Why Express Stock Rocketed by 40% at the Open Today
Shares of clothing retailer Express (NYSE: EXPR) rose dramatically at the open, leaping a massive 40% as the trading day got under way. The big news was the company's earnings release, which wasn't exactly great reading. But Wall Street was still pretty impressed with the results. Here's a quick look at why.
Sales at Express fell 29% year over year to $430 million in the fourth quarter of 2020, despite strength in the online space. Comparable store sales were off by a hefty 27%. Adjusted earnings came in at a loss of $0.66 per share. Those are pretty dismal numbers, but they were better than what analysts had been expecting. On the top line, the average consensus estimate was roughly $425 million, with the bottom-line call at an adjusted loss of $0.82 per share. So, despite the year-over-year declines, Express is doing better than expected and investors rewarded the stock accordingly.
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Source Fool.com
