Home / Knowledge / News / Apparel/Garments / 2010 represents a strong year of growth for us – Express Chief
2010 represents a strong year of growth for us – Express Chief
23
Mar '11
Express Inc, a specialty retail apparel chain operating 591 stores, announced its fourth quarter and full year 2010 financial results for the thirteen and fifty-two week periods ended January 29, 2011, which compares to the same periods ended January 30, 2010.

Michael Weiss, Express, Inc.'s President and Chief Executive Officer commented: "We are pleased to report better-than-expected fourth quarter sales and earnings which we attribute to the on-going strength of our go-to-market strategy and successful execution of our growth pillars by our team.

“Our fourth quarter performance included a 14% increase in net sales and a 12% increase in comparable sales, which includes e-commerce sales growth of 63% over the fourth quarter of 2009. Operating income grew by an impressive 55%, well above our rate of sales growth. Our data-driven merchandise strategies led to increased regular price selling, which contributed to 250 basis points of expansion in gross margin during the quarter."

"2010 represented a strong year of growth for our Company and included many noteworthy accomplishments, including net sales that approached the $2 billion mark and a 57% increase in operating income over 2009. We celebrated the 30th anniversary of our brand and completed our initial public offering mid-year, increasing our financial flexibility to capitalize on the opportunities we see ahead for our Company.

“During the year, we increased our brand reach as we expanded our store base by opening 23 new stores in the United States and 3 stores in the Middle East through our agreement with Alshaya Trading Co. In addition, we ended the year with a strong balance sheet that included a reduction in debt of $49.4 million compared to the prior year."

"We begin 2011 in a great position and are excited about our business prospects. We expect to remain a fashion authority for our 20 to 30 year old woman and man as we continue to rigorously test our product assortments, maximize opportunities to regain sales volumes in core categories, expand our store base through the opening of 25 to 27 new stores, including our first stores in Canada, grow our e-commerce sales, and continue our expansion in the Middle East. We are currently evaluating additional international expansion opportunities. We remain confident that our strategies have us poised to report another strong year of growth in 2011," Weiss concluded.

Click here for more details

Express Inc


Must ReadView All

'Requirement of polyester filament yarn is increasing'

Textiles | On 19th Jun 2018

'Requirement of polyester filament yarn is increasing'

The requirement of polyester filament yarn (PFY) is increasing as it...

Courtesy: SAC

Textiles | On 19th Jun 2018

SAC to release pilot of Higg Facility Social Labour Module

The Sustainable Apparel Coalition (SAC) will release this year a...

Courtesy: Ebay

Apparel/Garments | On 19th Jun 2018

eBay partners with Noon for e-commerce sales in Middle East

Noon, the $1 billion e-commerce venture backed by Dubai businessman...

Interviews View All

Karin Ekberg
Leadership & Sustainability

Sustainable models are beneficial for brands, retailers and manufacturers

Akash Khetan
Narayan Tex Fab

I find it hard to find professionals in Surat

Nuno Venda
ROQ

‘There has been an increase in demand for water based inks, rather than...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Ravindra Jain, Ashish Baid

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

Kevin Nelson
TissueGen

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

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...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

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


June 2018

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

news category


Related Categories:

Advanced Search