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Express, Inc. Reports Third Quarter 2021 Results

December 02, 2021

Company provides improved outlook for fourth quarter and full year 2021 based on strength of third quarter results and momentum of EXPRESSway Forward strategy

  • Third quarter net sales increased 47% compared to 2020. Consolidated comparable sales increased 46% compared to 2020 and 3% compared to 2019
  • Strong growth in eCommerce demand of 26% versus 2020 and 21% versus 2019; well positioned to achieve goal of $1.0 billion in eCommerce demand by 2024
  • Diluted earnings per share of $0.19, $0.17 on an adjusted basis, and net income of $13 million or $12 million on an adjusted basis compared to losses in both 2020 and 2019
  • EBITDA of $32 million improved $125 million versus Q3 2020 and $18 million versus Q3 2019
  • Operating cash flow of $78 million for the first nine months of the year, improved $330 million versus 2020 and $45 million versus 2019

COLUMBUS, Ohio--(BUSINESS WIRE)-- Fashion apparel retailer Express, Inc. (NYSE: EXPR), announced its financial results for the third quarter of 2021. These results, which cover the thirteen weeks ended October 30, 2021, are compared to the thirteen weeks ended October 31, 2020. Certain results are compared to the thirteen weeks ended November 2, 2019, as indicated.

“Our strong third quarter results reflect the second consecutive quarter of profitable growth and positive comparable sales versus 2019, and demonstrate the power of our EXPRESSway Forward strategy,” said Tim Baxter, Chief Executive Officer. “Our results provide tangible evidence that the versatility, quality and value of our product is resonating with consumers. I am confident that we will continue to deliver positive comparable sales and gross margin expansion versus 2019 in the fourth quarter.”

Third Quarter 2021 Operating Results

  • Consolidated net sales increased 47% to $472.0 million from $322.1 million in the third quarter of 2020, with consolidated comparable sales up 46%. Compared to 2019, consolidated comparable sales increased by 3%.
    • Comparable retail sales, which includes both Express stores and eCommerce, increased 52% compared to the third quarter of 2020.
    • Comparable outlet store sales increased 33% versus the third quarter of 2020.

Please note, comparable sales calculations are not consistent across all retailers. Our comparable sales exclude sales from stores that were closed for at least one full day, including during the pandemic, consistent with our historical policy.

  • Gross margin was 33.2% of net sales compared to 4.3% in last year's third quarter, an increase of approximately 2,890 basis points. Compared to 2019, gross margin increased by 500 basis points.
    • Merchandise margin improved approximately 1,350 basis points compared to 2020 driven by positive customer response to our new receipts and significant reduction in promotional activity.
    • Buying and occupancy expenses leveraged approximately 1,540 basis points compared to 2020 due to increased sales and rent reductions.
  • Selling, general, and administrative (SG&A) expenses were $141.1 million, 29.9% of net sales, versus $124.9 million, 38.8% of net sales, in last year's third quarter. The improvement in SG&A rate is driven by leveraging the increased sales and cost reductions from the previously announced corporate restructuring. The $16.2 million increase versus 2020 is mainly driven by last year's pandemic related store closures and current year incremental investments in marketing.
  • Operating income was $16.3 million compared to a loss of $110.9 million in the third quarter of 2020 and a loss of $6.7 million in the third quarter of 2019.
  • Income tax expense was $0.3 million at an effective tax rate of 2.2% and includes a $1.5 million partial release of the valuation allowance against the Company's deferred tax assets. This compares to a benefit of $21.5 million and an effective tax rate of 19.2% in the third quarter of 2020. Excluding the benefit of the valuation allowance release, the effective tax rate would have been approximately 13% driven by a true-up from the second quarter provision due to an improvement in forecasted pre-tax results.
  • Net income was $13.1 million, or $0.19 per diluted share. On an adjusted basis, net income was $11.6 million, or $0.17 per diluted share, excluding the benefit of the previously mentioned valuation allowance reversal. This compares to a net loss of $90.3 million, or a loss of $1.39 per diluted share, in the third quarter of 2020. On an adjusted basis, net loss was $76.2 million, or a loss of $1.17 per diluted share, in the third quarter of 2020.
  • Earnings before interest, taxes, depreciation, and amortization (EBITDA) was $31.9 million compared to negative EBITDA of $92.6 million in the third quarter of 2020. EBITDA was $14.2 million in the third quarter of 2019.

