NEW YORK (TheStreet) -- Shares of Express Inc. (EXPR) are falling by 9.59% to $13.10 on heavy volume in mid-morning trading on Thursday, as the company reports a decline in profit and net sales for the 2014 third quarter, and slashes its full year earnings guidance.
For the latest quarter the clothing and accessories retailer said net income fell to $14.6 million, or 17 cents per diluted share, from $19.3 million, or 23 cents per diluted share or the 2013 third quarter.
Analysts polled by Thomson Reuters had expected Express to post earnings of 16 cents for the quarter.STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Net sales for the 2014 third quarter were $497.6 million versus $503.8 million for the year ago period.
Analysts were expecting Express to report net sales of $500 million for the quarter.
Express lowered its full year guidance as it says it's expecting "mall traffic will continue to remain challenging throughout the holiday period."
For the 2014 full year, Express is now expecting earnings per diluted share to be between 69 cents and 76 cents, compared to its previous guidance of 85 cents to 95 cents per share.
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 reasonable valuation levels, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. 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."