Express takes down guidance with margins crumbling

Express (EXPR) reports comparable store sales increased 1% in Q4, led by a 14% rise in the e-commerce channel.

Gross margin rate fell 300 bps to 32% due to the "intensely" promotional retail atmosphere.

Express takes its guidance for Q1 down to $0.12-$0.18 vs. $0.41 consensus.

Shares haven't opened trading yet, but are on watch for a slip.

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