Mon. Nov 18th, 2019

Express shares slide 8% premarket after it swings to loss, offers soft guidance

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Clothing retailer Express Inc. shares

EXPR, +0.00%

fell about 8% in premarket trade Wednesday, after swinging to a loss in the second quarter and offering softer-than-expected guidance. Columbus, Ohio-based Express said it had a net loss of $9.7 million, or 14 cents a share, in the quarter, after net income of $2.2 million, or 3 cents a share, in the year-earlier period. Adjusted per-share loss came to 13 cents, narrower than the loss of 15 cents forecast by FactSet analysts. Sales fell 4% to $472.7 million, ahead of the $461 million FactSet consensus. Same-store sales fell 7%, compared with a FactSet consensus for a decline of 6.6%. “Our second quarter results are not indicative of what this company can deliver, and I am committed to returning Express to long-term, profitable growth,” Chief Executive Tim Baxter, who joined the company in June, said in a statement. The company is now expecting third-quarter same-store sales to fall 6% to 7%. It expects a loss per share of 8 cents to 10 cents, compared with a FactSet consensus for EPS of 2 cents. Shares have fallen 66.6% in 2019, while the S&P 500

SPX, -0.32%

has gained 14.5%.

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