Shares of Express soared 12.7 percent Wednesday after the company reported better-than-expected quarterly earnings and raised its full-year earnings guidance.
The clothing retailer posted earnings of $6.9 million in its fiscal second quarter. On a per-share basis, the Columbus, Ohio-based company said it had profit of 8 cents. The results exceeded Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for the company to breakeven on a per-share basis.
Express posted revenue of $481.4 million in the period, also exceeding Street forecasts. Analysts expected $460 million, according to Zacks.
Michael Weiss, the company's CEO expressed optimism about the second half of the year, and the company raised its earnings guidance to 85 cents to 95 cents per share.
Total returns through Aug. 27
Source: FactSetAssociated Press
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