In a standout performance, Express Inc., the esteemed fashion retailer, reports a resilient 5% increase in net sales, reaching $454.1 million for the third quarter. This achievement is noteworthy, considering challenges faced by its Express and UpWest brands.
For the quarter ending October 28, net sales for Express and UpWest experienced a 7% decline, totaling $402 million, accompanied by a 6% drop in comparable sales. Notably, comparable retail sales, encompassing both Express stores and e-commerce, saw a 4% decrease. Express stores witnessed a 16% decline in comparable sales, while e-commerce displayed a commendable 10% increase. Comparable outlet sales faced a 13% decrease.
Contributing to the positive results, Bonobos brand sales, acquired from Walmart in April, added $52.1 million to Express Inc.’s overall performance.
Despite challenges, Stewart Glendinning, the CEO appointed in September, expressed confidence in the company’s foundation. Glendinning highlighted ongoing efforts to unlock Express’s full potential and enhance overall performance through a strong brand portfolio, a promising partnership with WHP, and a premier omnichannel platform.
While the quarter saw net losses widen to $36.8 million, translating to $9.83 per diluted share, in comparison to $34.4 million, or $0.09 per diluted share, in the prior year, the company remains committed to navigating challenges in the macroeconomic environment.
Express Inc. has updated its full-year outlook, considering the current economic landscape marked by reduced consumer spending and increased price sensitivity. The revised projections anticipate net sales ranging from approximately $1.84 billion to $1.86 billion, with a diluted loss per share of $46.00 to $50.00 for the year.
Express Inc. continues to strategically position itself in the market, leveraging its brand portfolio, strategic partnerships, and omnichannel capabilities for sustained success in the dynamic retail landscape.
