Express Inc.’s web sales rise 3% in Q2
August 27, 2014 11:13 AM
E-commerce offered the lone bright spot for Express Inc. in its fiscal second quarter. But for the first half the year, online sales for the youth-oriented apparel retailer, No. 96 in the Internet Retailer 2014 Internet Retailer Top 500 Guide, were flat.
For the second quarter of fiscal 2014 ended Aug. 2, Express reported:
- E-commerce sales rose 3.2% to $61.8 million from $59.9 million in the second quarter of 2013.
- Total sales fell 1.8% to $481.4 million from $490.1 million.
- Comparable-store sales, including e-commerce, decreased 5%.
- Net income was $6.9 million, down 59.2% from net income of $16.9 million in the second quarter of 2013.
E-commerce represented 12.8% of total sales in the second quarter this year versus 12.2% last year.
For the first half of the fiscal year, Express reported:
- E-commerce sales rose slightly to $130.8 million from $130.6 million in 2013.
- Total sales fell 5.7% to $942.1 million from $999.4 million.
- Comparable-store sales, including e-commerce, decreased 8%.
- Net income was $12.0 million, down by 75.7% from net income of $49.3 million in 2013.
E-commerce represented 13.9% of total sales in the first half of the fiscal year versus 13.1% during the comparable period last year.
Despite the losses—which were less than expected—Michael Weiss, the retailer’s CEO, painted an optimistic picture. “In light of the difficult environment, we feel very good about the progress made during the second quarter and delivering earnings that exceeded the high end of our guidance,” he says.