86 632
Fashion Jobs
MACY'S
Retail Fulfillment Associate, University Park Mall - Part Time
Permanent · MISHAWAKA
MACY'S
Asset Protection Captain, Interstate - Full Time
Permanent · RAMSEY
MACY'S
Retail Fulfillment Associate, Ventura Pacific View - Part Time
Permanent · VENTURA
MACY'S
Asset Protection Detective, South Beach - Full Time
Permanent · MIAMI BEACH
MACY'S
Asset Protection Security Guard, Garden State Park - Full Time
Permanent · CHERRY HILL
MACY'S
Retail Fulfillment Associate, White Oaks - Part Time
Permanent · SPRINGFIELD
MACY'S
Retail Fulfillment Associate, Galleria at Pittsburgh Mills - Part Time
Permanent · TARENTUM
MACY'S
Asset Protection Captain, Orland Square - Full Time
Permanent · ORLAND PARK
MACY'S
Asset Protection Security Guard, Queens Center - Part Time
Permanent · NEW YORK
MACY'S
Retail Fulfillment Associate, Village at Fairview - Part Time
Permanent · FAIRVIEW
MACY'S
Asset Protection Detective, Marley Station - Part Time
Permanent · GLEN BURNIE
MACY'S
Asset Protection Security Guard, Broadcasting Square - Part Time
Permanent · WYOMISSING
MACY'S
Asset Protection Security Guard, Winter Garden Village - Part Time
Permanent · WINTER GARDEN
MACY'S
Manager, Asset Protection
Permanent · SPRINGFIELD
MACY'S
Asset Protection Security Guard, Centerton Square - Part Time
Permanent · MOUNT LAUREL TOWNSHIP
MACY'S
Retail Fulfillment Associate, Westland - Part Time
Permanent · HIALEAH
MACY'S
Asset Protection Security Guard, Bloomingdale Court - Part Time
Permanent · BLOOMINGDALE
MACY'S
Retail Fulfillment Associate, Cumberland Mall - Full Time
Permanent · ATLANTA
MACY'S
Asset Protection Security Guard, Broadcasting Square - Full Time
Permanent · WYOMISSING
MACY'S
Retail Fulfillment Associate, Riverpark - Part Time
Permanent · FRESNO
MACY'S
Retail Fulfillment Associate, Shoppes at Buckland Hills - Part Time
Permanent · MANCHESTER
MACY'S
Retail Fulfillment Associate, Empire - Part Time
Permanent · SIOUX FALLS
Published
Dec 4, 2016
Reading time
2 minutes
Download
Download the article
Print
Text size

Express updates outlook after Q3 sales fall and meet expectations

Published
Dec 4, 2016

Express released its third quarter results on Thursday, which included a decrease in sales that were in line with its guidance. Net sales fell 7% to $506.1 million and comparable sales decreased 8% compared to an increase of 6% in the third quarter of 2015. E-commerce sales increased 15% to $96.3 million.


The holiday season looks to remain challenging “as mall traffic and a highly promotional retail environment continue to be headwinds," says CEO - Express


David Kornberg, the company’s president and chief executive officer, stated: “Our third quarter performance was highlighted by sales and earnings in line with our guidance and progress made addressing the areas noted for improvement during our second quarter call. This progress included refocusing our brand projection and marketing to be more consistent with our core demographic and additional steps taken to drive customer acquisition and retention. Notably, while mall traffic challenges continued to impact our store performance, we achieved a double digit increase in e-commerce sales.”
 
Gross margin fell 500 basis points representing 30.0% of net sales. Merchandise margin declined 340 points and net sales increased 160 basis points.

Net income was $11.6 million, or $0.15 per diluted share, compared to net income of $26.3 million, or $0.31 per diluted share in the previous year, and SG&A expenses were $136.6 million versus $146.6 million.
 
Express expects its holiday season to remain challenging “as mall traffic and a highly promotional retail environment continue to be headwinds,” according to Kornberg.
 
He added, “We believe our focus and execution against our key priorities, which include driving improved profitability through a balanced approach to growth, elevating our brand and customer experience, investing in the growth and development of our associates and achieving the benefits from our systems implementations, will position our Company to create shareholder value over the long term.”
 
The company updated its fourth quarter and full year guidance, and now expects its fourth quarter comparable sales to range in the negative low double digits, net income to be between $20 million and $23 million and diluted EPS to range from $0.20 and $0.30. All projections are below its actual fourth quarter 2015 results.
 
Full year comparable sales is expected to be in the negative high single digits, net income to range between $55 million and $58 million, and diluted EPS to be between $0.70 and $0.74.
 

Copyright © 2024 FashionNetwork.com All rights reserved.