NEW YORK (TheStreet) -- Shares of Express (EXPR - Get Report) were dropping 18.34% to $13.09 in pre-market trading on Wednesday after the company posted weaker-than-anticipated results for the 2016 second quarter and gave downbeat guidance.

Before today's opening bell, the Columbus, OH-based retailer reported earnings of 13 cents per diluted share, below analysts' estimates of 17 cents per share.

Revenue slumped 6% to $505 million year-over-year and was lower than Wall Street's projections of $521 million.

Comparable-store sales fell 8% during the period. Analysts were expecting a decline of 4.6%.

"I am disappointed with our second quarter performance as sales and earnings were below our guidance, reflecting challenging store traffic. This was compounded by a lack of clarity across the assortment," CEO David Kornberg said in a statement.

For the third quarter, Express sees earnings per share between 9 cents and 15 cents, while analysts are looking for earnings of 32 cents per share.

Full-year earnings per share are expected to range between $1 and $1.14. Analysts are estimating earnings of $1.46 per share for 2016.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on the stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and growth in earnings per share.

But the team also finds weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and unimpressive growth in net income.

Recently, 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 articles's author.

You can view the full analysis from the report here: EXPR