E-commerce sales boost Express in Q2
Express delivered solid second quarter results, buoyed in part by e-commerce sales which once again experienced a double-digit increase.
Same-store sales increased 6%, up 1% from the year-ago quarter. Factoring into that same-store sales increase were the company’s e-commerce sales, which were$59.9 million, up 27% from last year’s $47.2 million.
Net sales for the quarter increased a better-than-expected 7% to $486.2 million, from $454.9 million. Net income rose 7% to $16.8 million from $15.9 million and was in line with Wall Street expectations.
"We delivered a very solid second quarter,” said Michael Weiss, chairman and CEO. “Financial highlights include high single digit sales growth, comparable sales that represent a return to mid-single digit growth and earnings per share that came near the upper end of our guidance. As we move into the second half of the year, we are confident in our product and marketing strategies, and believe we are well positioned for the fall and holiday seasons."
The retailer raised its full-year guidance and also announced plans to launch its outlet business in the second quarter of next year as it continues eyeing further opportunities for growth.