Express reports a surprise profit

Express Inc. shares jumped 4.7% in Wednesday premarket trading after the apparel retailer reported a surprise profit. Net income totaled $10.6 million, or 15 cents per share, after a loss of $107.8 million, or $1.67 per share, last year. Adjusted EPS of 2 cents exceeded the FactSet consensus for a loss of 30 cents. Sales of $457.6 million were up from $245.7 million and also ahead of the FactSet consensus for $411.0 million. E-commerce rose 28%, with the company on track to reach $1.0 billion in e-commerce demand by 2024, according to a statement from Tim Baxter, chief executive of the company. Comparable sales jumped 42% compared with a FactSet consensus for an 81.9% increase. "We experienced an inflection point after the Fourth of July and have been driving a double digit comp versus 2019 since that time," said Baxter in a statement. Express stock has skyrocketed nearly 700% for the year to date while the S&P 500 index is up 19.4% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Express reports a surprise profit
Express Inc. shares jumped 4.7% in Wednesday premarket trading after the apparel retailer reported a surprise profit. Net income totaled $10.6 million, or 15 cents per share, after a loss of $107.8 million, or $1.67 per share, last year. Adjusted EPS of 2 cents exceeded the FactSet consensus for a loss of 30 cents. Sales of $457.6 million were up from $245.7 million and also ahead of the FactSet consensus for $411.0 million. E-commerce rose 28%, with the company on track to reach $1.0 billion in e-commerce demand by 2024, according to a statement from Tim Baxter, chief executive of the company. Comparable sales jumped 42% compared with a FactSet consensus for an 81.9% increase. "We experienced an inflection point after the Fourth of July and have been driving a double digit comp versus 2019 since that time," said Baxter in a statement. Express stock has skyrocketed nearly 700% for the year to date while the S&P 500 index is up 19.4% for the period. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.