Shares of clothing retailer Express (EXPR) - Get Report were falling nearly 6% in premarket trading Wednesday after the company reported second-quarter results that came in below analysts' expectations.
The company reported a quarterly loss of $9.7 million, or 13 cents a share, after reporting a profit of $2.2 million a year earlier. Revenue of $472.7 million was a 4% decline year over year.
Analysts were expecting the company to report a loss of 15 cents a share on revenue of $461 million.
"Since joining Express in mid-June, I've been mainly focused on three key areas: developing a corporate strategy, building the right leadership team, and taking immediate action to change the trajectory of our business," said CEO Tim Baxter who joined the company on June 17. "Our second-quarter results are not indicative of what this company can deliver, and I am committed to returning Express to long-term, profitable growth."
The company expects to lose another 8 cents to 10 cents a share in the third quarter compared with Wall Street's consensus estimate of a profit of 2 cents.
Express declined 5.91% to $1.75 in premarket trading.
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