Seeking Alpha

Express -17.9% premarket on weak guidance

  • Express (EXPR) reports e-commerce sales rose 29% to $71.2M during Q3 to help the retailer to a 5% gain in overall comp sales.
  • Gross margin rose 60 bps to 32.9% of total sales as a stronger product mix helped offset an "extremely challenging" and promotional retail environment, but wasn't enough to meet analyst estimates.
  • Shares of Express are getting hammered in premarket action, down 17.9%, as weak guidance and disappointing Thanksgiving week sales are disclosed by the company.
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