Light Traffic, Spending Shift Hamper Express (EXPR) in Q1; Stifel Affirms at 'Buy'

Stifel affirms Express (NYSE: EXPR) with a Buy rating and $24 price target today, while offering initial commentary on the company's quarterly report.

Analyst Richard Jaffe said, Express reported adjusted 1Q EPS of $0.25, $0.02 below consensus and our estimate and at the low end of management’s guidance. EPS increased 11% vs. $0.22 LY. Results were below expectation as a challenging retail environment (weak mall traffic and a shift in consumer spending towards experiences and away from apparel) contributed to the weak sales ... The miss versus our estimate was driven by weaker than expected sales which drove lower gross margin and expense deleverage.

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