Express, Inc. (NYSE: EXPR) – Express Reports 47% Net Sales Growth in Third Quarter

  • Express Inc (NYSE: EXPR) reported third-quarter Fiscal 21 sales growth of 46.6% year-over-year to $ 471.98 million, missing the analyst consensus of $ 503.10 million. Comparable sales increased 46% year-over-year and 3% versus 3Q FY19.
  • Comparable retail sales, including Express stores and e-commerce, increased 52%, and comparable factory outlet sales increased 33%.
  • Gross profit margin increased 2890 basis points Y / Y to 33.2%. Gross margin increased 500 basis points compared to 3Q FY19.
  • The operating margin was 3.4% and operating profit for the quarter was $ 16.3 million compared to a loss of $ (110.9) million last year.
  • Operating expenses increased 12.6% year-over-year to $ 140.6 million.
  • The company had $ 36.8 million in cash and cash equivalents as of October 30, 2021. Cash generated from operating activities for nine months totaled $ 78.3 million.
  • Inventories increased 9% year-on-year to $ 383.6 million.
  • Adjusted EPS was $ 0.17 versus analyst consensus of $ 0.02.
  • The board of directors of the company has appointed Antonio J. Lucio as a class III director, effective today.
  • Outlook: Express expects fourth quarter comparable sales to increase slightly from fiscal 19.
  • Price action: EXPR shares are trading up 4.44% to $ 3.53 pre-market during the last check on Thursday.

Ann J. Cox