Home / Knowledge / News / Apparel/Garments / Express Q4'13 operating income plunges
Express Q4'13 operating income plunges
12
Mar '14
Express, Inc., a specialty retail apparel chain operating approximately 630 stores, announced fourth quarter and full year 2013 financial results.  These results cover the 13 and 52 week periods ended February 1, 2014 and compare to the 14 and 53 week periods ended February 2, 2013.  
 
Comparable sales for the fourth quarter and full year 2013 were calculated using the 13 and 52 week periods ended February 1, 2014 compared to the 13 and 52 week periods ended February 2, 2013, respectively.
 
Fourth Quarter 2013 Operating Results (for the 13 week period ended February 1, 2014 compared to the 14 week period ended February 2, 2013):
-Net sales for the fourth quarter were $715.9 million.  Net sales for the fourth quarter of 2012 were $731.7 million, including approximately $27.0 million related to the fourteenth week in last year's fourth quarter. 
-Comparable sales (including e-commerce sales) increased 1% compared to a 1.5% increase in last year's fourth quarter.  E-commerce sales increased 14% to $138.8 million in the fourth quarter of 2013 (13 weeks) compared to last year's 14 week fourth quarter. 
-Gross margin as a percentage of net sales declined 300 basis points over last year's fourth quarter and represented 32.0% of net sales.  Merchandise margin declined by 220 basis points reflecting the intensely promotional nature of the holiday period and January.  -Buying and occupancy costs as a percentage of sales rose by 80 basis points.
-Selling, general, and administrative (SG&A) expenses were $144.1 million versus $144.4 million in last year's fourth quarter.  As a percentage of net sales, SG&A expenses rose by 40 basis points to 20.1% compared to 19.7% in last year's fourth quarter.
-Operating income was $85.4 million, or 11.9% of net sales, compared to $111.4 million, or 15.2% of net sales, in the fourth quarter of 2012.  Operating income in the fourth quarter of 2012 included approximately $5.2 million related to the fourteenth week.
-Income tax expense was $31.8 million, at an effective tax rate of 39.9%, compared to $42.1 million, at an effective tax rate of 39.7% in last year's fourth quarter.
-Net income was $47.9 million, or $0.57 per diluted share.  This compares to net income of $63.9 million, or $0.75 per diluted share, in the fourth quarter of 2012, with 2012's fourteenth week contributing approximately $0.04 per diluted share.
 
Click here to view full results.
 

Express

Must ReadView All

Textiles | On 25th Mar 2017

GST to positively impact retail value chain: CBRE

The implementation of the Goods and Services Tax (GST) bill in India...

Textiles | On 25th Mar 2017

MEGlobal to build first ever US MEG plant

Monoethylene glycol (MEG) producer MEGlobal plans to construct a new...

Courtesy: Ulster Carpet

Textiles | On 25th Mar 2017

Ulster Carpets acquires Griffith Textile Machines

Northern Ireland based manufacturer of carpets, Ulster Carpets said...

Interviews View All

Arvind Saraf
Triveni Sarees

e-Commerce is still evolving fast with constant flux and surprises

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Subhashini Srinivasan
The S Studio

Ethnicwear market will see an upward trend if uniqueness and quality are...

Suresh Patel
Sidwin Fabric

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

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Ashok Desai
Bombay Textile Research Association

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

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Tony Ward
Tony Ward

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

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
March 2017

March 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