Express ( NYSE: EXPR ) plunged in early trading on Wednesday after reporting a mixed Q2 earnings report and guiding for a comparable sales decline at a mid single-digit rate.
The retailer lowered its outlook for the back half of this year to reflect what it said are uncertain macroeconomic conditions, as well as potential supply chain issues. Express ( EXPR ) expects gross margin to fall 350 basis points in Q3 from the level from a year ago.
Shares of Express ( EXPR ) fell to a 52-week low of $1.45 early in the session on Wednesday and were still down 21.35% at last check.
Read more details on Express' Q2 earnings report.
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Express slides to new low after guidance rattles investors