Shares of Express plummeted 25 percent Wednesday after the retailer reported weaker-than-expected quarterly sales and earnings following difficulty with store traffic.
The company reported fiscal second-quarter earnings of 13 cents per share on $505 million in revenue. Analysts expected earnings of about 17 cents a share on $521 million in revenue, according to a consensus estimate from Thomson Reuters.
The company’s net sales decreased 6 percent to $504.8 million from $535.6 million in the same quarter last year. Comparable-store sales, which include e-commerce sales, fell by 8 percent, compared with a 7 percent increase in the second quarter last year.
