Shares of Express (EXPR) traded lower Wednesday after the Columbus, Ohio-based apparel retailer cut its earnings expectations for the year to a range of $1.00 to $1.14 a share vs. previous guidance of $1.41 to $1.54 a share. The company also posted earnings of $0.13 a share for its second quarter Wednesday, missing consensus estimates by about 24 percent, while sales of $505 million for the period were shy of forecasts by about three percent. Comparable sales also decreased by about eight percent. CEO David Kornberg said in a statement he is 'disappointed' with the second quarter performance after sales and earnings fell below our guidance, noting the poor quarter reflects challenging store traffic. Express shares, which have been sharply declining since early April, are now down more than 25 percent over the past 3 months.
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