NEW YORK (TheStreet) -- Express (EXPR) stock is plunging on Friday after the company reported below-consensus earnings in its first quarter and warned of continuing troubles ahead. By market open, shares had plummeted 13.1% to $11.85.
Over its first quarter, the clothing retailer earned 6 cents a share, missing estimates by 8 cents according to analysts surveyed by Thomson Reuters. Sales dropped nearly 10% year over year to $460.7 million.
For the full year, management guides for earnings between 74 cents and 90 cents a share, below forecasts of $1.14.
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."