Express reports Q3 EPS (50c) vs. 19c a year ago

Reports Q3 revenue $434.1M vs. $472M a year ago. Comparable retail sales, which includes both Express stores and eCommerce, were down 11% compared to the third quarter of 2021. Retail stores decreased 6% while eCommerce demand declined 17%. Comparable outlet store sales remained flat versus the third quarter of 2021 Gross margin was 27.8% of net sales compared to 33.2% in last year’s third quarter, a decrease of approximately 540 basis points Merchandise margin contracted by 360 basis points primarily driven by the challenging macroeconomic and highly promotional retail environments. Buying and occupancy expenses deleveraged approximately 180 basis points due to the decline in comparable sales.