(June 25) Express rose more than 18% in morning trading.
Penny Stocks: Express, Inc. (EXPR)
As Americans start going out more and many start returning to offices, they will spend more money on clothes. Additionally, those who enjoy shopping in stores will resume that hobby. As a result, Express, which sells on-trend apparel for men and women, should benefit from people updating their wardrobes.
In conjunction with its Q1 results, Express CEO Tim Baxter saidthe company’s sales volumesexceeded 2019 levels in March and April. Additionally, the company’s e-commerce transactions soared 40% year-over-year (YOY) and net sales climbed 64% YOY.
Impressively, Express hopes to raise its annual e-commerce revenue to $1 billion by 2024. This could be easier than it seems, as the company cut back on its promotional discounts in Q1 and plans to continue that tactic going forward.
Expresshas made some appearancesonReddit’sr/WallStreetBetsforum and could get a boost from retail investors who focus on social media.
The shares have a tiny price-sales ratio of 0.22.