Home / Knowledge / News / Apparel/Garments / Express Inc Q2 FY'13 revenues up 3%
Express Inc Q2 FY'13 revenues up 3%
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

(L-R) Mr Shao Bojin, Chairman of Jihua Group and Mr Rohit Aggarwal, President of Huntsman Textile

Textiles | On 28th Oct 2016

Huntsman gets into strategic partnership with Jihua Group

Huntsman Textile Effects, the leading provider of high quality dyes...

Marzoli FT6D roving frames in Sintex’s Unit 2. Coutresy: Marzoli

Textiles | On 28th Oct 2016

Marzoli roving frames erected at Sintex textile division

A total of 48 Marzoli roving frames were erected in units I, II and...

Courtesy: Polartec

Textiles | On 28th Oct 2016

Polartec innovates most breathable waterproof fabric

Polartec, the premium provider of innovative textile solutions, has...

Interviews View All

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Studio Priyanka Rajiv

‘To reinvent the age-old tradition of embroidery to suit demographics and...

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Tony Ward
Tony Ward

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

Robert Brunner

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

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

October 2016

October 2016

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


Browse Our Archives


Advanced Search