Express, Inc. (NYSE: EXPR) was out Thursday by third-quarter figures.
The Columbus, Ohio-based Express, a leading fashion apparel retailer, announced its financial results for the third quarter of 2018. These results, which cover the 13 weeks ended November 3, 2018, are compared to the 13 weeks ended October 28, 2017.
Comparable sales for the third quarter of 2018 were calculated using the 13-week period ended November 3, 2018, as compared to the 13-week period ended November 4, 2017.
Furthermore, net sales increased 2% to $515.0 million from $503.4 million in the third quarter of 2017. Comparable sales (including e-commerce sales) were 0%, compared to a 1% decrease in the third quarter of 2017.
Cash and cash equivalents totaled $161.2 million versus $198.3 million at the end of the third quarter of 2017. Inventory was $362.8 million compared to $337.0 million at the end of the prior year’s third quarter.
The increase was primarily driven by the shift in the retail calendar.
To quote CEO David Kornberg, "Our third-quarter performance was in line with our guidance. Total sales increased 2%, with flat comparable sales, and earnings per share increased relative to the prior year. E-commerce had another strong quarter, with comparable sales increasing 23%, on top of 23% growth achieved in the prior-year period."
On Wednesday, the Company's Board of Directors approved a new share repurchase program that authorized the Company to repurchase up to $150 million of the Company’s outstanding common stock using available cash.
Express shares stumbled $1.20, or 16.8%, to $5.96 in Thursday trading.
