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Express Q1 net loss widens, sales fall by 53 percent

By Prachi Singh

3 Jun 2020

Business

Express, Inc. reported consolidated net sales decrease of 53 percent to 210.3 million dollars for the first quarter from 451.3 million dollars in the first quarter of 2019. The company said in a statement that gross margin was negative 22 percent of net sales compared to 27.1 percent in last year’s first quarter, while net loss was 154.1 million dollars or a loss of 2.41 dollars per diluted share. On an adjusted basis, the company added, net loss was 99.4 million dollars or a loss of 1.55 dollars per diluted share for the first quarter of 2020. This compares to a net loss of 9.9 million dollars or a loss of 15 cents per diluted share, in the first quarter of 2019.

“The impact of the Covid-19 pandemic on our industry, economy, communities, associates, and customers over the last few months is unlike anything we have experienced before; and the protests and demonstrations across the country over the last week create even more uncertainty,” said Tim Baxter, the company’s Chief Executive Officer, adding, “I am confident that with the decisive actions we have taken and the strategy we have implemented, we will achieve our long-term objectives.”

As of June 3, 2020, the company has opened 303 stores. Express further said that capital expenditure is expected to be in the range of 20 million dollars to 25 million dollars for the full year 2020.

Picture credit:Business Wire