Express Downgrades Third Quarter Earnings Forecast
Beijing time October 2nd evening news, the United States clothing Retailer Express Inc (EXPR) lowered its third quarter earnings target to below market expectations on Tuesday, mainly considering the impact of the decline in passenger traffic in September and the large discount promotions.
Express CEO Michael Weiss (Michael Weiss) said that the company experienced a sharp change in passenger traffic last month and stepped up its sales promotion efforts. He said the trend of passenger traffic improved last week.
The company will be by the end of October Third quarter Earnings per share are expected to drop to 16-20 cents from the previous 27-32 cents, less than the average 29 cents of analysts surveyed by FactSet.
The company's current sales in the third quarter will drop in the number of units, rather than the expected flat or low unit growth.
The company plans to release its third quarter earnings and full year earnings forecasts in November 26th.
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