As the pandemic shows no signs of subsiding, customers are opting to make their purchases without setting foot in stores.
EXPRESS, INC. CLOSES STORES, WITHDRAWS Q1 GUIDANCE
The Dow Jones Industrial Average plunged 3.6% Monday, losing 1,000 points on fears that the coronavirus was spreading and would substantially impact international business. Retailers, several of which are headquartered in Central Ohio, were hit especially hard.
Express Inc. said Tuesday it is adopting a shareholder rights plan to avoid any group or individual from taking advantage of the slump in the company's share price during the coronavirus pandemic. The Columbus, Ohio-based clothing retailer said the plan, also known as a poison pill, has a one-year term and is not being introduced in the face of any known bid or other proposal to take over the company. Many companies have adopted similar plans during the pandemic, which has stalled the economy as workers are ordered to stay at home and plants and retail outlets are closed. Express shares rose 1.6% premarket, but have fallen 61% in the year to date, while the S&P 500 has fallen 13%.
EXPRESS, INC. ANNOUNCES EARNINGS RELEASE DATE, CONFERENCE CALL AND WEBCAST FOR FIRST QUARTER 2020 RESULTS
Fashion clothing retailer Express Inc. announced a fresh set of measures to combat the effect of the coronavirus pandemic on Wednesday, saying it is furloughing most of its store workers as well as some corporate workers until its stores are able and allowed to reopen. The company said it is pausing pay for those workers but will continue to pay health care benefits. The company is significantly cutting costs and spending, is suspending merit pay increases for 2020 and freezing hiring. Shares were not active premarket, but have fallen 69% in the year to date, while the S&P 500 has fallen 20%.
Q4 2019 Express Inc Earnings Call
As the pandemic shows no signs of subsiding, customers are opting to make their purchases without setting foot in stores.
The U.S. death toll from the coronavirus that causes COVID-19 rose above 4,000 on Wednesday and financial markets sold off again, after President Donald Trump warned Americans to brace for two painful weeks as the numbers continue to climb.
Express, Inc. Provides Update on Temporary Store Closures
Fashion apparel retailer Express, Inc. (NYSE: EXPR) today provided an additional business update in response to the COVID-19 pandemic.
L Brands Inc., Express Inc. and Designer Brands Inc. are both closing stores and sending headquarters employees home to slow the spread of coronavirus. The parent companies of Victoria's Secret, Pink and Bath & Body Works (NYSE: LB) as well as DSW (NYSE: DBI) and Express (NYSE: EXPR) announced Tuesday that temporary store closures at all North American stores would continue through at least March 27.
Express, Inc. Reports Fourth Quarter and Full Year 2019 Results; Introduces First Quarter 2020 Outlook
Shares of Express Inc. were indicated down less than 1% in premarket trading Wednesday, after the apparel retailer reported better-than-expected fiscal fourth-quarter results but provided a downbeat first-quarter outlook. The net loss for the quarter to Feb. 1 widended to $141.6 million, or $2.21 a share, from $1.1 million, or 2 cents a share, in the year-ago period. Excluding non-recurring items, such as impairment, restructuring and executive departure costs, adjusted earnings per share came to 19 cents, above the FactSet consensus of 18 cents. Total sales fell 3% to $606.7 million, but was above the FactSet consensus of $604.8 million, while a 3% decline in same-store sales missed expectations of a 2.7% decline. For the first quarter, the company expects a per-share loss of 18 cents to 22 cents, compared with the FactSet consensus of a 13-cent loss per share, and expects same-store sales to be down in the mid-single digits percentage range, compared with expectations of a 1.5% rise. "While there is certainly volatility surrounding the coronavirus, our lean inventory position gives us the flexibility to invest appropriately in new product in response to business trends in the coming months," said Chief Executive Tim Baxter. The stock has tumbled 42.7% over the past month through Tuesday, while the S&P 500 has shed 14.2%.
Investors need to pay close attention to Express (EXPR) stock based on the movements in the options market lately.
EXPRESS, INC. PROVIDES STORE OPENING DETAILS AND ADDITIONAL BUSINESS UPDATES
Former Chairman & CEO of Toys 'R' Us and current CEO of Storch Advisors Jerry Storch joins Yahoo FInance’s Seana Smith to discuss the worse than expected drop in April’s retail sales and which sectors have been especially hard.
Express, Inc. ("Express" or the "Company") (NYSE: EXPR) announced today that its board of directors (the "Board") unanimously approved the adoption of a limited duration shareholder rights plan (the "Rights Plan") to protect the interests of all Express shareholders.
Express (NYSE: EXPR) reported fourth-quarter earnings of 19 cents per share on Wednesday, which beat the analyst consensus estimate of 18 cents by 5.56%. This is unchanged from the same period last year.The company reported quarterly sales of $606.7 million, which beat the analyst consensus estimate of $604.8 million by 0.31%. This is a 3.46% decrease over sales of $628.426 million the same period last year.Express sees first-quarter EPS at a loss of 22-18 cents versus the estimate of an 11-cent loss,.View more earnings on EXPR"Our results show the third consecutive quarter of sequential improvement in our comp sales trend, as the actions we have taken in the early stages of our transformation are resonating with customers," said Tim Baxter, CEO of Express. "While there is certainly volatility surrounding the coronavirus, our lean inventory position gives us the flexibility to invest appropriately in new products in response to business trends in the coming months."Express traded higher by 13.31% at $2.81per share in Wednesday's pre-market session. The stock has a 52-week high of $6.24 and a 52-week low of $1.83.Photo credit: Mike Mozart, FlickrSee more from Benzinga * Cloudera Sharply Higher On Q4 Sales Beat, Strong Guidance * Cruise Liner Shares Bounce Back Despite Continued Coronavirus Concerns * China's Xi Visits Wuhan, Says Coronavirus Outbreak 'Basically Curbed'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Express (EXPR) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.