The firm said it lowered its price target on the apparel and accessories retailer following the company's 2014 first quarter results, which showed a drop in net sales and net earnings. For the most recent quarter, Express posted a 10% decline in net sales to $460.7 million, compared to $509.4 million from the 2013 first quarter.
The company reported a net income of $5.1 million, or 6 cents per diluted share versus a net income of $32.4 million, or 38 cents per diluted share from the year ago quarter.
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Separately, TheStreet Ratings team rates EXPRESS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate EXPRESS INC (EXPR) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and notable return on equity. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and poor profit margins."