Comparable outlet sales decreased 2% in Q1.
EXPR shares jumped 7% on the better-than-expected Q1 results. The stock has
declined 42% so far this year.
Outlook
Comparable sales are expected to continue to decline in the
current quarter. The company projects the decline in the rage of 6-8% in Q2.
Express sees another quarterly loss in Q2, in the range of 13 to 17 cents per share. This compares to a profit of 3 cents per share in the year-ago quarter.
READ: RETAIL STOCKS Q1 EARNINGS PERFORMANCE: MACY’S VS JCPENNEY
Interim CEO Matthew Moellering said, “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.”
The Columbus, Ohio-based firm had earlier this month named
former Macy’s (NYSE: M)
executive Timothy Baxter as its Chief Executive Officer, effective June 17,
2019.