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

India’s e-commerce policy framework in 6 months: official

Apparel/Garments | On 26th Apr 2018

India’s e-commerce policy framework in 6 months: official

In the next six months, India will come out with a framework for a...

MSME secretary Arun Kumar Panda presenting 'friend of India' plaque to a delegate from Malawi at the first International SME Convention. Courtesy: PIB

Apparel/Garments | On 26th Apr 2018

India to set up Digital Trade Desk for SME collaboration

India’s ministry of micro, small and medium enterprises (MSMEs) has...

Courtesy: Kai Pilger from Pexels

Apparel/Garments | On 26th Apr 2018

FOBAP in the Philippines trying for garments sector revival

The Foreign Buyers Association of the Philippines (FOBAP), a body...

Interviews View All

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Ashok Desai
Bombay Textile Research Association

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

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

Aditi Somani
Aditi Somani

Aditi Somani specialises in luxury fusion wear with international cuts and ...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

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

Leave your Comments


April 2018

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
69.9%
No
12.6%
Skip
17.5%

Total Votes: 103

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
63.1%
No
29.1%
Skip
7.8%

Total Votes: 103

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
87.4%
No
8.7%
Skip
3.9%

Total Votes: 103

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
82.5%
No
7.8%
Skip
9.7%

Total Votes: 103


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