Consolidated net sales of Express, Inc, a leading fashion apparel retailer, decreased 4 per cent to $472.7 million in Q2 2019 from $493.6 million in Q2 2018. The comparable sales were down 6 per cent in the second quarter of 2019. The results, which cover the thirteen weeks ending August 3, 2019, are compared to the thirteen weeks ending August 4, 2018.
The comparable retail sales of the company, which includes both Express stores and e-commerce, decreased 7 per cent compared to the second quarter of 2018. In total, retail sales decreased to $337.6 million from $373.8 million in the second quarter of 2018. Comparable outlet sales decreased 2 per cent versus the second quarter of 2018. In total, outlet sales increased to $121.3 million from $107.2 million in the second quarter of 2018, said Express in a press release.
Chief executive officer Tim Baxter joined Express on June 17 and appointed two new executives on August 12. Malissa Akay was named executive vice president and chief merchandising officer; Sara Tervo was named executive vice president and chief marketing officer.
"Since joining Express in mid-June, I’ve been mainly focused on three key areas: developing a corporate strategy, building the right leadership team, and taking immediate action to change the trajectory of our business," said Baxter. "Our second quarter results are not indicative of what this company can deliver, and I am committed to returning Express to long-term, profitable growth."
The company's projected net income for the thirteen-week period ending November 2, 2019, is $5 to $7 million compared to $8 million reported for the thirteen weeks ending November 3 last year. The capital expenditures are expected to be in the range of $35 to $38 million for the full year 2019. (PC)
Source:Fibre2Fashion News Desk – India