NEW YORK (TheStreet) -- Express (EXPR - Get Report) stock is retreating 9.73% to $14.47 on heavy trading volume on Wednesday afternoon after the apparel and accessories company posted disappointing financial results for the fiscal 2016 first quarter.
Before today's market open, the Columbus, OH-based retailer reported earnings of 25 cents per share on revenue of $502.9 million for the quarter ended May 2. Wall Street was anticipating earnings of 27 cents per share on revenue of $521.1 million for the quarter.
Revenue was flat year over year, while comparable store sales, including online sales, dropped 3%.
Additionally, Express lowered its guidance for the 2016 fiscal year to "reflect the challenges presented by the current retail environment," CEO David Kornberg said in a statement.
The company reduced its full year earnings guidance to $1.41 to $1.54 per share from $1.56 to $1.71 per share. Same store sales are expected to decline by mid- to low-single digits, compared with the previous outlook of a low-single digit increase.
So far today, 14.01 million shares of Express have been traded, significantly more than its average daily volume of 2.48 million shares.
Separately, Express has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's impressive record of earnings per share growth, compelling growth in net income, revenue growth, attractive valuation levels and expanding profit margins.
You can view the full analysis from the report here: EXPR
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.