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March 12, 2014
10:32 EDTAEO, URBN, EXPRExpress tumbles after earnings, guidance disappoint
Shares of apparel and accessory retailer Express (EXPR) are tumbling after the company reported fourth quarter earnings per share that fell below analysts' expectations and also guided below analysts' expectations for the new quarter and fiscal year. WHAT'S NEW: Express reported fourth quarter earnings per share of 57c, which fell slightly below analysts' consensus of 59c. The company's revenue of $715.88M was also lower than the consensus estimate of $721.13M. Express blamed a heavier than planned pace of promotions as a major impact to its top line and margins. Express sees FY14 same-store sales in the negative low single digits to flat. The company also guided first quarter earnings per share of 12c-18c, well below analysts' estimations of 41c, and FY14 earnings per share of $1.03-$1.23, missing the $1.58 consensus. Express said the start of FY14 has been "extremely difficult," citing significantly lower traffic, negative comparable sales and the promotional environment remaining intense. The retailer said it expects the promotional environment will continue and that full-year results will be impacted right from the beginning, but it feels optimistic that earnings per share growth will return in the second half of FY14. OTHERS TO WATCH: Retail rivals to Express include American Eagle (AEO) and Urban Outfitters (URBN), both of whom reported on their own fourth quarters in the last two days. It is notable that both American Eagle and Urban Outfitters were downgraded this morning, with Morgan Stanley downgrading American Eagle to Underweight from Equal Weight and Urban Outfitters being downgraded to Equal Weight from Overweight at Barclays. PRICE ACTION: During morning trading, shares of Express fell 10.3% to $16.36.
News For EXPR;URBN;AEO From The Last 14 Days
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January 27, 2015
08:38 EDTEXPRExpress share repurchases likely to resume in near-term, says Wedbush
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January 26, 2015
16:33 EDTEXPRExpress note redemption adds 11c to FY15 earnings, says Nomura
Nomura expects the redemption of the 8.75% senior notes to add 11c to Express' FY15 earnings. In addition, the firm says its recent meeting with management highlighted better than expected holiday trends. The firm calls Express shares the cheapest in its retail coverage and keeps a Buy rating on the stock with a $16 price target.
January 25, 2015
20:25 EDTURBNUrban Outfitters could be more attractive, Barron's says
Urban Outfitters shares could be more attractive if the company can stabilize the namesake brand, Barron's contends in its 'The Trader' column. If the brand continues to recover, then the stock will too, the paper adds. Reference Link
January 21, 2015
10:01 EDTEXPROn The Fly: Analyst Downgrade Summary
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07:08 EDTEXPR, EXPRExpress downgraded to Sell from Buy at CLSA
CLSA downgraded Express to Sell from Buy following the announcement that buyout talks with private-equity firm Sycamore Partners have ended and expectations apparel trends will remain weak into FY16. Price target lowered to $12.
January 20, 2015
13:08 EDTEXPROn The Fly: Midday Wrap
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10:33 EDTEXPR1981 Investments reports 9.8% stake in Express, intends to review investment
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10:21 EDTEXPRExpress weakness a buying opportunity, says Mizuho
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09:11 EDTEXPROn The Fly: Pre-market Movers
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08:08 EDTEXPRExpress, Sycamore Partners announce termination of discussions
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08:07 EDTEXPRExpress, Sycamore Partners announce termination of discussions
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