In Q3 FY22, comparable retail sales, which includes both Express stores and e-commerce, were down 11 per cent compared to the third quarter of 2021. Retail stores decreased 6 per cent, while e-commerce demand declined 17 per cent. Comparable outlet store sales remained flat versus the third quarter of 2021.
Selling, general, and administrative expenses in Q3 FY22 were $150.1 million, 34.6 per cent of net sales, versus $141.1 million, 29.9 per cent of net sales, in last year's third quarter.
Operating loss in Q3 FY22 was $29.5 million, compared to income of $16.3 million in Q3 FY21. The company’s net loss was $34.4 million, or $0.50 per diluted share. This compares to net income of $13.1 million, or $0.19 per diluted share, for the third quarter of 2021
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was negative $14.5 million compared to EBITDA of $31.9 million in Q3 FY21.
For the first three quarters ended October 29, 2022, operating cash flow was negative $95.9 million, compared to $78.3 million for the first three quarters of FY21.
For fiscal 2022, Express expects comparable sales to be flat or up 1 per cent as compared to FY21. The gross margin rate is expected to decrease approximately 150 basis points. Selling, general, and administrative expenses as a percentage of sales are estimated to deliver approximately 200 basis points. Furthermore, the company expects a diluted loss per share of $1.12 to $1.22 in FY22, as compared to FY21.
Fibre2Fashion News Desk (DP)