Express, Inc., a leading specialty retailer of women’s and men’s apparel and accessories, reported mixed results for its third quarter ended October 31, 2023, with overall sales increasing despite continued declines in its core Express and UpWest businesses..
**Financial Performance:**.
* **Net Sales:** Express, Inc. reported a 3.2% increase in net sales to $398.4 million, up from $385.9 million in the third quarter of 2022..
* **Comparable Sales:** Comparable sales, which measure sales at stores open for at least one year, increased by 2.3%, reflecting a modest recovery in consumer spending..
* **Gross Margin:** Gross margin declined by 110 basis points to 36.7%, primarily due to higher promotional activity and increased markdowns..
* **Net Income:** Net income improved significantly, surging to $3.8 million, compared to a net loss of $21.2 million in the prior-year quarter. This improvement was driven by increased sales and cost-saving initiatives..
**Store Performance:**.
* **Express:** The core Express brand continued to face challenges, with comparable sales decreasing by 0.7% in the quarter. The company attributed this decline to ongoing shifts in consumer preferences and increased competition in the retail landscape..
* **UpWest:** UpWest, the company’s value-oriented concept, also experienced a 7.8% decline in comparable sales, as it failed to resonate with consumers in the current economic climate..
**Strategic Initiatives:**.
* **Express Refresh:** Express, Inc. is implementing a transformation plan called .
