Express 2014 Annual Report Download - page 48

Download and view the complete annual report

Please find page 48 of the 2014 Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 78

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78

EXPRESS, INC.
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
(Amounts in Thousands, Except Per Share Amounts)
2014 2013 2012
NET SALES ............................................... $2,165,481 $2,219,125 $2,157,227
COST OF GOODS SOLD, BUYING AND
OCCUPANCY COSTS ................................. 1,504,527 1,501,418 1,414,588
Gross profit .................................... 660,954 717,707 742,639
OPERATING EXPENSES:
Selling, general, and administrative expenses .............. 524,041 504,277 491,599
Other operating expense (income), net ................... 316 (829) (523)
Total operating expenses .......................... 524,357 503,448 491,076
OPERATING INCOME ...................................... 136,597 214,259 251,563
INTEREST EXPENSE, NET .................................. 23,896 19,522 19,552
OTHER EXPENSE, NET ..................................... 1,145 1,571 40
INCOME BEFORE INCOME TAXES .......................... 111,556 193,166 231,971
INCOME TAX EXPENSE .................................... 43,231 76,627 92,704
NET INCOME ............................................. $ 68,325 $ 116,539 $ 139,267
OTHER COMPREHENSIVE LOSS:
Foreign currency translation ........................... (2,329) (708) (13)
COMPREHENSIVE INCOME ................................. $ 65,996 $ 115,831 $ 139,254
EARNINGS PER SHARE:
Basic ............................................. $ 0.81 $ 1.38 $ 1.60
Diluted ............................................ $ 0.81 $ 1.37 $ 1.60
WEIGHTED AVERAGE SHARES OUTSTANDING:
Basic ............................................. 84,144 84,466 86,852
Diluted ............................................ 84,554 85,068 87,206
See notes to consolidated financial statements.
44