- Express (NYSE:EXPR) soars in early trading after topping Q1 estimates.
- Comparable sales were off 9% during the quarter to beat to the 10% drop expected by analysts.
- Gross margin came in at 27.1% of sales vs. 26.0% consensus and 29.9% a year ago. Operating margin was -2.6% vs. -5.9% expected.
- "While we had a soft start to the year, the health of the business improved throughout the period. As a result, we were able to reduce promotion levels in the back half of the quarter," says Interim CEO Matthew Moellering.
- Shares of Express are up 6.62% premarket to $3.38 after falling off 7.85% yesterday amid a broad retail sell-off.
- Previously: Express EPS beats by $0.15, beats on revenue (May 30)