Second quarter (Q2) sales at Express, a US-based modern, versatile, dual gender fashion retailer, accelerated 86 per cent to $457.6 million compared to the sales of $245.7 million in the same period of previous fiscal. The company’s operating income for the quarter ended on July 31, 2021, improved to $14.8 million (Q2 FY20: loss $136.3 million).
Second quarter (Q2) sales at Express, a US-based modern, versatile, dual gender fashion retailer, accelerated 86 per cent to $457.6 million compared to the sales of $245.7 million in the same period of previous fiscal. The company's operating income for the quarter ended on July 31, 2021, improved to $14.8 million (Q2 FY20: loss $136.3 million).#
“Our performance across all channels in the second quarter was very strong on both the top and bottom line. We experienced an inflection point after the fourth of July and have been driving a double digit comp versus 2019 since that time,” Tim Baxter, chief executive officer at Express, said in a press release.
Second quarter (Q2) sales at Express, a US-based modern, versatile, dual gender fashion retailer, accelerated 86 per cent to $457.6 million compared to the sales of $245.7 million in the same period of previous fiscal. The company's operating income for the quarter ended on July 31, 2021, improved to $14.8 million (Q2 FY20: loss $136.3 million).#
Gross profit for the second quarter rose to $457.6 million (loss: $44.0 million). While earnings before interest, taxes, depreciation, and amortisation (EBITDA) stood at $30.8 million compared to loss $118.4 million in Q2 FY20 ended on August 1, 2020. The American retailer's e-commerce sales during the three-month period grew 28 per cent from previous year.
Second quarter (Q2) sales at Express, a US-based modern, versatile, dual gender fashion retailer, accelerated 86 per cent to $457.6 million compared to the sales of $245.7 million in the same period of previous fiscal. The company's operating income for the quarter ended on July 31, 2021, improved to $14.8 million (Q2 FY20: loss $136.3 million).#
“Our second quarter e-commerce results were particularly strong, and we are on track to achieve our goal of $1.0 billion in e-commerce demand by 2024,” Baxter added.
Second quarter (Q2) sales at Express, a US-based modern, versatile, dual gender fashion retailer, accelerated 86 per cent to $457.6 million compared to the sales of $245.7 million in the same period of previous fiscal. The company's operating income for the quarter ended on July 31, 2021, improved to $14.8 million (Q2 FY20: loss $136.3 million).#
“We are in the midst of an exciting transformation from being known as a store in the mall to a brand with a purpose powered by a styling community. Our second quarter results and momentum into the third quarter reflect the power of the Expressway Forward strategy, and the innovative Express Community Commerce programme we announced in July is the next important step in our transformation,” Baxter concluded in the release.
Second quarter (Q2) sales at Express, a US-based modern, versatile, dual gender fashion retailer, accelerated 86 per cent to $457.6 million compared to the sales of $245.7 million in the same period of previous fiscal. The company's operating income for the quarter ended on July 31, 2021, improved to $14.8 million (Q2 FY20: loss $136.3 million).#
Based on the strength of the second quarter performance, the company expects its sales above 2019 levels on a comparable basis for the second half (H2) of the year. Moreover, net interest expense of $6 million is also anticipated in H2 FY21.
ALCHEMPro News Desk (JL)
marketing@alchempro.com
