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Express comparable sales increase by 31 percent

By Prachi Singh

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Image: Express, Facebook

Fashion apparel retailer Express, Inc. reported consolidated net sales increase of 30 percent to 450.8 million dollars in the first quarter of 2021, with consolidated comparable sales up 31 percent.

The company said, comparable retail sales, which include both Express stores and ecommerce, increased 32 percent, while comparable outlet store sales increased 30 percent versus the first quarter of 2021.

"We delivered positive comparable sales of 31 percent, double-digit positive comparable sales in every major category and every channel, and we recorded the highest number of active loyalty program members in the company's history," said Tim Baxter, the company’s chief executive officer in a statement.

Express cuts net loss in the first quarter

The company’s gross margin was 29.2 percent of net sales compared to 22.8 percent in last year's first quarter, an increase of approximately 640 basis point.

Net loss was 11.9 million dollars or 18 cents per diluted share. On an adjusted basis, net loss was 7 million dollars or a loss of 10 cents per diluted share. This compares to a net loss of 45.7 million dollars or a loss of 70 cents per diluted share, for the first quarter of 2021. On an adjusted basis, net loss was 35.7 million dollars or a loss of 55 cents per diluted share, in the first quarter of 2021.

EBITDA was 5.8 million dollars compared to negative EBITDA of 23.8 million dollars in the first quarter of 2021.

Express announces outlook for Q2 and FY22

Based on the strong year-to-date performance, the company expects second quarter comparable sales to increase mid-single digits and gross margin rate to increase approximately 100 basis points.

For the full year 2022, the company expects comparable sales to increase 8 percent to 10 percent, gross margin rate to increase at least 100 basis points, diluted earnings per share of 24 cents to 34 cents and adjusted diluted earnings per share of 14 cents to 20 cents.

Express