Express Inc. shares down after weak third-quarter results

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Express Inc. (NYSE:EXPR) shares plunged to new low on Thursday after the fashion retailer posted its earnings and revenue for the first quarter that missed consensus forecast.

The Columbus, Ohio-based company reported a loss of $4.5 million, or 6 cents a share, as compared to net income of $12.9 million, or 16 cents a share in the same period last year. Analysts surveyed by research firm FactSet were looking for a loss of 2 cents.

Revenue in the latest quarter fell to $467.0 million, down from $502.9 million in the year-earlier quarter, and also below consensus forecast of $467.7 million.

Looking forward, EXPR is anticipating adjusted profit in a range of 41 cents a share to 48 cents a share for the FY 2017, as compared to analysts’ average forecast of 66 cents.

Despite weak quarterly results, EXPR’s President and CEO, David Kornberg said the company is happy with the recent trends in its business and thinks that its initiatives are succeeding in challenging retail atmosphere.

Express Inc. (NYSE:EXPR) shares plummeted 19.20 percent to $6.27 in the last trading session following lower-than-expected quarterly performance. The 52-week range of the stock is $5.96-$16.38. The company’s market cap is $475.97 million and P/E ratio is 8.63.

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