Balance Sheet and Cash Flow Highlights

  • Cash and cash equivalents totaled $36.8 million versus $107.3 million at the end of the third quarter of 2020.
  • Inventory was $383.6 million at the end of the third quarter, up 9% compared to $350.6 million at the end of the prior year’s third quarter which reflected accelerated investments in core product with limited markdown risk to mitigate supply chain challenges. Compared to 2019, inventory increased 11%.
  • Short-term debt was $10.1 million and long-term debt was $108.4 million at the end of the third quarter of 2021 compared to long-term debt of $165.0 million at the end of the prior year’s third quarter.
  • At the end of the third quarter of 2021, $155.3 million remained available for borrowing under the revolving credit facility.
  • Operating cash flow was $78.3 million for the thirty-nine weeks ended October 30, 2021, compared to $(251.6) million for the thirty-nine weeks ended October 31, 2020, and $32.8 million for the thirty-nine weeks ended November 2, 2019.
  • Capital expenditures totaled $18.1 million for the thirty-nine weeks ended October 30, 2021, compared to $13.6 million for the thirty-nine weeks ended October 31, 2020, and $20.5 million for the thirty-nine weeks ended November 2, 2019.
  • Free cash flow was $60.2 million for the thirty-nine weeks ended October 30, 2021, compared to $(265.2) million for the thirty-nine weeks ended October 31, 2020, and $12.3 million for the thirty-nine weeks ended November 2, 2019.

2021 Outlook

Based on strong third quarter performance and the power of our product, brand, and customer strategies balanced against the ongoing supply chain constraints, tight labor market and other inflationary pressures, the Company expects the following compared to 2019:

  • Comparable sales to increase by low-single digits for the fourth quarter
    • Inventory level and composition well-positioned to deliver the fourth quarter sales outlook
  • Gross Margin rate to be approximately 100 basis points higher for the fourth quarter, including approximately $15 million of expenses related to mitigating supply chain challenges
  • Selling, General and Administrative expenses up 9% - 11%, driven by investments in marketing and higher labor expenses
  • Net interest expense of $3 million for the fourth quarter
  • Effective Tax rate essentially zero percent for the fourth quarter and full year
  • Positive free cash flow for the full year
  • Capital expenditures of approximately $35 million for the full year
  • Well positioned to achieve our long-term goals, including $1.0 billion in eCommerce demand and over $100 million in operating profit by 2024

Assumptions in the Company outlook may be affected by the continued uncertainty of the pandemic and its impacts throughout the supply chain.

See Schedule 5 for a discussion of projected real estate activity.

Conference Call Information

A conference call to discuss third quarter 2021 results is scheduled for December 2, 2021 at 9:00 a.m. Eastern Time (ET). Investors and analysts interested in participating in the earnings call are invited to dial (877) 683-0508 approximately ten minutes prior to the start of the call. The conference call will also be webcast live at www.express.com/investor and remain available for 90 days. A telephone replay of this call will be available beginning at 12:00 p.m. ET on December 2, 2021 until 11:59 p.m. ET on December 9, 2021 and can be accessed by dialing (800) 585-8367 and entering the replay pin number 1993518. In addition, an investor presentation of third quarter 2021 results will be available at www.express.com/investor at approximately 7:00 a.m. ET on December 2, 2021.

About Express, Inc.

Grounded in versatility and powered by a styling community, Express is a modern, multichannel apparel and accessories brand whose purpose is to Create Confidence & Inspire Self-Expression. Launched in 1980 with the idea that style, quality and value should all be found in one place, Express has been a part of some of the most important and culture-defining fashion trends. The Express Edit design philosophy ensures that the brand is always ‘of the now’ so people can get dressed for every day and any occasion knowing that Express can help them look the way they want to look and feel the way they want to feel.

