Express Inc falls after co forecasts loss for 2022

Express

31/08/2022 12:55

** Shares of fashion apparel retailer Express Inc  EXPR.N 
down ~1% at $1.90 before the bell 
    ** Company cut 2022 sales and forecast a loss for the year
compared to previous expectation of a profit; sees shift in
consumer demand to needs-based consumable goods due to
decades-high inflation 
    ** EXPR now sees FY22 comparable sales to increase
mid-single-digits vs previous outlook of an increase by 8% to
10%
    ** Co expects loss per share between 16 cents and 22 cents
for FY22 vs prior forecast of profit of 24 cents to 34 cents 
    ** Sees Q3 comparable sales to decrease in mid-single-digits
    ** Up to Tuesday's close, stock had fallen ~38% this year

 (Reporting by Granth Vanaik)
 ((Granth.Vanaik@thomsonreuters.com;))