Home / Knowledge / News / Apparel/Garments / Express Inc exceeding expectations on strong sales growth
Express Inc exceeding expectations on strong sales growth
26
Aug '11
Express Inc a specialty retail apparel chain operating 599 stores, announced its second quarter financial results for the thirteen and twenty-six week periods ended July 30, 2011, which compares to the same periods ended July 31, 2010.

Second Quarter Operating Results:
• Net sales increased 10% to $446.0 million from $407.3 million in the second quarter of 2010;
• Comparable sales increased 6% following an 8% increase in comparable sales in the second quarter of 2010;
• Gross margin increased 170 bps to 33.6% of net sales compared to 31.9% in the second quarter of 2010;
• Selling, general, and administrative (SG&A) expenses totaled $117.7 million, or 26.4% of net sales. This compares to SG&A expenses of $110.9 million, or 27.2% of net sales in the second quarter of 2010, which included $0.9 million of non-core operating costs associated with the initial public offering completed on May 18, 2010;
• Other operating expense, net was $0.4 million, or 0.1% of net sales. This compares to other operating expense, net of $14.0 million, or 3.4% of net sales in the second quarter of 2010, which included $13.3 million of one-time fees paid to Golden Gate Capital and Limited Brands related to the termination of advisory arrangements with them in connection with the initial public offering;
• Operating income increased more than five-fold to $31.7 million, or 7.1% of net sales, compared to $5.1 million, or 1.2% of net sales, in the second quarter of 2010;
• Interest expense was $10.5 million and included a $3.7 million loss on extinguishment of debt associated with the $24.2 million repurchases of Senior Notes and the Opco Revolving Credit Facility amendment. This compares to interest expense of $23.3 million in the second quarter of 2010 which included a $13.6 million loss on extinguishment of debt related to the prepayment of debt using proceeds from the initial public offering;
• Income tax expense was $8.6 million, at an effective tax rate of approximately 40.6%, compared to a tax benefit of $38.9 million in the second quarter of 2010. The change in tax expense is a result of the Company's conversion to a corporation in connection with its initial public offering in the second quarter of 2010;
• Net income was $12.6 million, or $0.14 per diluted share on 88.9 million weighted average shares outstanding, and included a $2.2 million, or $0.03 per diluted share, after tax loss on extinguishment of debt related to the $24.2 million repurchases of Senior Notes and the Opco Revolving Credit Facility amendment. This compares to net income of $22.1 million, or $0.25 per diluted share on 88.7 million weighted average shares outstanding, in the second quarter of 2010 which included the following non-core operating costs after tax: (i) $0.5 million, or $0.01 per diluted share, of costs related to the initial public offering; (ii) $8.0 million, or $0.09 per diluted share, of fees paid to Golden Gate Capital and Limited Brands related to the termination of advisory arrangements with them in connection with the initial public offering; and (iii) $8.2 million, or $0.09 per diluted share, loss on extinguishment of debt related to the prepayment of debt in connection with the initial public offering. These costs were more than offset by a one-time tax benefit of $31.8 million, or $0.36 per diluted share, recognized in connection with the Company's conversion to a corporation; and

Must ReadView All

Apparel/Garments | On 28th Apr 2017

Continue existing Duty Drawback, ROSL scheme post GST: TEA

Tiruppur Exporters' Association (TEA) has made requisitions to...

Apparel/Garments | On 28th Apr 2017

Deckers Brands starts review of strategic alternatives

Deckers Brands, a global leader in designing, marketing and...

Courtesy: Adidas

Apparel/Garments | On 28th Apr 2017

Adidas, Siemens initiate joint research programme

Adidas and Siemens are initiating a joint research programme for...

Interviews View All

Viral Desai
Zenitex Mill Pvt Ltd

Full of green energy

Angelina Francesca Cheang
MY ANJE

'Consumers in the age-group 21 to 38 are driving the activewear trend'

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X