Home / Knowledge / News / Apparel/Garments / Apparel retailer Express Q3 FY'14 sales rise 7%
Apparel retailer Express Q3 FY'14 sales rise 7%
04
Dec '13
Express, Inc., a specialty retail apparel chain operating approximately 630 stores, announced its financial results for the third quarter and first nine months of 2013.  These results cover the 13 and 39 week periods ended November 2, 2013 and compare to the 13 and 39 week periods ended October 27, 2012. 

Third Quarter 2013 Operating Results:

Net sales increased 7% to $503.0 million from $468.5 million in the third quarter of 2012.

Comparable sales increased 5%.  In last year's third quarter, comparable sales declined by 5%.  Both numbers include e-commerce sales, which increased 29% to $71.2 million in the third quarter of 2013.  In last year's third quarter, e-commerce sales grew 21% to $55.1 million.

Gross margin improved 60 basis points over last year's third quarter and represented 32.9% of net sales.  Merchandise margin improved by 40 basis points.  Despite the promotional environment, we were able to recover some of the margin lost in last year's third quarter by delivering a stronger product assortment, especially on the women's side of the business.  Buying and occupancy costs as a percentage of sales improved by 20 basis points, primarily due to the leverage associated with our comparable sales growth.

Selling, general, and administrative (SG&A) expenses were $128.4 million versus $117.7 million in last year's third quarter.  As a percentage of net sales, SG&A expenses rose by 40 basis points to 25.5% compared to 25.1% in the same period last year, primarily reflecting payroll increases and an increase in marketing expense,  which includes certain costs associated with our preparations to open the Times Square store.

Operating income was $36.7 million, or 7.3% of net sales, compared to $34.4 million, or 7.3% of net sales, in the third quarter of 2012.

The effective tax rate was 39.2% compared to 41.4% in last year's third quarter. The effective rate was lower than the comparable prior year period primarily due to a discrete tax charge related to the rate applied to deferred tax balance sheet accounts incurred during the third quarter of 2012.

Net income was $19.3 million, or $0.23 per diluted share, compared to net income of $17.4 million, or $0.20 per diluted share, in the third quarter of 2012.

Real estate activity for the third quarter of 2013, which includes the opening of our Union Square flagship store in San Francisco, is detailed in Schedule 4.

Express

Must ReadView All

Textiles | On 22nd Feb 2017

Bangladesh exporters want duty-free access to US, Brazil

Garment and apparel exporters of Bangladesh are seeking duty-free...

Textiles | On 22nd Feb 2017

India to produce 341 lakh bales cotton in 2016-17: CAI

The Cotton Association of India (CAI) has maintained in its January...

Textiles | On 22nd Feb 2017

'India to be self-sufficient in silk production by 2020'

Indian could be self-sufficient in silk production by the year 2020...

Interviews View All

Shiladitya K Joshi
Truetzschler India Private Limited

India ITME provides a platform to interact with our stakeholders

Veronique Lee
Modavanti

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

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Paolo Ocleppo
Sandvik Hyperion

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

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Ritu Kumar
Label Ritu Kumar

‘Classics will return’ "There are a lot of people wearing western clothes ...

Bani Batra

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

Silvia Venturini Fendi
Fendi s.r.l

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

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
February 2017

February 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search