from $17.5 million in the prior-year period.

The normalized profit margin dropped to 1.4% from 3.6% in the year-earlier period.

Total revenue declined year over year to $481.4 million from $490.1 million, and total operating expenses rose on an annual basis to $464.8 million from $456.7 million.

Reported net income declined 60.5% year over year to $6.8 million, or 8 cents per share, from $17.1 million, or 20 cents per share.