Express expects FY22 comparable sales to remain flat

Fashion apparel retailer Express, Inc. now expects comparable sales of around flat, consistent with prior outlook.

The company said diluted loss per share is expected to range between 1.18 dollars to 1.22 dollars, within the range of prior outlook, excluding impact of 260 million dollars in proceeds from WHP partnership expected to close January 2023.

“Against a backdrop of extremely challenging macroeconomic, consumer and competitive environments, we expect to deliver full year 2022 comparable sales and diluted loss per share within the ranges of our prior outlook,” said Tim Baxter, the company’s chief executive officer in a release.

“Reduced spending in discretionary categories and an increased appetite for deep discounts continued into the fourth quarter which negatively impacted our business,” added Baxter.

“We are on track to close our recently announced deal with WHP in January 2023. This mutually transformative, strategic partnership will advance our EXPRESSway Forward strategy, scale our Express brand, provide WHP access to a fully integrated, omnichannel operating platform, and accelerate the growth of our company,” concluded Baxter.