Express Inc. loss widens during coronavirus pandemic
Fashion-apparel retailer reports quarterly loss of $154.1 million, compared with $9.9 million loss for the same period last year
Express Inc. on Wednesday reported a wider first-quarter loss as the Covid-19 pandemic hit the retail industry, but the company said it is continuing the phased re-opening of its stores, which began on May 1.
In the thirteen weeks ending May 2, the Columbus, Ohio, fashion-apparel retailer reported a quarterly loss of $154.1 million, or $2.41 a share, compared with a loss of $9.9 million, or $0.15, for the same period last year.
Excluding items, Express Inc. reported an adjusted loss of $1.55 a share for the quarter.
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Sales fell to $210.3 million from $451.3 million. Analysts polled on FactSet had forecast sales of $289.7 million.
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The company said it has opened 303 stores as of June 3, with 58 more stores confirmed to open during the week.
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Chief Executive Tim Baxter said "The impact of the Covid-19 pandemic on our industry, economy, communities, associates, and customers over the last few months is unlike anything we have experienced before; and the protests and demonstrations across the country over the last week create even more uncertainty."