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Clothing retailer Express (EXPR) reported a dismal outlook for its third-quarter causing its share price to nose dive. In its report, Express drastically cut its earnings-per-share outlook to 16-20 cents from 27-32 cents for the quarter, and announced that it expected comparable-store sales to decline in the mid-single-digit range. Express also said it had increased promotions to maintain its inventory levels, another factor in its troubled outlook. Its Chairman and CEO Michael Weiss remains optimistic stating the company is intently focused on improving its sales and earnings performance and believe the necessary initiatives are in place to achieve this objective.
