Express, Inc. (EXPR) swung to a net loss for the quarter ended Apr. 29, 2017. The company has made a net loss of $4.53 million, or $ 0.06 a share in the quarter, against a net profit of $12.88 million, or $0.16 a share in the last year period. On an adjusted basis, net loss for the quarter stood at $5.56 million, or $0.07 a share compared with a net profit of $19.81 million, or $0.25 a share in the last year period.

Revenue during the quarter dropped 7.13 percent to $467.03 million from $502.91 million in the previous year period. Gross margin for the quarter contracted 616 basis points over the previous year period to 27.19 percent. Operating margin for the quarter stood at negative 2.09 percent as compared to a positive 6.33 percent for the previous year period.

Operating loss for the quarter was $9.75 million, compared with an operating income of $31.82 million in the previous year period.

However, the adjusted operating loss for the quarter stood at $3.48 million.

David Kornberg, the Company's president and chief executive officer, stated: "We are pleased with the recent trends in our business and believe that our initiatives are gaining traction in a challenging retail environment. E-commerce sales accelerated in the first quarter, increasing 27%, and are on track for another record year. Store performance is also showing sequential progress. This led to a comparable sales improvement as we moved through the first quarter, a trend that has continued into the second quarter."

For the second-quarter 2017, Express, Inc. expects net loss to be in the range of $19 million to $16 million. The company forecasts diluted loss per share to be in the range of $0.24 to $0.20. On an adjusted basis, the company forecasts diluted loss per share to be in the range of negative $0.03 to $0.01.

For fiscal year 2017, Express, Inc. expects net income to be in the range of $16 million to $22 million and forecasts adjusted net income to be in the range of $32 million to $38 million. The company forecasts diluted earnings per share to be in the range of $0.21 to $0.28 and forecasts diluted earnings per share to be in the range of $0.41 to $0.48 on adjusted basis.

The company has spent $14.62 million cash to meet investing activities during the quarter as against cash outgo of $18.25 million in the last year period.

The company has spent $2.25 million cash to carry out financing activities during the quarter as against cash outgo of $43.55 million in the last year period.

Cash and cash equivalents stood at $190.99 million as on Apr. 29, 2017, up 72.01 percent or $79.96 million from $111.03 million on Apr. 30, 2016.