Home / Knowledge / News / Apparel/Garments / Ecommerce drives sales at Express Inc in Q3
Ecommerce drives sales at Express Inc in Q3
02
Dec '11
Express Inc., a specialty retail apparel chain operating 607 stores, announced its third quarter financial results for the thirteen and thirty-nine week periods ended October 29, 2011, which compares to the same periods ended October 30, 2010.

Michael Weiss, Express, Inc.'s Chairman, Chief Executive Officer, and President commented: "We are pleased to continue our positive momentum from the first half of the year and report better-than-expected third quarter earnings. We believe this is a testament to the increasing awareness and strength of our brand as a leading fashion authority for our customers. During the quarter, we advanced each of our growth pillars."

"Increased sales productivity and profitability were driven by balanced growth across genders and categories resulting in a 5% increase in comparable sales. We grew our e-commerce channel by 41%, and our new stores performed ahead of our expectations. In addition, we continue to be pleased with our new store design and plan to expand this format to our new and remodeled stores beginning in late Spring 2012.

"Our international expansion continued successfully with the launch of two new stores in Canada. Our confidence is further validated by a great start to the season with record Black Friday sales. We continue to expect the combination of our data-driven strategies and brand-building initiatives to lead to another quarter of strong results and continued accomplishments toward our long term goals and objectives."

Third Quarter Operating Results:

• Net sales increased 8% to $486.8 million from $450.6 million in the third quarter of 2010;

• Comparable sales increased 5% following a 5% increase in comparable sales in the third quarter of 2010;

• Gross margin decreased 30 bps to approximately 36.2% of net sales compared to 36.5% in the third quarter of 2010. During the third quarter, the anticipated 50 basis point impact of fabric cancellation costs and increased product sourcing costs were partially offset by gross margin expansion related to the on-going benefit realized from the Company's Go-to-Market strategy and 20 bps of buying and occupancy leverage;

• Selling, general, and administrative (SG&A) expenses totaled $115.1 million, or 23.6% of net sales. This compares to SG&A expenses of $111.3 million, or 24.7% of net sales, in the third quarter of 2010, which included $0.2 million of non-core operating costs related to the secondary offering completed on December 9, 2010;

• Operating income increased 16.6% to $60.9 million, or 12.5% of net sales, compared to $52.2 million, or 11.6% of net sales, in the third quarter of 2010;

• Interest expense totaled $6.3 million compared to interest expense of $7.6 million in the third quarter of 2010;

• Income tax expense was $22.0 million, at an effective tax rate of approximately 40.3%, compared to tax expense of $18.4 million, at an effective tax rate of approximately 41.2%, inthe third quarter of 2010; and

• Net income was $32.7 million, or $0.37 per diluted share on 88.9 million weighted average shares outstanding. This compares to net income of $26.3 million, or $0.30 per diluted share on 88.7 million weighted average shares outstanding, in the third quarter of 2010, which included $0.1 million of after-tax non-core operating costs associated with the Company's secondary offering completed on December 9, 2010.

Click here to read more details

Express Inc


Must ReadView All

Apparel/Garments | On 26th Sep 2017

US raises annual AGOA quota for textiles

The US Committee for the Implementation of Textile Agreements has...

Textiles | On 26th Sep 2017

Gujarat hopes extended textile policy to attract Rs 5000 cr

The Gujarat government feels that its recent decision to extend its...

Apparel/Garments | On 26th Sep 2017

Cash burn by e-tailers in India may double during festivals

During this year’s festival season, which has already started,...

Interviews View All

Top executives
Textile industry, India

Such fairs are a must for industry to showcase new innovations

Amit Jain
Shingora Textiles Ltd

‘In terms of fabric, the fastest growing category for us is a blend of...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

Vaanee Bhatia
Gritstones Clothing

<div>Delhi-based Gritstones Clothing offers quality and exemplary style...

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