For the second quarter, fashion apparel retailer Express, Inc. reported consolidated net sales increase of 86 percent to 457.6 million dollars, with consolidated comparable sales up 42 percent. Compared to 2019, consolidated comparable sales increased by 3 percent.
Comparable retail sales, which includes both Express stores and ecommerce, increased 48 percent compared to the second quarter of 2020. Comparable outlet store sales increased 30 percent.
“Our performance across all channels in the second quarter was very strong on both the top and bottom line. We experienced an inflection point after the fourth of July and have been driving a double digit comp versus 2019 since that time,” said Tim Baxter, the company’s chief executive officer.
Express returns to Ebitda growth in Q2
Gross margin for the quarter was 32.6 percent of net sales compared to negative 17.9 percent in last year’s second quarter, an increase of over 5,000 basis points. Compared to 2019, gross margin increased by 580 basis points.
Net income was 10.6 million dollars or 15 cents per diluted share. On an adjusted basis, net income was 1.7 million dollars or 2 cents per diluted share. This compares to a net loss of 107.8 million dollars or a loss of 1.67 dollars per diluted share, in the second quarter of 2020. On an adjusted basis, net loss was 95.6 million dollars or a loss of 1.48 dollars per diluted share, in the second quarter of 2020.
Ebidta for the quarter was 30.8 million dollars compared to negative Ebitda of 118.4 million dollars in the second quarter of 2020. Ebitda was 11.2 million dollars in the second quarter of 2019.
The company expects net sales above 2019 levels on a comparable basis for the second half of the year and gross margin rate approximately 200 basis points above 2019 levels. Express added that the company is on track to achieve goal of 1 billion dollars in ecommerce demand by 2024.