Express sees FY22 EPS ($1.22)-($1.12), two estimates (17c)

The company expects the following for the full year 2022 compared to the full year 2021: Comparable sales of flat to up 1%; Gross margin rate to decrease approximately 150 basis points; SG&A expenses as a percent of sales to delever approximately 200 basis points; Net interest expense of $17M; Effective tax rate essentially zero percent; Diluted loss per share of ($1.12)-($1.22); Capital expenditures of approximately $50M; Inventory to move closer to parity with sales trends by the end of the year.