Express reports positive comparable sales growth in Q2

Express, Inc. has reported net sales increase of 3 percent to 493.6 million dollars for the second quarter of 2018. Comparable sales (including e-commerce sales) increased 1 percent, compared to a 4 percent decrease in the second quarter of 2017, while ecommerce sales increased 37 percent year over year to 123.9 million dollars.

Hover over the graph to learn more.

Commenting on the second quarter performance, David Kornberg, the company’s President and CEO, said in a statement: “Our second quarter performance represents another step forward in our pursuit of returning Express to sustainable and profitable long-term growth. Comparable sales grew for the second consecutive quarter, and for the third consecutive quarter we increased earnings relative to the prior year. E-commerce had another exceptional quarter, with sales increasing 37 percent, on top of 28 percent growth achieved in the prior year period.”

Gross margin for the quarter improved 60 basis points to 28.4 percent of net sales compared to 27.8 percent in last year's second quarter driven by a 70 basis point decrease in buying and occupancy costs as a percentage of net sales, partially offset by a 10 basis point decrease in merchandise margin. Net income was 2.2 million dollars or 0.03 dollars per diluted share compared to a net loss of 11.9 million dollars or 0.15 dollar per diluted share, in the second quarter of 2017.

For the third quarter, the company expects comparable sales to range between negative 1 percent to positive 1 percent, net income in the range of 6 to 8 million dollars and diluted EPS between 0.08 to 0.11 dollar. For the full year, comparable sales are expected to rise from0 to 1 percent, net income between 32.5 million dollars to 36.5 million dollars and diluted EPS to range from 0.43 to 0.49 dollar.

Picture:Facebook/Express