Interviews
Express Inc exceeding expectations on strong sales growth
26 Aug '11
5 min read
• Net income, adjusted for non-core operating costs noted above related primarily to the repurchases of Senior Notes (see Schedule 4 for discussion of non-GAAP measures), was $14.9 million, or $0.17 per diluted share, in the second quarter of 2011, exceeding the Company's guidance of $0.12 to $0.15 per diluted share. This compares to net income, adjusted for non-core operating costs noted above related to the initial public offering (see Schedule 4 for discussion of non-GAAP measures), of $7.1 million, or $0.08 per diluted share, in the second quarter of 2010.
Michael Weiss, Express Inc.'s President and Chief Executive Officer commented: "The continued optimization of our go-to-market strategy combined with the successful execution of our four growth pillars fueled a strong second quarter performance for Express. The quarter included strong sales gains, a 140 basis point expansion in merchandise margin, with adjusted operating income increasing 65% from the prior year. Our customers responded very favorably to both our in-season and new fall assortments, which drove increased full price selling in our stores and online. Our new stores performed positively, and we were pleased to introduce our new store design in Philadelphia and Cincinnati."
"We are optimistic as we begin the second half of the year," Mr. Weiss continued. "Our second quarter product tests have provided us with great insight into the key styles we will offer during the fall and holiday seasons. We continue to see significant opportunity to increase sales productivity, as we recapture historical sales volumes in key categories and introduce new product offerings that complement our brand. Most recently, we expanded our offering of shoes with encouraging results and look forward to our men's watch launch planned for November. Our new store openings remain on track, and we look forward to entering the Canadian market in September. While acknowledging that recent events may impact consumer confidence, we remain confident in our strategies and ability to continue to gain profitable market share. We are a fashion authority for our demographic, which is growing and has a high discretionary spend. In addition, we believe our data driven processes provide us with a key competitive advantage. We continue to expect 2011 to represent a year of significant accomplishments and increased value for our stakeholders."
Click here to read more details
Michael Weiss, Express Inc.'s President and Chief Executive Officer commented: "The continued optimization of our go-to-market strategy combined with the successful execution of our four growth pillars fueled a strong second quarter performance for Express. The quarter included strong sales gains, a 140 basis point expansion in merchandise margin, with adjusted operating income increasing 65% from the prior year. Our customers responded very favorably to both our in-season and new fall assortments, which drove increased full price selling in our stores and online. Our new stores performed positively, and we were pleased to introduce our new store design in Philadelphia and Cincinnati."
"We are optimistic as we begin the second half of the year," Mr. Weiss continued. "Our second quarter product tests have provided us with great insight into the key styles we will offer during the fall and holiday seasons. We continue to see significant opportunity to increase sales productivity, as we recapture historical sales volumes in key categories and introduce new product offerings that complement our brand. Most recently, we expanded our offering of shoes with encouraging results and look forward to our men's watch launch planned for November. Our new store openings remain on track, and we look forward to entering the Canadian market in September. While acknowledging that recent events may impact consumer confidence, we remain confident in our strategies and ability to continue to gain profitable market share. We are a fashion authority for our demographic, which is growing and has a high discretionary spend. In addition, we believe our data driven processes provide us with a key competitive advantage. We continue to expect 2011 to represent a year of significant accomplishments and increased value for our stakeholders."
Click here to read more details
Express Inc
Popular News
Leave your Comments
Editor’s Pick
Esteemed Clients
-Ltd..jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Thermore (Far East) Ltd.")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Telangana State Industrial Infrastructure Corporation Limited (TSllC Ltd)")
.jpg?tr=w-120,h-60,c-at_max,cm-pad_resize,bg-ffffff "Taiwan Textile Federation (TTF)")
