Express, the popular apparel retailer, has announced its financial results for the third quarter. Despite a 5% increase in sales attributed to its acquisition of Bonobos, the company reported a wider loss compared to the same period last year.
Losses and Sales Figures
Express recorded a loss of $36.8 million for the quarter ended on October 28, which is higher than the $34.4 million loss in the same quarter last year. The loss per share was $9.83, slightly lower than the loss of $10.09 per share in the previous year. This decrease in loss per share was due to an increase in outstanding shares.
Meanwhile, total sales for the company reached $454.1 million, compared to $434.1 million in the year-ago period. These figures include $52.1 million generated by Express' Bonobos brand, while sales at its flagship Express chain and UpWest Brands experienced a decline of 7% from the previous year.
Online Sales and Retail Store Performance
Express saw a positive growth in online sales with a significant increase of 10%. However, comparable sales at its physical retail stores dropped by 16%. This decline may be attributed to various factors that impacted in-store performance.
Gross Margin and Strategic Partnership
During the third quarter, Express experienced a decline in its gross margin rate. This can be attributed to increased promotional activities and royalty expenses related to the company's strategic partnership with WHP Global.
Despite these challenges, Express remains determined to address the factors impacting its performance and continue providing quality apparel to its customers.