The retail chain who that targets sophisticated, young shoppers, tumbled as much as 13 percent after cutting its annual forecast and announcing plans to close 50 stores over the next three years.
Columbus, Ohio-based Express Inc. said on Thursday that its fiscal first-quarter profit fell to $5.08 million, from $32.4 million a year earlier.
The stores closing will shut there doors at the end of their leases, even as it ramps up expansion of its new outlet-store concept.
Express debuted its outlet format this past April.
The 50 store closures are expected to result in profit improvement of $5 to $8 million once all locations are closed.
The closings are expected to start at the end of its current fiscal year or the beginning of the next fiscal year.