Express Slid Over 10% in Morning Trading After Mixed Financial Results

Tiger Newspress2022-08-31

Express Inc shares are trading lower Wednesday after the company reported mixed financial results and cut guidance.

Express said second-quarter revenue increased 2% year-over-year to $464.9 million, which missed average analyst estimates of $479.62 million. The company reported quarterly earnings of 10 cents per share, which beat average analyst estimates of 9 cents per share.

Express said it ended the quarter with $37.7 million in cash and equivalents. Inventory reached $346.2 million at the end of the quarter, up 30% year-over-year.

"While we have lowered our outlook for the back half of this year to reflect the uncertainty of macroeconomic conditions, we remain committed to our long-term objective of a mid-single digit operating margin," said Tim Baxter, CEO of Express.

Express expects third-quarter comparable sales to decrease mid-single digits. Full-year comparable sales are expected to increase in the mid-single digits. Express said it expects a full-year net loss of 16 cents to 22 cents per share.

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