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.
Continue Reading Below
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.
Sales fell to $210.3 million from $451.3 million. Analysts polled on FactSet had forecast sales of $289.7 million.
The company said it has opened 303 stores as of June 3, with 58 more stores confirmed to open during the week.
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."