- Express released its first-quarter earnings report today.
- The company’s earnings beat estimates.
- It also put out a strong guidance despite inflation.
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Express (NYSE:EXPR) stock is rising higher on Wednesday after the fashion retailer reported results for the first quarter of 2022.
The good news for EXPR stock starts with adjusted earnings per share of -10 cents. While that’s still a loss, it’s better than the -15 cents per share that Wall Street was expecting. It’s also an improvement over the -58 cents per share reported during the same time last year.
To go along with that, its revenue of $450.78 million is better than the $435.74 million that analysts were looking for. Plus, that’s a 30% increase year-over-year compared to $345.76 million.
Express is also bucking the trend of retailers putting out weak guidance due to inflation fears. Instead, it’s expecting adjusted EPS for 2022 to range from 14 cents to 20 cents. For the record, Wall Street is estimating adjusted EPS of 17 cents from the company this year.
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Tim Baxter, CEO of Express, said the following about the results for Q1.
“Our first quarter results exceeded our expectations. We delivered positive comparable sales of 31%, double-digit positive comparable sales in every major category and every channel, and we recorded the highest number of active loyalty program members in the Company’s history. I am energized by our momentum and this is reflected in our increased annual outlook.”
Heaving trading of EXPR stock follows its earnings report today. This has nearly 4 million shares traded as of Wednesday morning. That’s already well above its daily average trading volume of about 2.9 million shares.
EXPR stock is up 8.6% as of Wednesday morning.
Investors on the lookout for more recent stock market news are in luck!
InvestorPlace has traders covered will all the latest stock market stories for Wednesday! Among them are earnings reports from Nordstrom (NYSE:JWN) and Dick’s Sporting Goods (NYSE:DKS), as well as an FDA update for Verrica Pharmaceuticals (NASDAQ:VRCA). You can dive into that news below!
More Wednesday Stock Market News
- JWN Stock Gains 7% as Nordstrom Shakes Off Inflation
- Why Is Dick’s Sporting Goods (DKS) Stock Down 6% Today?
- Why Is Verrica Pharmaceuticals (VRCA) Stock Plunging 55% Today?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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