Now what: "We believe that our product is on trend and we are providing customers with engaging experiences across each of our channels," Kornberg elaborated. "That being said, our second quarter and full year guidance reflect the challenges presented by the current retail environment."
More specifically for the second quarter, Express anticipates comparable sales in the negative mid-single-digit percentage range, and net income of $12 million to $15 million, or $0.15 to $0.19 per share. For the full-year 2016, Express also reduced its guidance to call for comparable sales to be in the negative mid- to low-single-digit range (compared to previous guidance for positive comps in the low single digits), and adjusted diluted EPS of $1.41 to $1.54 (compared to $1.56 to $1.71 previously).
In the end, while Express might well find itself emerging a stronger company should current retail industry challenges abate, it's hard to blame the market for bidding shares down today given Express' relative under performance and disappointing guidance.
Steve Symington has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.