Why Express Stock Is Sliding Today

Why Express Stock Is Sliding Today

Express Inc EXPR 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, according to Benzinga Pro. 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. 

See Also: Bed Bath & Beyond Announces Strategic Plan To Restructure, Shares Plunge

EXPR Price Action: Express has a 52-week high of $4.93 and a 52-week low of $1.63.

The stock was down 3.65% at $1.85 at time of publication, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.

Posted In: premarket tradingwhy it's movingEarningsNewsPenny StocksMoversTrading Ideas