2010 represents a strong year of growth for us – Express Chief
23 Mar '11
2 min read
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.
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