EXPR - Why Fashion Apparel Retailer Express Shares Are Surging Today | Benzinga
Express, Inc. (NYSE: EXPR) reported Q2 FY23 sales decline of 6% Y/Y to $435.34 million, missing the consensus of $440.72 million.
Express and UpWest Brands' comparable retail sales, including Express stores and eCommerce, were down 13%, and comparable outlet sales fell 17%.
Gross margin stood at 23.1% vs. 33.1% of net sales a year ago. Merchandise margin contracted by 680 basis points Y/Y on higher promotional activity and 310 basis points of royalty expense related to the joint venture with WHP.
EBITDA was negative $(24.7) million, compared to $25.6 million last year same quarter.
Adjusted loss per share of ...