Express, a US-based fashion apparel retailer, reported 53 per cent sales decline to $210.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $144.2 million in same period prior year. Company incurred a net loss of $154.1 million (Q1 FY19: $9.9 million) during the quarter. Operating expenses for Q1 FY20 were $99.0 million ($134.0 million).
Express, a US-based fashion apparel retailer, reported 53 per cent sales decline to $210.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $144.2 million in same period prior year. Company incurred a net loss of $154.1 million (Q1 FY19: $9.9 million) during the quarter. Operating expenses for Q1 FY20 were $99.0 million ($134.0 million).#
“The impact of the Covid-19 pandemic on our industry, economy, communities, associates, and customers over the last few months is unlike anything we have experienced before; and the protests and demonstrations across the country over the last week create even more uncertainty,” Tim Baxter, chief executive officer at Express, said in a press release.
Express, a US-based fashion apparel retailer, reported 53 per cent sales decline to $210.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $144.2 million in same period prior year. Company incurred a net loss of $154.1 million (Q1 FY19: $9.9 million) during the quarter. Operating expenses for Q1 FY20 were $99.0 million ($134.0 million).#
Response to product that reflects our new design & merchandising vision, The Express Edit, with its emphasis on versatility and value, has been positive, and the new ways in which we are communicating our brand positioning, Creating Confidence & Inspiring Self-Expression, are resonating with our customers.”
Express, a US-based fashion apparel retailer, reported 53 per cent sales decline to $210.3 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to $144.2 million in same period prior year. Company incurred a net loss of $154.1 million (Q1 FY19: $9.9 million) during the quarter. Operating expenses for Q1 FY20 were $99.0 million ($134.0 million).#
Company’s selling, general, and administrative (SG&A) expenses for Q1 FY20 were $99.2 million ($135.4 million). Operating loss were $145.2 million ($11.5 million).
ALCHEMPro News Desk (JL)