Executive Summary

• Express reported 4Q17 revenues of $693.8 million, up 2.2% year over year and beating the $686.8 million consensus estimate. Adjusted EPS was $0.34, above the consensus estimate of $0.32 and up from $0.29 in the year-ago quarter.
• Comparable sales, including e-commerce sales, decreased by 1%, compared with a 13% decrease in the year-ago quarter and beating the consensus estimate of a 1.9% decline.
• The company’s EPS guidance for 1Q18 is $(0.04)–$0.00, versus the $(0.01) consensus estimate. The company expects 1Q18 comp growth of (1.0)%–1.0%, compared with the consensus estimate of 0.5%.