Express (EXPR 7.83, -1.41) has slid 15.3% in pre-market after the apparel retailer issued disappointing guidance for the fourth quarter. Today's decline has pressured the stock back to levels from late November.
The company noted that while the fourth quarter started on a positive note, sales performance dropped off during the key weeks leading up to Christmas. December made for a challenging month in the company's retail stores where traffic undershot expectations. E-commerce sales, however, trended in a positive direction and the company expects to report a double-digit year-over-year increase in that category.
The company expects to report that comparable sales declined between 1.0% and 2.0% during the fourth quarter. Comparable sales for the full year are expected to show a 4.0% decline. Earnings per share are expected between $0.31 and $0.33 for the fourth quarter while earnings for the full year are expected between $0.33 and $0.35 per share.
Express will report results for the fourth quarter and fiscal year 2017 during the second full week of March.