- Express Inc (NYSE:EXPR) reported first-quarter FY22 sales growth of 30% year-over-year to $450.79 million, beating the consensus of $435.74 million.
- Consolidated comparable sales increased 31% versus last year. E-commerce demand grew 21% Y/Y.
- Comparable retail sales, including Express stores and eCommerce, rose 32%, and comparable outlet store sales increased 30%.
- Operating expenses rose 17.8% Y/Y to $140.6 million. The gross margin expanded 640 basis points to 29.2%.
- The operating loss for the quarter was $(9.1) million versus a loss of $(40.6) million last year.
- Inventory at the end of the quarter climbed 40% Y/Y to $371.2 million.
- EBITDA was $5.8 million versus $(23.8) million last year. Adjusted EPS loss was $(0.10).
- The company held $37.1 million in cash and equivalents as of April 30, 2022.
- Outlook: Express sees FY22 comparable sales to increase 8% - 10% (prior view 7% - 9%). It expects FY22 Adjusted EPS of $0.14 - $0.20, versus the consensus of $0.17.
- Express sees Q2 comparable sales to increase mid-single digits.
- Price Action: EXPR shares are trading higher by 9.66% at $2.61 in premarket on the last check Wednesday.
