Express Inc tumbles after 2022 loss forecast

Express

31/08/2022 16:43

(Updates)
    ** Shares of fashion apparel retailer Express Inc  EXPR.N 
fall as much as 24% to a more than 1-1/2-year low of $1.45
    ** Stock, last down ~19%, will see its worst day since May
2022 if losses hold
    ** Company expects lower sales and a loss in FY22 compared
with its earlier forecast for a profit; sees shift in consumer
demand to needs-based consumable goods due to decades-high
inflation 
    ** EXPR now sees FY22 comparable sales to rise in mid-single
digits vs previous outlook of an 8% to 10% increase 
    ** Co expects loss per share between 16 cents and 22 cents
for FY22 vs prior forecast of a profit of 24 cents to 34 cents 
    ** Sees Q3 comparable sales to decrease in mid-single digits
    ** YTD, stock has nearly halved in value 

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