Express shares plunges 21 percent

Consolidated net sales of Express Inc. decreased 34 percent to $ 322.1 million, with a 30 percent drop in comparable consolidated sales. The company said in a statement that comparable retail sales, which include Express stores and e-commerce, decreased 33 percent compared to the third quarter of 2019, while sales of comparable outlets decreased 20 percent.

Gross margin for the quarter was 4.3 percent of net sales compared to 28.2 percent in the third quarter of last year. The operating loss was $ 110.9 million compared to a loss of $ 6.7 million in the third quarter of 2019. The company added that the net loss was $ 90.3 million or a loss of 1. 39 per share, while on an adjusted basis, the net loss was $ 76.2 million or a loss of $ 1.17 per share in the third quarter of 2020.

Express cut 10% of its staff in Columbus, Ohio in the third quarter, saving $ 13 million.

Express Inc.

Express, Inc. is an American fashion retailer that caters primarily to young men and women. The company is headquartered in Columbus, Ohio. Express operated 635 stores in the United States and Puerto Rico in 2017.

CEO: Timothy G. Baxter (June 17, 2019–)
Headquarters: Columbus, Ohio, United States
Founder: Limited Brands; (1980–2011)
Foundation: 1980
Number of stores: 607 (January 2020)
Revenue: $ 2.019 billion (2019)