Express Inc. Q3 sales lift despite continued declines at Express, UpWest
Fashion retailer Express
The Columbus, Ohio-based company said net sales at Express and UpWest decreased 7% to $402 million in the third quarter ending October 28, with comparable sales down 6%.
Comparable retail sales, which includes both Express stores and e-commerce, were down 4%, while retail stores comparable sales decreased 16%. E-commerce comparable sales increased 10%, and comparable outlet sales decreased 13%.
Elsewhere, Bonobos brand sales were $52.1 million. Express acquired the brand from Walmart in April.
Net losses widened during the quarter to $36.8 million, or $9.83 per diluted share, compared to $34.4 million, or $0.09 per diluted share, in the prior-year period.
”During the past three months, I have had the opportunity to assess our operating capabilities, organizational structure and processes, marketing and customer acquisition abilities, and merchandise and product strategies,” said Stewart Glendinning, chief executive officer, who was appointed to the top spot at the American retailer in September this year.
“Express has the right building blocks in place with a strong portfolio of brands, a high-potential partnership with WHP and a premier omnichannel platform. Our efforts to unlock our full potential and improve our performance are already underway.”
The company updated its full-year outlook to take into consideration the challenging current macroeconomic environment, including reduced consumer spending and increased price sensitivity in discretionary categories.
It now expects net sales of approximately $1.84 billion to $1.86 billion, with diluted loss per share of $46.00 to $50.00 for the year.
