Express to Close Some Stores After Poor Quarter
Express will close about 50 of its more than 600 stores as part of an effort to rebound from a poor first-quarter earnings report. The Columbus-based fashion retailer reported net income of $5.1 million, or 6 cents per share, for the first quarter, down from $32.4 million, or 38 cents per share, during the same time last year. Wall Street analysts had expected the retailer to report earnings of 14 cents per share. The news sent Express’ stock price down by more than 9 percent in after-hours trading.