Express Jumps as Q1 Results Exceed Expectations
2022.05.25 18:06
By Sam Boughedda
Investing.com — Fashion retailer Express, Inc. (NYSE:EXPR) reported better than expected revenue before the open Wednesday, sending its stock up more than 11%.
The company reported a loss of $0.10 per share on revenue of $450.79 million, topping Street expectations. Analysts polled by Investing.com expected revenue of $435.39 million.
Revenue was boosted by the company recording the highest number of active Express Insider loyalty program members in its history.
Express increased comparable sales by 31% and saw a 21% increase in eCommerce demand. In addition, the company added that gross margin expanded 640 basis points despite a $6 million impact related to supply chain challenges.
“Our first quarter results exceeded our expectations. We delivered positive comparable sales of 31%, double-digit positive comparable sales in every major category and every channel, and we recorded the highest number of active loyalty program members in the company’s history,” said Tim Baxter, Express’ Chief Executive Officer.
Looking ahead, Express raised its full-year comparable sales outlook to an increase of 8% to 10%, while it expects adjusted earnings of between $0.14 and $0.20 per share.
