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Express profit misses consensus by 46.9% in fiscal Q1

Express Inc. said its normalized net income for the fiscal first quarter ended May 3 was 7 cents per share, compared with the S&P Capital IQ consensus estimate of 14 cents per share.

EPS fell 81.2% year over year from 39 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $6.2 million, a decrease of 81.4% from $33.6 million in the prior-year period.

The normalized profit margin fell to 1.2% from 6.6% in the year-earlier period.

Total revenue decreased 9.6% on an annual basis to $460.7 million from $509.4 million, and total operating expenses declined from the prior-year period to $444.8 million from $450.6 million.

Reported net income declined 84.4% on an annual basis to $5.1 million, or 6 cents per share, from $32.5 million, or 38 cents per share.