{"id":760163,"date":"2023-05-24T05:33:10","date_gmt":"2023-05-24T09:33:10","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/express-inc-expr-reports-first-quarter-2023-results-and-completes-acquisition-of-bonobos-in-partnership-with-whp-global\/"},"modified":"2023-05-24T05:33:10","modified_gmt":"2023-05-24T09:33:10","slug":"express-inc-expr-reports-first-quarter-2023-results-and-completes-acquisition-of-bonobos-in-partnership-with-whp-global","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/express-inc-expr-reports-first-quarter-2023-results-and-completes-acquisition-of-bonobos-in-partnership-with-whp-global\/","title":{"rendered":"Express, Inc. (EXPR) Reports First Quarter 2023 Results and Completes Acquisition of Bonobos in Partnership With WHP Global"},"content":{"rendered":"

<\/p>\n

Express, Inc. (EXPR) Reports First Quarter 2023 Results and Completes Acquisition of Bonobos in Partnership With WHP Global<\/b><\/p>\n

Company has implemented $25 million of expense savings in 2023 and previously disclosed annualized savings of $40 million.<\/i><\/p>\n

COLUMBUS, Ohio–(BUSINESS WIRE<\/a>)–
\nFashion apparel retailer Express, Inc. (NYSE: EXPR), announced its financial results for the first quarter of 2023. These results, which cover the thirteen weeks ended April 29, 2023, are compared to the thirteen weeks ended April 30, 2022.<\/p>\n

\n\u201cIn January, we entered into a transformative strategic partnership with WHP Global and began a bold new chapter for our Company that will be guided by a new corporate strategy. We are transforming EXPR to create shareholder value by focusing on achieving profitable growth in our core Express business, optimizing our omnichannel platform, and accelerating growth and profitability through our partnership with WHP Global,” said Tim Baxter, Chief Executive Officer.<\/p>\n

\n“Our first quarter comparable sales were negative 14% due to a combination of external factors and challenges in our product assortments. The reduced consumer spending, increased price sensitivity in discretionary categories and aggressive promotional activity across the industry that began in 2022 continued into the first quarter of this year and negatively impacted our performance. We continued to take corrective actions to address the imbalances in our women’s assortment architecture and delivered sequential improvement in women\u2019s sales as the quarter progressed. However, we experienced a deceleration in our men’s and outlet stores businesses due to softness in traffic and against the backdrop of record volume in the first quarter of 2022,” continued Baxter.<\/p>\n

\n“We are taking aggressive action to reduce expenses and improve the operating efficiency of our business. In January, we disclosed $40 million in annualized expense savings versus 2022, excluding the impact of inflation, and since that time, we have implemented an additional $25 million which we expect to realize in 2023 and which is reflected in our outlook. We are committed to identifying and implementing significant additional expense savings which we expect to be realized in the back half of 2023 and full year 2024. To do this most expeditiously, we have engaged external advisors,” continued Baxter.<\/p>\n

\n“We also announced today that we have completed the joint acquisition of Bonobos with our strategic partner WHP Global. This is an important step in the transformation of our Company and a compelling addition to our brand portfolio. We expect the transaction will be accretive to operating income and free cash flow positive in fiscal 2023,” Baxter concluded.<\/p>\n\n\n
\n

First Quarter 2023 Operating Results<\/b><\/p>\n<\/td>\n<\/tr>\n<\/table>\n