Comparable retail sales, which include both express stores and e-commerce, were flat compared to the second quarter of 2021. Retail stores were up 6 percent, while e-commerce demand was down 6 percent. However, we remain committed to achieving our long-term goal of $1 billion in e-commerce demand, the company said in a press release.
Fashion apparel retailer Express’ consolidated net sales increased 2 percent to $464.9 million in the second quarter of fiscal 2022 from $457.6 million in the second quarter of 2021, with consolidated comparable sales increasing 1 percentage. The company achieved its fifth consecutive quarter of positive comparable sales compared to pre-pandemic levels.
“In the second quarter, we achieved our fifth consecutive quarter of positive comparable sales compared to pre-pandemic levels, increased gross margin by 50 basis points and generated operating income of $10 million,” he said. Tim Baxter, Chief Executive Officer. “While our performance was below our forecast, we delivered strong results despite challenging macroeconomic conditions that worsened over the course of the quarter.”
“While we have lowered our guidance for the last half of this year to reflect the uncertainty of macroeconomic conditions, we remain committed to our long-term goal of achieving a mid-single digit operating margin. We have demonstrated our ability to stay focused on the fundamentals, control the controls and operate with both discipline and agility,” Baxter concluded.
In the second quarter, the company increased gross margin by 50 basis points compared to 2021, thanks to higher net sales and lower labor costs. It provided an increase of 630 basis points compared to 2019.
Fibre2Fashion News Service (RR)
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