Express incurs net loss of $90 mn in Q3 FY20

Express, a modern, versatile, dual gender apparel brand, has reported 34 per cent decline in its sales to $322.1 million during the third quarter (Q3) for fiscal 2020 that ended on October 31, compared to the sales of $488.5 million in the same period last year. Company’s net loss for the period increased to $90.3 million (Q3 FY19: $3.1 million).

 

Express, a modern, versatile, dual gender apparel brand, has reported 34 per cent decline in its sales to $322.1 million during the third quarter (Q3) for fiscal 2020 that ended on October 31, compared to the sales of $488.5 million in the same period last year. Company's net loss for the period increased to $90.3 million (Q3 FY19: $3.1 million).#

“In the third quarter, we continued to advance the Expressway Forward strategy while taking decisive and appropriate action to manage our liquidity. Our e-commerce business continues to gain momentum and the new fashion product that fully reflects the Express Edit viewpoint is outpacing the balance of our assortment,” Tim Baxter, chief executive officer at Express, said in a press release.

 

Express, a modern, versatile, dual gender apparel brand, has reported 34 per cent decline in its sales to $322.1 million during the third quarter (Q3) for fiscal 2020 that ended on October 31, compared to the sales of $488.5 million in the same period last year. Company's net loss for the period increased to $90.3 million (Q3 FY19: $3.1 million).#

Gross profit for the quarter dropped to $13.9 million ($137.6 million). Total operating expenses were down to $124.8 million ($144.3 million). Company’s operating loss for Q3 FY20 was $110.9 million ($6.6 million).

 

Express, a modern, versatile, dual gender apparel brand, has reported 34 per cent decline in its sales to $322.1 million during the third quarter (Q3) for fiscal 2020 that ended on October 31, compared to the sales of $488.5 million in the same period last year. Company's net loss for the period increased to $90.3 million (Q3 FY19: $3.1 million).#

“Our strategy is the right one, the changes to our product presentation and brand positioning are the right ones, and our financial actions are the right ones. As we move into 2021, we remain focused on delivering our long-term goal of a mid-single digit operating margin and profitable growth,” Baxter said.