Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
Amazon's new policy for account suspensions doesn't go far enough to protect sellers from potentially unfair and wrongful suspensions, merchants say.Technologyread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Weather & Natural Disastersread more
On Saturday, Disney's Marvel Studios announced its upcoming slate of superhero films during a panel at San Diego Comic-Con.Entertainmentread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
"It troubles me that the most important political office in the world is becoming the face of racism and exclusion," Kaeser said in a Twitter post.Politicsread more
Silver's rally could be losing its shine after the precious metal reached its year-to-date high, futures experts warn.Futures Nowread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Shares of Express plummeted 25 percent Wednesday after the retailer reported weaker-than-expected quarterly sales and earnings following difficulty with store traffic.
The company reported fiscal second-quarter earnings of 13 cents per share on $505 million in revenue. Analysts expected earnings of about 17 cents a share on $521 million in revenue, according to a consensus estimate from Thomson Reuters.
The company's net sales decreased 6 percent to $504.8 million from $535.6 million in the same quarter last year. Comparable-store sales, which include e-commerce sales, fell by 8 percent, compared with a 7 percent increase in the second quarter last year.
Company President and CEO David Kornberg said in a statement the disappointing figures reflected "challenging store traffic."
"This was compounded by a lack of clarity across the assortment," he said. "We believe we have identified the necessary actions to position Express to regain momentum and we are moving on them. Our fall assortment is more cohesive across our wearing occasions, clearly identifying the important trends, and we are aggressively pursuing several marketing initiatives focused on driving new customer acquisition and retention."
He did say the company is "pleased" with its overall inventory position as the fall season begins.
"Results were below expectations as weak store traffic and lack of clarity across the merchandise assortment held back results and required increased markdowns to clear," said Stifel analyst Richard Jaffe, who gave the company a buy rating with an $18 target price.
He also said the firm supports the company management's optimistic view of an improved third quarter with a more cohesive lineup "across wearing occasions." However, he cautions that the third quarter may have difficulty driving traffic after two quarters of disappointing customers.
Deutsche Bank Markets Research downgraded the company's stock Wednesday to "hold" from buy," with a target price of $12.
Paul Trussell, an analyst in the report, said in part "the company was unable to take advantage of an improved mall apparel backdrop."
As of its Tuesday close, Express's stock has dropped 7 percent this year.
EXPR 2016 Chart