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EXPRESS, INC. REPORTS SECOND QUARTER 2019 RESULTS;
INTRODUCES THIRD QUARTER 2019 OUTLOOK

Second quarter comparable sales were down 6%, at the top of the guidance range
Second quarter diluted loss per share was $0.14; adjusted diluted loss per share was $0.13, at the top of the guidance range
Strong balance sheet maintained with $154 million in cash and no debt
Strengthened management team with appointment of Chief Merchandising Officer and Chief Marketing Officer

Columbus, Ohio - August 28, 2019 - Express, Inc. (NYSE: EXPR), a leading fashion apparel retailer, announced its financial results for the second quarter of 2019. These results, which cover the thirteen weeks ended August 3, 2019, are compared to the thirteen weeks ended August 4, 2018.

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 Mr. 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.”

Second Quarter 2019 Operating Results:
Consolidated net sales decreased 4% to $472.7 million from $493.6 million in the second quarter of 2018, with consolidated comparable sales down 6%.
Comparable retail sales, which includes both Express stores and e-commerce, decreased 7% 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% 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.
Gross margin contracted 160 basis points to 26.8% of net sales compared to 28.4% in last year's second quarter. The decrease was driven by a 60 basis point decrease in merchandise margin and 100 basis point increase in buying and occupancy costs as a percentage of net sales.
Selling, general, and administrative (SG&A) expenses were $135.7 million versus $137.7 million in last year's second quarter. As a percentage of net sales, SG&A increased by 80 basis points year-over-year to 28.7%.
Loss before taxes was $9.0 million. This compares to income before taxes of $3.2 million in the second quarter of 2018.



The following information was filed by Express, Inc. (EXPR) on Wednesday, August 28, 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.

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