Fashion retailer Express Inc (NYSE: EXPR) on Thursday said it swung to a loss of 15 cents per share in the first quarter of 2019, from a profit of 1 cent per share a year ago. However, this came as a surprise to Wall Steet, which was expecting a much wider loss of 31 cents per share in Q1.
Revenues fell 6% to $451.3 million, as comparable retail sales (including e-commerce sales) decreased 9%. The top-line, meanwhile, came in above the street view of $429.85 million.
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.
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.
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.
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