Why Express, Inc. Stock Skyrocketed Today
Shares of Express Inc. (NYSE: EXPR) were up 24.2% as of 12:45 p.m. EDT Wednesday after the clothing retailer announced better-than-expected second-quarter 2017 results. More specifically, Express' revenue fell 5% year over year, to $478.5 million, including a 4% decline in comparable sales. On the bottom line, that translated to a GAAP net loss of $11.8 million, or $0.15 per share.
But on an adjusted (non-GAAP) basis -- which excludes costs related to its exit of the Canada business -- Express generated net income of $746,000, or $0.01 per share. Analysts, on average, were anticipating an adjusted loss of $0.01 per share on revenue of $474.1 million.
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Source: Fool.com
