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Express (EXPR) surges 47% on $1bn plans for digital channel
American fashion retailer Express (EXPR) skyrocketed 47% on Wednesday following the release of its Q4 report and plans to turn its digital channel into a $1bn revenue stream.
Before the markets opened in midweek, Express posted a $0.66 per share adjusted loss for the latest three-month period, which was 17 cents better than the Wall Street consensus.
Sales were down 29% year over year at $430.3m, a figure that ended up being around $60m shy of the pre-report forecasts.
However, investors were buoyed by the company’s plans to invest heavily in its digital channel and potentially deliver significant revenue by 2024.
Its strategy, which will be outlined further in Q2, includes a web design overhaul that will make it quicker and easier for customers to checkout, and enhanced functions for search and general navigation.
Express stock has been widely traded in recent weeks due to its popularity as a so-called ‘meme’ stock, along with the likes of GameStop (GME).
This was true again on Wednesday in New York as EXPR soared out of the gate and was up a staggering 47% by around midday.
However, those gains are relative to the cheap price for Express, with shares currently trading at around $4.99.
GameStop is also enjoying a resurgence after its shares cratered late last month.
The video game retailer, one of the big stories in finance this year due to its link to short selling and the Reddit movement, soared to $348.50 on Wednesday before falling back to $200 at close.
Consumer goods company Tupperware Brands (TUP) went in the opposite direction, plummeting 19.9%, even though its revenue in Q4 trumped forecasts by $50m at $489.6m.
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