Express Inc (NYSE:EXPR) reported second-quarter FY21 sales growth of 86% year-on-year, to $457.6 million, beating the analyst consensus of $447.91 million.
Consolidated comparable sales increased 42% versus last year and increased 3% compared to Q2 FY19.
Comparable retail sales, including Express stores and eCommerce, rose 48%, and comparable outlet store sales increased 30%.
E-commerce demand grew 28% Y/Y and 20% against Q2 FY19.
Operating expenses rose 45.8% Y/Y.
The gross margin was 32.6% versus (17.9)% last year. The gross margin expanded 580 basis points compared to Q2 FY19.
The operating margin was 3.2%, and operating income for the quarter was $14.8 million against $(136.3) million in Q2 FY20.
Inventory at the end of the quarter climbed 15% Y/Y to $266.6 million.
The company held $33.9 million in cash and equivalents as of July 31, 2021.
Cash provided by operating activities for the six months totaled $67.6 million, with a free cash flow of $57 million.
EBITDA was $30.8 million versus $(118.4) million last year.
Adjusted EPS of $0.02 beat the analyst consensus of $(0.30).
"We experienced an inflection point after the Fourth of July and have been driving a doubledigit comp versus 2019 since that time," said CEO Tim Baxter.
Outlook: Express sees net sales above 2019 levels on a comparable basis for the second half of the year.
Price Action: EXPR shares are trading higher by 7.85% at $7.83 in premarket on the last check Wednesday.
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