Shares of teen retailer Express Inc. slid to a record low Wednesday, after the company provided a downbeat outlook for the fiscal first quarter along with declines in fourth-quarter profit and sales. MKM Partners noted a 640 basis point decline in operating margins and said the outlook for the first quarter was particularly disappointing. “While we appreciate the environment was exceptionally tough in early February, guidance suggests that 1Q will not be an inflection quarter despite the reduced SKU (shelf keeping unit) count and improvement to merchandise vs. last year,” analyst Roxanne Meyer wrote in a note. “This creates a bit lower visibility for the pace of improvement in 2Q as well, and could serve as an overhang for the stock near-term, in our view.” MKM rates the stock neutral with a price target of $11. The stock fell 13% to $9.33 in early trade, and is down 51% in the last 12 months, while the S&P 500 has gained about 20%.
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