Why Shares of Express Are Jumping Today
Shares of Express (NYSE:EXPR), which closed at $4.69 on Friday, opened at $4.73 on Monday and kept climbing, hitting $5.33 just after midday, a rise of 13.6% over the previous trading day.
CEO Tim Baxter has been bullish on the company's turnaround chances this summer, and that has helped to drive the stock. It also didn't hurt that the company's first-quarter numbers were way up, though it is still losing money: $40.6 million in the first quarter, though that's an improvement compared to the loss of $145.3 million it reported in the year-ago quarter.
In the first quarter of 2021, the company reported sales of $346 million through May 1, up 64% year over year. E-commerce sales were up 40% compared to the same period in 2020. The company said it expects positive cash flow beginning this quarter and positive EBITDA in the third and fourth quarters of 2021.
Source Fool.com