The Company operates over 550 retail and outlet stores in the United States and Puerto Rico, the express.com online store and the Express mobile app. Express, Inc. is comprised of the brands Express and UpWest, and is traded on the NYSE under the symbol EXPR. For more information, please visit www.express.com.

Forward-Looking Statements

Certain statements are “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include any statement that does not directly relate to any historical or current fact and include, but are not limited to (1) guidance and expectations, including statements regarding expected operating margins, comparable sales, effective tax rates, interest income, net income, diluted earnings per share, cash tax refunds, liquidity, EBITDA, free cash flow, eCommerce demand, and capital expenditures, (2) statements regarding expected store openings, store closures, store conversions, and gross square footage, and (3) statements regarding the Company's strategy, plans, and initiatives, including, but not limited to, results expected from such strategy, plans, and initiatives. Forward-looking statements are based on our current expectations and assumptions, which may not prove to be accurate. These statements are not guarantees and are subject to risks, uncertainties, and changes in circumstances that are difficult to predict, and significant contingencies, many of which are beyond the Company's control. Many factors could cause actual results to differ materially and adversely from these forward-looking statements. Among these factors are (1) changes in consumer spending and general economic conditions; (2) the COVID-19 pandemic and its continued impact on our business operations, store traffic, employee availability, financial condition, liquidity and cash flow; (3) our ability to operate our business efficiently, manage capital expenditures and costs, and obtain financing when required; (4) our ability to identify and respond to new and changing fashion trends, customer preferences, and other related factors; (5) fluctuations in our sales, results of operations, and cash levels on a seasonal basis and due to a variety of other factors, including our product offerings relative to customer demand, the mix of merchandise we sell, promotions, and inventory levels; (6) customer traffic at malls, shopping centers, and at our stores; (7) competition from other retailers; (8) our dependence on a strong brand image; (9) our ability to adapt to changing consumer behavior and develop and maintain a relevant and reliable omni-channel experience for our customers; (10) the failure or breach of information systems upon which we rely; (11) our ability to protect customer data from fraud and theft; (12) our dependence upon third parties to manufacture all of our merchandise; (13) changes in the cost of raw materials, labor, and freight; (14) supply chain or other business disruption, including as a result of the coronavirus; (15) our dependence upon key executive management; (16) our ability to execute our growth strategy, EXPRESSway Forward, including engaging our customers and acquiring new ones, executing with precision to accelerate sales and profitability, creating great product and reinvigorating our brand; (17) our substantial lease obligations; (18) our reliance on third parties to provide us with certain key services for our business; (19) impairment charges on long-lived assets; (20) claims made against us resulting in litigation or changes in laws and regulations applicable to our business; (21) our inability to protect our trademarks or other intellectual property rights which may preclude the use of our trademarks or other intellectual property around the world; (22) restrictions imposed on us under the terms of our asset-based loan facility, including restrictions on the ability to effect share repurchases; (23) changes in tax requirements, results of tax audits, and other factors that may cause fluctuations in our effective tax rate; (24) changes in tariff rates; and (25) natural disasters, extreme weather, public health issues, including pandemics, fire, acts of terrorism or war and other events that cause business interruption. Additional information concerning these and other factors can be found in Express, Inc.'s filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

Schedule 1

Express, Inc.

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

October 30, 2021

 

January 30, 2021

 

October 31, 2020

ASSETS

 

 

 

 

 

Current Assets:

 

 

 

 

 

Cash and cash equivalents

$

36,795

 

 

$

55,874

 

 

$

107,347

 

Receivables, net

14,033

 

 

14,556

 

 

12,657

 

Income tax receivable

53,350

 

 

111,342

 

 

112,014

 

Inventories

383,588

 

 

264,360

 

 

350,643

 

Prepaid rent

4,309

 

 

7,883

 

 

6,683

 

Other

19,464

 

 

20,495

 

 

24,397

 

Total current assets

511,539

 

 

474,510

 

 

613,741

 

 

 

 

 

 

 

Right of Use Asset, Net

656,995

 

