Express -17.9% premarket on weak guidance

|By:, SA News Editor

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.