Express Q4 sales up on strong holiday season, upbeat on 2011

(Reuters) - U.S. clothes retailer Express Inc (EXPR.N) posted a higher quarterly profit as its merchandise sold well during the holiday season, and as less discounts boosted margins.

November-January earnings at the Columbus, Ohio-based company was $48.4 million, compared with $46.0 million last year. On a per share basis, the company earned 55 cents a share in the quarter compared with 60 cents in the year-ago quarter due to the effects of dilution.

Fourth-quarter sales rose 14 percent to $621.5 million.

Gross margins rose about 250 basis points to 36.5 percent.

Express, which sells clothes and accessories to 20-30 year old men and women, went public last year.

It opened 23 new stores in the United States, 3 stores in the Middle East in the fiscal. It plans to open its first store in Canada this year.

Express shares closed at $17.40 on the New York Stock Exchange on Monday.

(Reporting by Nivedita Bhattacharjee; Editing by Unnikrishnan Nair)