UPDATE: Express Posts Rise In Q3 Profit, Issues Downbeat Outlook
Express (NYSE: EXPR) reported a rise in its Q3 net income and issued a downbeat earnings forecast for the holiday quarter.
Express now projects Q4 profit of $0.66 to $0.71 per share, versus analysts' estimates of $0.78 per share.
Express reported its Q3 net income of $19.3 million, or $0.23 per share, up from $17.4 million, or $0.20 per share, in the year-ago period. However, analysts expected a profit of $0.25 per share.
Its sales climbed 7% to $503 million, while same-store sales gained 5% in the period.
Express shares dropped 18.93% to $20.00 in pre-market trading.
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