Here's What Probably Sent Express Shares Lower Today
Shares of Express (NYSE: EXPR), a fashion brand with over 600 retail and outlet stores in the U.S. and Puerto Rico, were down sharply Wednesday, along with a number of other apparel retailers, after a report from the U.S. Bureau of Labor Statistics (BLS). The stock ended the day down almost 10%.
In the BLS consumer price report, men's apparel prices declined 0.9% in November versus the prior year, and there was a 3.6% price decline in women's apparel. Boys' and girls' apparel prices dropped 3.9% and 2.2%, respectively, worsening an already gloomy apparel retail segment.
Adding to the pessimism Wednesday were a warning from American Eagle Outfitters that its markdown activity was higher than anticipated, and an underwhelming third-quarter earnings report from another apparel retailer, The Children's Place (NASDAQ: PLCE).
Source Fool.com
