Express, Inc. (NYSE: EXPR) reported its financial results for the third quarter of 2017 on Thursday. With both earnings and revenue beating estimates, shares of the company increased 4% on Thursday.
For the third quarter, revenue decreased from $506.09 million for the same period last year to $498.65 million. However, the number beat analysts’ estimates of $488.73 million. Comparable sales for the third quarter declined by 1%, compared to an 8% increase for the same period last year.
Net income for the third quarter dropped from $11.6 million, or $0.15 per diluted share, for the same period last year, to $6.3 million, or $0.08 per diluted share, but it was still in line with estimates of $0.08 per share.
“We are pleased with the progress we are making towards returning our business to growth. Our key initiatives continue to gain traction and contribute incrementally, which is driving improved trends in our results,” David Kornberg, the president and chief executive officer of the company, said in the statement on Thursday.
“Comparable sales were at the top end of our guidance, as were earnings excluding the hurricane impact. E-commerce sales growth remained strong, increasing 23% over last year, and store comps showed further sequential improvement,” he said.