Express tanks after announcing lacklustre earnings and guidance

Shares of retailer Express Inc. are down almost 10% during Wednesday’s pre-trading session after lacklustre earnings and guidance.

The company reported net sales dropped 11% to $US678.8 million in the fourth quarter of 2016 while diluted earnings per share fell to $US0.29, from $US0.67 a year ago.

Comparable sales dropped 13%.

“Despite ongoing pressures in the retail sector, our fourth quarter earnings were in line with previously issued guidance,” said Express’ CEO David Kornberg. “We enter 2017 with confidence that the actions we have taken and the initiatives underway will translate into stronger performance as we move through the year.”

NOW WATCH: Here’s why flights take longer than they did 50 years ago

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.