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

Textiles | On 20th Sep 2017

India needs to double cotton farmers’ income: top official

India needs to double the income of cotton farmers and non-farmers...

Textiles | On 20th Sep 2017

Pakistan seeks more JVs with China: textile minister

The Pakistani Government wants to forge more joint ventures (JVs)...

Apparel/Garments | On 20th Sep 2017

Egypt’s garment exports touch $941 million in 8 months

Egypt's garment exports touched $941 million in the first eight...

Interviews View All

Darshan Mehta
Infinium Polychem

We are spending double digit figures on R&D

Top executives
Textile industry, India

The event should be organised every year

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Iago Castro Asensio
RCfil Distribuciones S.L.

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

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

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

September 2017

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

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
74.5%
No
12.8%
Skip
12.8%

Total Votes: 47

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.7%
No
25.5%
Skip
12.8%

Total Votes: 47

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.2%
No
6.4%
Skip
6.4%

Total Votes: 47

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
70.2%
No
10.6%
Skip
19.1%

Total Votes: 47


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