COLUMBUS, Ohio (AP) — Clothing and accessories company Express said Wednesday that its second-quarter net income rose 7 percent, bolstered by increased online sales and growth in a key revenue metric.
The retailer also increased its full-year earnings forecast again due to its strong quarterly performance and solid outlook for the third quarter.
Its stock jumped more than 8 percent in premarket trading about an hour ahead of the market opening.
For the period ended Aug. 3, Express Inc. earned $16.9 million, or 20 cents per share. A year earlier the Columbus, Ohio-based company earned $15.8 million, or 18 cents per share.
The earnings met the expectations of analysts polled by FactSet.
Revenue increased 7 percent to $486.2 million from $454.9 million, topping Wall Street's $484.1 million estimate.
Shares of Express gained $1.65, or 8.3 percent, to $21.45 in premarket trading after rising as high as $21.96 earlier.
Revenue at stores open at least a year, a key indicator of a retailer's heath, climbed 6 percent. This was better than the 1 percent rise in the prior-year period. Express said that the figure includes online sales, which increased 27 percent in the quarter.