Express earnings for the fourth quarter of the year have EXPR stock falling on Wednesday.
The bad news for EXPR stock has to do with Express’ (NYSE:EXPR) revenue of $628.43 million for the fourth quarter of 2018. This is a drop from the company’s revenue of $699.68 million from the same time last year. It also comes in below Wall Street’s revenue estimate of $629.63 million for the quarter.
Express earnings for the fourth quarter of 2018 also include earnings per share of 19 cents. This is down from the company’s earnings per share of 37 cents from the fourth quarter of 2017. It also comes in above analysts’ earnings per share estimate of 16 cents for the period, but wasn’t able to keep EXPR stock from falling today.
Express also includes its outlook for the first quarter of 2019 in its most recent earnings report. The company notes that it is expecting losses per share between 27 cents and 34 cents during the quarter. This is horrible news for EXPR stock as Wall Street is looking for losses per share of 4 cents for the company’s first quarter of the year.
“Despite our fourth quarter results being in line with the guidance we provided on November 29, 2018, our overall performance in the period was disappointing,” Matthew Moellering, interim CEO of Express, said in a statement. “While we expect our results to remain challenging in the near-term, we are focusing on three key areas including product, brand and product clarity, and customer acquisition and retention to reposition the business for future growth and improved profitability.”
EXPR stock was down 5% as of noon Wednesday.
As of this writing, William White did not hold a position in any of the aforementioned securities.