Apparel retailer Express (EXPR) reported a narrower-than-expected loss for its fiscal first quarter on Thursday, as well as strong revenues that beat analyst estimates.
The company posted a quarterly net loss of 55 cents per share on revenue of $345.8 million, a 64% year-over-year increase. Analysts were expecting a net loss of 58 cents per share on revenue of $323 million.
"We are well positioned for the post pandemic world, we are on track to achieve our goal of $1.0 billion in eCommerce demand by 2024, and I expect that we will return to positive operating cash flow in the second quarter and positive EBITDA in the third quarter," said CEO Tim Baxter.
Shares of the company initially surged after the results were released, but were recently down sharply in pre-market trading Thursday, declining 17.2% to $5.39 per share.
The Columbus, Ohio-based company has been caught up in the meme stock craze, rising more than 600% year-to-date, including a 30% jump in Wednesday's session.
The stock jumped as high as $9.55 this year as it was caught up in the Reddit-fueled pumping of certain stocks that young investors have taken a liking to.
Express also filed a prospectus supplement with the SEC on Thursday to sell up to 15 million shares of common stock from time to time through an at-the-market equity offering. The company said it intends to use the proceeds of any sale for general corporate purposes.
TheStreet founder Jim Cramer told his "Mad Money" viewers last week that short-sellers who are still betting they can profit from a drop in meme-stock prices should stand down.