Express maintains Q2 sales and EPS outlook

Fashion apparel retailer Express, Inc. expects to report net sales in the range of its previously-announced outlook of 400 million dollars to 450 million dollars, and diluted loss per share of 50 cents to 60 cents.

“Net sales for the Express brand improved sequentially throughout the second quarter driven by the corrective actions we have taken to address imbalances in our women’s assortment architecture. These results give us confidence that we will continue to see improvement in net sales for the Express brand in the back half of the year,” said Tim Baxter, the company’s chief executive officer.

“Today we are announcing a goal to deliver 150 million dollars in annualised expense reductions by 2025 versus 2022 and have already identified and implemented 80 million dollars for 2023 and 120 million dollars for 2024. In addition, we are also aggressively pursuing at least 50 million dollars in gross margin expansion opportunities by leveraging efficiencies in sourcing, production and the supply chain,” Baxter added.