The clothing and accessories chain has been dealing with declining mall traffic and tough competition. In addition, its clothing offerings have not struck a chord with fickle teenagers.
"We had anticipated a very challenging first quarter, but our actual results were weaker than planned," CEO
Stifel Nicolaus analyst
"We believe much of Express' weakness is self-inflicted merchandise misses, which will take time to correct," he said.
For the first quarter, net income fell 84 percent to
Revenue fell 10 percent to
Weiss said second-quarter results will be hurt by steep discounts to clear out inventory. The company expects a net loss of
For the year, the company expects
Shares of Express fell
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