logo-loader
Express

Express plunges in pre-market as it lowers expectations for full year

Profits for the three months were US$11.6 million, against US$26.3 million in the same time in 2015

shutterstock_204165478.jpg
Reporting third quarter results, the group said it now expects adjusted earnings per share (EPS) of between 78 and 82 cents

Specialty clothes retailer Express Inc (NYSE: PR) saw shares plunge over 17% in pre-market as it continues to struggle to attract shoppers.

Reporting third quarter results, the group said it now expects adjusted earnings per share (EPS) of between 78 and 82 cents.

That was down from previous guidance of between US$1 and US$1.14 a share.

Profits for the three months were US$11.6 million, against US$26.3 million in the same time in 2015, on revenues, which dropped 7.4% to $506.1mln.

Express president and chief executive David Kornberg said the quarter had been highlighted by sales and earnings in line with the group's guidance and progress made addressing the areas noted for improvement.

"This progress included refocusing our brand projection and marketing to be more consistent with our core demographic and additional steps taken to drive customer acquisition and retention.

"Notably, while small traffic challenges continued to impact our store performance, we achieved a double digit increase in e-commerce sales."

Notably, the group did report an increase in e-commerce sales by 15% to US$96.3 million.

As at the end of the period, the group had cash and cash equivalents of US$101.9mln against US$91.2mln as at the end of the third quarter of 2015.

Shares ahead of the Wall Street open plunged  17.74% to stand at US$10.99 each.

Quick facts: Express

Price: $1.97

Market: NYSE
Market Cap: $132.51 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Arcadia Biosciences makes major progress on its hemp venture...

Arcadia Biosciences Inc (NASDAQ:RKDA) CEO Raj Ketkar tells Proactive the California-based company expects to “significantly scale revenues in 2020” as it reported financial and business results for the second quarter and first half of 2019. Ketkar says the agricultural innovation company made...

1 day, 13 hours ago

2 min read