Express Provides Preliminary Q2 Earnings; Charts Plan For $200M Annualized Savings By 2025
Portfolio Pulse from Shivani Kumaresan
Fashion retailer Express Inc (EXPR) expects Q2 FY23 sales to be $400 million - $450 million and diluted loss per share to be $(0.50) to $(0.60). The company plans to deliver $150 million in annualized expense reductions by 2025 and has already identified and implemented $80 million for 2023 and $120 million for 2024. The Board of Directors authorized a 1-for-20 reverse stock split of the company's common stock, expected to be effected after market close on August 30, 2023. EXPR shares are trading lower by 6.86% in premarket Friday.
August 18, 2023 | 12:44 pm
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Express Inc's Q2 FY23 sales and loss per share are within the previously announced guidance range. The company's cost reduction plan and the upcoming reverse stock split may impact the stock's performance. EXPR shares are currently down by 6.86%.
The company's Q2 FY23 sales and loss per share are within the previously announced guidance range, which is a positive sign. However, the company's shares are currently trading lower, which indicates a negative market sentiment. The company's cost reduction plan and the upcoming reverse stock split may have a significant impact on the stock's performance in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100