Express marks over 2-year low after Q4 sales fall

Express

24/03/2023 16:59

(Updates)
    ** Shares of apparel retailer Express Inc  EXPR.N  fall as
much as 17.4% to $0.70, marking lowest since Nov 2020
        ** Stock last down ~9.4%
  
    ** EXPR's Q4 net sales fall 14% to $514.3 mln from $594.9
mln a year ago
    ** Co says there was reduced consumer spending and increased
price sensitivity in discretionary categories
    ** "We expect the margin pressure and recessionary
environment we experienced in the back half of the year to
continue," CEO Tim Baxter says
    ** Express forecasts Q1 gross margin rate to decline about
850 basis points
    ** Co also expects FY loss of $0.85/shr to $1.05/shr; it
reported 2022 loss of $1.21/shr  
    ** Stock has fallen nearly 79% in the past 12 months

 (Reporting by Anne Florentyna Gnanaraja Sekar in Bengaluru)
 ((AnneFlorentyna.GnanarajaSekar@thomsonreuters.com;))