Express cuts losses as sales increase 64%

By on June 5, 2021 0

american fashion retailer Express, Inc. reported net sales of $ 345.8 million in the first quarter ended May 2, 2020, up 64% from $ 210.3 million in the previous year quarter.

Express posted a net loss of $ 45.7 million in the first quarter Instagram: @express

Based in Columbus, Ohio, the company’s comparative sales increased 5%, similar retail sales including express stores and e-commerce increased 11%, and similar outlet store sales increased. decreased by 19%.

The retailer saw strong e-commerce growth in the quarter, with channel demand up 40% year-over-year. Since the end of the quarter, channel growth has accelerated further, reaching 70% in the second quarter to date.

According to Express CEO Tim Baxter, the company will meet its goal of reaching $ 1 billion in e-commerce demand by 2024.

Retailers’ net quarterly losses were $ 45.7 million, or $ 0.70 per diluted share, compared to $ 154.1 million in the first quarter of 2020, or $ 2.41 per diluted share. I did.

In a statement, Baxter “saw a turning point in business after Easter as more people were vaccinated and the state began to lift restrictions.” Some people have gone back to their pre-pandemic routines and jumped on an opportunity. Early in our participation, we saw improving trends in the historically dominant second-hand and work product categories, but momentum and growth in “new hearts” such as denim and express. Keep on going. Essential. “

The CEO further pointed out that due to these combined factors, store sales and demand are now above second quarter 2019 levels on a comparable basis to the second quarter to date. did.

Looking ahead, the company says it expects comparable sales to improve during the year.

Express currently operates 354 retail stores, 206 outlet stores and 563 stores, including 2 Express stores. Edit There is a Concept Store and an UpWest store.

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Express cuts losses as sales increase 64%

Source link Express cuts losses as sales increase 64%