Express, Inc. (NYSE:EXPR) share prices listed lower on quarterly earnings announced Wednesday.
The Columbus, Ohio-based company, a leading fashion apparel retailer, announced its financial results for the fourth quarter 2018
Net sales decreased 10% to $628.4 million from $699.7 million in the fourth quarter of 2017. Fourth-quarter 2017 net sales benefited from an extra week, which was worth $26 million.
Comparable sales (including e-commerce sales) decreased 6%, compared to a 1% decrease in the fourth quarter of 2017.
E-commerce sales were $203.3 million. On a comparable sales basis, e-commerce sales increased 5%.
Net loss was $1.1 million, or $0.02 per diluted share, compared to net income of $27.4 million, or $0.35 per diluted share in last year's fourth quarter.
CEO Matthew Moellering noted that, "Despite our fourth quarter results being in line with the guidance we provided (last November), our overall performance in the period was disappointing.
"While we expect our results to remain challenging in the near-term, we are focusing on three key areas including product, brand and product clarity, and customer acquisition and retention to reposition the business for future growth and improved profitability."
On November 28, 2017, the Company's Board of Directors approved a new share repurchase program that authorized the Company to repurchase up to $150 million of the Company’s outstanding common stock using available cash.
Under this program, the Company has repurchased 13.0 million shares for $105 million, including 3.5 million shares for $27.0 million during the fourth quarter of 2018.
Shares fell 40 cents, or 7.9%, to $4.64
