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

Pakistan govt notifies 50% duty drawback on exports

Textiles | On 21st Oct 2017

Pakistan govt notifies 50% duty drawback on exports

The Pakistan government has notified the ‘Duty Drawback of Taxes...

Ghana sets up task force to clamp down on textile piracy

Textiles | On 21st Oct 2017

Ghana sets up task force to clamp down on textile piracy

Ghana’s ministry of trade and industry has set up a taskforce to...

Courtesy: Coach

Fashion | On 21st Oct 2017

US company Coach to change name to Tapestry from Oct 31

Coach Inc., a New York-based house of modern luxury accessories and...

Interviews View All

Karel Williams
Dow Microbial Control

'Silvadur is most rapidly adopted in areas where hygiene-conscious and...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Nitesh Mittal

Kusumgar Corporates is a leading manufacturer of technical textiles and...

Harmeet Singh

New Delhi-based Jogindra Industries Private Limited provides an assortment ...

Suresh Patel
Sidwin Fabric

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

Johan Berlin
InvestKonsult Sweden AB

Investkonsult Sweden AB has been buying and selling second-hand textile...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Mike Hoffman
Gildan Activewear SRL

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

Aditi Somani
Aditi Somani

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

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

October 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

Active Poll

Do you see sustainability as a route to business growth?

Yes
76.8%
No
13.0%
Skip
10.1%

Total Votes: 69

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
62.3%
No
27.5%
Skip
10.1%

Total Votes: 69

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
85.5%
No
10.1%
Skip
4.3%

Total Votes: 69

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
75.4%
No
11.6%
Skip
13.0%

Total Votes: 69


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