U.S. core PPI rises 0.3% in June

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Express shares jump 13% premarket as retailer says sales and traffic improving as stores reopen

Clothing retailer Express Inc.’s shares undefined jumped 13% in premarket trade Friday, after the company said same-store sales and traffic are improving as most of its stores have reopened after being closed for the coronavirus pandemic. The Columbus, Ohio-based company said about 95% of its stores are now open and the rest are expected to do so in the coming weeks. “With each successive wave of store openings, sales and traffic improved steadily week over week through the third week in June, with sales outpacing traffic due to higher conversion levels,” the company said in a statement. Same-store sales have improved to negative 15% in the third week of June from negative 50% in early May. However, same-store sales and traffic declined in Arizona, California, Florida and Texas in late June, as COVID-19 cases began to spike. The company has buy online and pick up in store capabilities at more than 275 stores and plans to have all stores enabled by the end of the third quarter. “Results in stores have been negatively impacted by multiple factors, including reduced mall traffic due to COVID-19 and the cancellation of June and July product, the latter causing the assortments to not yet be fully reflective of the Company’s new vision but deemed prudent in order to effectively manage liquidity,” said the company. Shares have fallen 69% in the year to date, while the S&P 500 undefined has fallen 2.4%.

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