First quarter net sales decreased 6% with comparable sales down 7%
First quarter diluted loss per share of $0.15 vs. guidance of ($0.27) to ($0.34)
Strong balance sheet maintained with $144 million in cash and no debt
Repurchased 13.0 million shares for $105 million life to date under existing $150 million share repurchase program
Board of Directors appointed Timothy Baxter as new CEO
Columbus, Ohio - May 30, 2019 - Express, Inc. (NYSE: EXPR), a leading fashion apparel retailer, announced its financial results for the first quarter of 2019. These results, which cover the thirteen weeks ended May 4, 2019, are compared to the thirteen weeks ended May 5, 2018.
Matthew Moellering, the Company’s Interim CEO and Interim President and Executive Vice President and Chief Operating Officer, stated: "The first quarter marked solid progress toward our goal of positioning Express for long-term growth. Comparable sales and earnings beat the high end of our guidance."
"While we had a soft start to the year, the health of the business improved throughout the period. As a result, we were able to reduce promotion levels in the back half of the quarter," Mr. Moellering continued. "We are making significant headway on the implementation of several new business initiatives focused on product, brand and product clarity, and customer acquisition and retention. While much remains to be done, we expect to build on this progress throughout the year."
On May 21, the Company announced that its Board of Directors appointed Timothy Baxter Chief Executive Officer, effective June 17, 2019. He will assume day-to-day leadership of the company and will also join Express’ Board of Directors. Mr. Baxter will succeed Mr. Moellering, who has served as Interim President and Interim CEO since January 2019. Mr. Moellering will remain with Express as Executive Vice President and Chief Operating Officer. Mr. Baxter was most recently Chief Executive Officer of Delta Galil Premium Brands, a group of specialty retail apparel brands. Prior to that, he spent 26 years with Macy’s, Inc. and the former May Department Stores in various roles, most recently as Macy’s Chief Merchandising Officer.
"We look forward to Tim joining us in June. The entire leadership team is eager to collaborate with him and accelerate our action plan to return Express to profitable growth," said Mr. Moellering.
The following information was filed by Express, Inc. (EXPR) on Thursday, May 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Express, Inc.'s financial trajectory
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Ticker: EXPR CIK: 1483510 Form Type:10-Q Quarterly Report Accession Number: 0001483510-19-000055 Submitted to the SEC: Tue Jun 11 2019 12:50:46 PM EST Accepted by the SEC: Tue Jun 11 2019 Period: Saturday, May 4, 2019 Industry: Retail Apparel And Accessory Stores