Express Trades Lower After Q2 Earnings

Express EXPR  reported second-quarter losses of 13 cents per share, which beat the analyst consensus estimate by 3 cents.

The company reported quarterly sales of $472.7 million, which beat the analyst consensus estimate of $458.68 million by 3.06%. This is a 4.24% decrease over sales of $493.605 million the same period last year.

Express now sees third-quarter comparable store sales down 6%-7%.

"Since joining Express in mid-June, I've been mainly focused on three key areas: developing a corporate strategy, building the right leadership team, and taking immediate action to change the trajectory of our business," said CEO Tim Baxter. "Our second-quarter results are not indicative of what this company can deliver, and I am committed to returning Express to long-term, profitable growth."

Express shares were trading down 5.91% at $1.75 in Wednesday’s pre-market session. The stock has a 52-week high of $11.68 and a 52-week low of $1.83.

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Photo credit: Mike Mozart, Flickr