Express, Inc. Provides Preliminary Q2 2023 Results; Announces Further Strategic Actions And Goal To Deliver $200M In Annualized Savings By 2025; Sees Q2 EPS $(0.50)-$(0.60) Vs $(0.55) Est.; Revenue $400M-$450M Vs $440.65M Est
Portfolio Pulse from Happy Mohamed
Express, Inc. (EXPR) has provided preliminary Q2 2023 results, expecting net sales to be in the range of $400M-$450M and diluted loss per share to be between $0.50-$0.60. The company has also announced strategic actions to deliver $200M in annualized savings by 2025, including a 1-for-20 reverse stock split. The company has already identified and implemented $80M for 2023 and $120M for 2024. The cost reductions for 2024 include a workforce reduction expected to generate savings of approximately $30M.
August 17, 2023 | 8:19 pm
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Express, Inc. (EXPR) has announced preliminary Q2 2023 results and strategic actions to deliver $200M in annualized savings by 2025. The company's cost reductions for 2024 include a workforce reduction expected to generate savings of approximately $30M.
The company's announcement of its preliminary Q2 2023 results and strategic actions to deliver $200M in annualized savings by 2025 could have a neutral impact on its stock. While the cost-saving measures and the reverse stock split could be seen as positive steps towards improving the company's financial health, the expected diluted loss per share could negatively impact investor sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100