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Express lowers sales outlook after swinging to third-quarter loss

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Express Inc.
EXPR,
-1.54%

posted a loss for its fiscal third quarter as the company called out an “extremely challenging” macroeconomic climate. The company generated a net loss of $34.4 million, or 50 cents a share, whereas it posted net income of $13.1 million, or 19 cents a share, in the year-earlier period. Net sales fell to $434.1 million from $472.0 million a year before, while the two analysts tracked by FactSet who cover Express’s stock were anticipating $451.8 million on average. Consolidated comparable sales were down 8% in the quarter. “The third quarter was tougher than we anticipated and that is reflected in our results,” Chief Executive Tim Baxter said in a release. “The macroeconomic, consumer and competitive environments were extremely challenging, and became more acute as the quarter progressed.” The company now expects that comparable sales could be flat to up 1% for the full fiscal year. In the company’s fiscal second-quarter report, it had called for a mid-single-digit increase on the metric. The stock was down 3% in premarket trading Thursday.

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