Express reports Q2 adjusted EPS ($9.05) vs. $2.05 last year

Reports Q2 revenue $435.5M vs. $464.9M last year. Comparable sales down 14% with significant sequential improvement each month of the quarter. Comparable retail sales, which includes both Express stores and eCommerce, were down 13% compared to the second quarter of 2022. Retail stores comparable sales decreased 21% while eCommerce comparable sales declined 1%. “Second quarter net sales and diluted loss per share were within the ranges of our outlook and we are gaining momentum. In the Express brand, we drove significant, sequential improvement each month driven by a powerful trend change in our women’s and eCommerce businesses. This momentum continued through Labor Day,” said Tim Baxter, Chief Executive Officer. “Bonobos sales also exceeded our expectations, delivered operating income accretive to our total and is positioned to be a growth engine for EXPR.” “We’ve also taken aggressive action to improve the bottom line. As a result of the ongoing comprehensive review of our entire expense structure, we have identified and implemented $80 million in savings in 2023, $120 million in 2024, and our commitment grows to $200 million by 2025. In addition to these substantial cost reductions, we’ve also secured a $65 million term loan, and expect to receive a $52 million CARES Act refund in the back half of the year, which bolsters our liquidity and allows us to continue to invest appropriately in our transformation,” continued Baxter. “We are transforming EXPR to create shareholder value and are focused on driving long term profitable growth and delivering positive free cash flow in our core Express business, leveraging our omnichannel platform to reduce costs, and accelerating our growth and profitability through our strategic partnership with WHP Global,” concluded Baxter.