Express (NYSE:EXPR) stock is on the rise Wednesday after the fashion retail company released its earnings report for Q2 2023.
That report starts with adjusted earnings per share of -$9.05 for the second quarter of the year. That’s better than the -$11.06 per share that Wall Street was expecting in Q1. The company’s EPS from the same period of the year prior was $2.
On the flip side of that, Express reported revenue of $435.34 million for the quarter. Unfortunately, that’s below the $440.65 million in revenue that Wall Street was expecting. It’s also a drop from the $464.92 million reported in the second quarter of 2022.
Tim Baxter, CEO of Express, said the following about the company’s performance in Q2.
“Second quarter net sales and diluted loss per share were within the ranges of our outlook and we are gaining momentum. In the Express brand, we drove significant, sequential improvement each month driven by a powerful trend change in our women’s and eCommerce businesses. This momentum continued through Labor Day.”
EXPR Stock Outlook
To go along with this earnings report, Express reaffirmed its outlook for 2023. The retailer is expecting diluted EPS to range from -$30 to -$34 with revenue between $1.9 billion and $2 billion. For comparison, Wall Street’s 2023 estimates are for EPS of -$30.14 on revenue of $1.93 billion.
EXPR stock is up 11% as of Wednesday morning with more than 500,000 shares changing hands. For the record, it’s daily average trading volume is closer to 61,000 shares.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
