Express reports Q2 FY20 sales of $246 mn

“When we began the transformation of Express, we certainly did not anticipate a global pandemic, and none of us could have imagined the duration or magnitude of its impact on the retail apparel industry,” Tim Baxter, chief executive officer at Express, said in a press release. “And while we have taken decisive and appropriate action to protect the financial health of our company over this extended period of time, we have also continued to advance each of the four foundational pillars of our corporate strategy.”

 

Gross loss for the reported quarter was $44.0 million compared to gross profit of $126.4 million in Q2 FY19. Selling, general, and administrative expenses were $92.8 million ($135.7 million). Operating loss grew to $136.2 million ($9.7 million).

 

“I am encouraged by the momentum in our e-commerce business, the strong response to our August fashion deliveries, and the increase in customer engagement with our brand messages. While mall traffic continues to be challenging, I would expect our results to improve as we move through the back half of the year,” Baxter said.