Express Inc.’s store sales outpace e-commerce in Q1
May 25, 2016 10:26 AM
E-commerce’s share of total sales at Express Inc. fell slightly in the first quarter, the multichannel retailer reported today.
E-commerce sales at Express fell 0.8% in the first quarter, and the retailer’s overall sales were flat.
The retailer doesn’t expect much growth ahead; it projects negative mid-single digit declines in comparable-store sales, which include e-commerce, in the second quarter and a negative mid- to low-single digit decline in comparable-store sales for the year.
“Our second quarter and full-year guidance reflect the challenges presented by the current retail environment,” says David Kornberg, president and CEO of Express, No. 99 in the Internet Retailer 2016 Top 500 Guide. “Looking ahead we remain focused on our key initiatives: delivering great fashion,; acquiring new customers; optimizing inventory; implementing systems; and maintaining our balanced financial architecture. We believe these initiatives will position Express to move beyond current challenges and deliver increased sales, strengthen profitability and enhance value for all Express stakeholders.”
For the fiscal first quarter ended May 2, Express reported:
- E-commerce sales declined 0.8% to $77.0 million from $77.6 million.
- Total sales grew slightly to $502.9 million from $502.4 million.
- Comparable-store sales, including e-commerce, decreased 3%.
- Net income was $12.9 million, down 1.5% from $13.1 million.
- E-commerce represented 15.3% of total sales versus 15.4% last year.