Fashion retail company Express posted a loss narrower than anticipated by analysts for its fiscal first quarter . The company also surpassed revenue estimates.
Express quarterly net loss came in at -55 cents per share, vs. loss of -58 cents expected by analysts. Revenue surged +64% year-over-year to $345.8 million, compared to analysts’ expectation of $323 million.
Same-store sales climbed +11%, but was below the FactSet consensus estimate of +59.1% growth. Ecommerce demand increased over +40% and comparable outlet store sales dropped -19%. Express is expecting same-store sales to rise sequentially throughout the year.
Gross margin rose to 22.8% of net sales, vs. - 22.0% a year ago.
Express stock has surged 615.4% year to date through Wednesday, amid the frenzy surrounding meme stocks.