Proactive Investors - Run By Investors For Investors

Express stock drops on missed fourth-quarter expectations

The departure of the company's CEO hamstrung its fourth-quarter earnings
Clothing rack
The company took a $1.1 million loss last quarter

Express Inc (NYSE:EXPR) posted fiscal fourth-quarter results Wednesday morning that missed expectations on earnings and revenue.

The apparel company reported a loss of $1.1 million, $0.02 per share, easily missing analysts’ average expectations of $0.16 in earnings. That’s down from $27.4 million, $0.35 per share, a year earlier, albeit in a quarter with an additional week. Same-store sales shrunk 6%.

The stock was out of fashion Wednesday morning, down 12.7% to $4.45 before the bell.

However, excluding costs associated with the CEO’s departure and the impairment of the company’s investment in vintage apparel company Homage, adjusted net income would have been $12.8 million, $0.19 per share, the company said in a statement.

The Columbus, Ohio-based company’s search for a new CEO is still ongoing.

Looking forward, the company expects a first quarter loss between $18 million and $23 billion, or a range of $0.27 to $0.34 per share. That’s worse than the average analyst estimate of a $0.04 loss per share.

The company declined to issue full-year guidance amid the active CEO search.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

View full EXPR profile View Profile

Express Timeline

Related Articles

Scans and MRI
November 28 2018
The firm's subsidiary, Imaging Biometrics, recently appointed a South Korean distributor a few weeks after receiving the first commercial order for its StoneChecker technology
H&T
December 03 2018
“I think customers are seeing that we do offer value and that really is the answer,” said chief executive John Nichols
Drain
December 18 2018
MetroRod has been in operation for 30 years but only became a franchise relatively recently
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use