Why Express Stock Plunged Today
Shares of Express (NYSE: EXPR) declined by as much as 25.5% on Thursday. The fashion retailer announced a massive equity offering shortly after the release of its first-quarter earnings results. As of 3:15 p.m. EDT, the stock's price was down more than 17%.
Express's revenue jumped 64% year over year to $346 million, fueled by store reopenings and a 40% rise in e-commerce sales. CEO Tim Baxter said the retailer's store traffic has also begun to recover. "We experienced an inflection point in our business after Easter as more people were vaccinated and states began lifting restrictions," Baxter said in a press release.
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Source Fool.com
