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Express Says Tough First Half Will Weigh on Full-Year 2015

Express shares are plunging after hours following its report of a quarter more challenging than expected. The clothing retailer earned 6 cents a share over its first quarter, missing analysts' expectations by 8 cents. Sales dropped nearly 10% year over year to just under $461 million. Comparable-store sales plummeted 11%. In its second quarter, management guides for earnings no higher than 3 cents a share, far below analysts' estimates of 12 cents a share. Comparable-store sales are expected to drop in the mid- to high-single digits. A worse-than-expected quarter will likely drag on the fiscal year with earnings between 74 cents and 90 cents a share missing forecasts of $1.14.