Home / Knowledge / News / Apparel/Garments / Express Inc Q2 FY'13 revenues up 3%
Express Inc Q2 FY'13 revenues up 3%
30
May '13
Express, Inc., a specialty retail apparel chain operating 620 stores, announced its first quarter 2013 financial results for the thirteen week period ended May 4, 2013, compared to the thirteen week period ended April 28, 2012.

First Quarter 2013 Operating Results:

- Net sales increased 3% to $508.5 million from $496.0 million in the first quarter of 2012.

- Comparable sales were flat following a 4% comparable sales increase in last year's first quarter.  This includes e-commerce sales, which increased 48% to $70.7 million.  In last year's first quarter, e-commerce sales grew 28% to $47.9 million.

- Gross margin declined to 33.6% of net sales compared to 38.1% in the first quarter of 2012.  Merchandise margin declined 240 basis points driven by increased promotional activity.  Buying and occupancy expenses as a percentage of sales increased 210 basis points, in-line with expectations.

- Disciplined expense management led to lower selling, general, and administrative (SG&A) expenses of $112.6 million versus $114.2 million in last year's first quarter. As a percent of sales, SG&A expenses improved 90 basis points to 22.1% of net sales compared to 23.0% in the same period last year.

- Operating income was $58.7 million, or 11.5% of net sales, compared to $74.6 million, or 15.0% of net sales, in the first quarter of 2012.

- The effective tax rate declined to 39.6% compared to 39.9% in last year's first quarter.

- Net income was $32.4 million, or $0.38 per diluted share, compared to net income of $42.1 million, or $0.47 per diluted share, in the first quarter of 2012.

- Capital expenditures totaled $16.9 million, consistent with the first quarter of 2012.

- Real estate activity for the first quarter of 2013 is detailed in Schedule 4.

First Quarter 2013 Balance Sheet:

- Cash and cash equivalents totaled $244.2 million versus $180.4 million at the end of the first quarter of 2012.

- As expected, inventory rose to $226.3 million, an increase of 12.8%, compared to $200.6 million at the end of the first quarter of 2012.  The calendar shift due to last year's 53rd week accounted for approximately 4.0% of the increase.  Inventory per square foot increased 6.0% compared to the comparable period in 2012.

- Long-term debt was relatively unchanged at $198.9 million, with no borrowings outstanding under the Revolving Credit Facility.

Express Inc


Must ReadView All

Textiles | On 20th Jul 2017

Provide safety net for cotton growers: Congress to Trump

A bipartisan Congressional coalition has called attention of...

Courtesy: ITMF

Textiles | On 20th Jul 2017

ITMF'17 themed on tech, trade, climate in disruptive times

The International Textile Manufacturers Federation (ITMF), an...

Textiles | On 20th Jul 2017

RIL’s Q1 FY18 petrochemicals revenue up 22.9% y-o-y

Reliance Industries Limited (RIL) has reported its financial...

Interviews View All

Nishank Patel
Shri Dinesh Mills Limited

Broad range of fabrics will sell well this financial year

Veronique Lee
Modavanti

‘Sustainable fashion is trending upwards, slowly but surely, as people...

Rahul Bhadani
Looksgud

Navigating through catalogues is a bit hasslesome

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Suresh Patel
Sidwin Fabric

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

Eric Scholler
Groz-Beckert

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

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

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

July 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

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

Yes No

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

Yes No

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


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



X