Shares of apparel retailer Express (NYSE:EXPR) are tanking today after the company announced subdued fourth-quarter numbers.
Revenue decreased 13.6% year-over-year to $514.3 million, underperforming expectations by about $10.6 million. Net loss per share at $0.63 though came in narrower than estimates by $0.09.
Comparable sales during the year remained flat (down 15% in Q4) amid lower consumer spending and higher price sensitivity in discretionary purchases. Further, the company expects margin pressures to continue in the coming periods.
Looking ahead, for 2023, EXPR expects comparable sales to be in the positive low single digits. Net loss per share is expected to hover between $0.85 and $1.05.
Shares of the company have already tanked nearly 77% over the past year. At the same time, EXPR is focusing on optimizing its omnichannel platform and maximizing expense-saving avenues this year.
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