Shawshank, VA 5/22/12 (StreetBeat) -- Specialty apparel retailer Express Inc (NYSE: EXPR) reported lower-than-expected quarterly results and cut its full-year earnings guidance as higher costs hurt margins, sending its shares plunging 22 percent.
First-quarter net income rose to $42.1 million, or 47 cents per share, from $35.0 million, or 39 cents per share, a year ago.
Net sales increased 6 percent to $496.0 million.
Analysts on average had expected earnings of 49 cents per share, on revenue of $503.2 million, according to Thomson Reuters I/B/E/S.
Gross margin fell to 38.1 percent from 38.2 percent.
The company now expects to earn $1.79 to $1.89 per share in fiscal 2012, compared with its previous guidance of $1.84 to $1.97 per share.
Shares of the company fell $5.09 to $18 before the bell.
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