 

797,785

 

 

855,116

 

 

 

 

 

 

 

Property and Equipment

971,230

 

 

969,402

 

 

990,300

 

Less: accumulated depreciation

(820,728

)

 

(789,204

)

 

(791,036

)

Property and equipment, net

150,502

 

 

180,198

 

 

199,264

 

 

 

 

 

 

 

Other Assets

5,092

 

 

5,964

 

 

3,950

 

TOTAL ASSETS

$

1,324,128

 

 

$

1,458,457

 

 

$

1,672,071

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

Short-term lease liability

$

204,827

 

 

$

203,441

 

 

$

208,375

 

Accounts payable

252,752

 

 

150,230

 

 

239,624

 

Deferred revenue

30,412

 

 

32,430

 

 

30,005

 

Short-term debt

10,091

 

 

 

 

 

Accrued expenses

126,151

 

 

128,952

 

 

158,597

 

Total current liabilities

624,233

 

 

515,053

 

 

636,601

 

 

 

 

 

 

 

Long-Term Lease Liability

579,117

 

 

722,949

 

 

776,838

 

Long-Term Debt

108,394

 

 

192,032

 

 

165,000

 

Other Long-Term Liabilities

20,553

 

 

18,734

 

 

32,812

 

Total Liabilities

1,332,297

 

 

1,448,768

 

 

1,611,251

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

 

 

 

 

 

 

 

 

 

Total Stockholders’ (Deficit)/Equity

(8,169

)

 

9,689

 

 

60,820

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

1,324,128

 

 

$

1,458,457

 

 

$

1,672,071

 

Schedule 2

Express, Inc.

Consolidated Statements of Income

(In thousands, except per share amounts)

(Unaudited)

 

 

Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended

 

October 30,
2021

 

October 31,
2020

 

October 30,
2021

 

October 31,
2020

Net Sales

$

471,981

 

 

$

322,061

 

 

$

1,275,367

 

 

$

778,039

 

Cost of Goods Sold, Buying and Occupancy Costs

315,173

 

 

308,115

 

 

890,448

 

 

854,357

 

GROSS PROFIT/(LOSS)

156,808

 

 

13,946

 

 

384,919

 

 

(76,318

)

Operating Expenses:

 

 

 

 

 

 

 

Selling, general, and administrative expenses

141,055

 

 

124,863

 

 

395,010

 

 

316,833

 

Other operating income, net

(501

)

 

(1

)

 

(565

)

 

(662

)

TOTAL OPERATING EXPENSES

140,554

 

 

124,862

 

 

394,445

 

 

316,171

 

 

 

 

 

 

 

 

 

OPERATING INCOME/(LOSS)

16,254

 

 

(110,916

)

 

(9,526

)

 

(392,489

)

Interest Expense, Net

2,879

 

 

936

 

 

12,246

 

 

2,015

 

Other Expense, Net

 

 

 

 

 

 

2,733

 

INCOME/(LOSS) BEFORE INCOME TAXES

13,375

 

 

(111,852

)

 

(21,772

)

 

(397,237

)

Income Tax Expense/(Benefit)

289

 

 

(21,503

)

 

227

 

 

(45,068

)

NET INCOME/(LOSS)

$

13,086

 

 

$

(90,349

)

 

$

(21,999

)

 

$

(352,169

)

 

 

 

 

 

 

 

 

EARNINGS PER SHARE:

 

 

 

 

 

 

 

Basic

$

0.20

 

 

$

(1.39

)

 

$

(0.33

)

 

$

(5.46

)

Diluted

$

0.19

 

 

$

(1.39

)

 

$

(0.33

)

 

$

(5.46

)

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE SHARES OUTSTANDING:

 

 

 

 

 

 

 

Basic

67,006

 

 

64,868

 

 

66,244

 

 

64,515

 

Diluted

69,856

 

 

64,868

 

 

66,244

 

 

64,515

 

Schedule 3

Express, Inc.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Thirty-Nine Weeks Ended

 

October 30, 2021

 

October 31, 2020

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net loss

$

(21,999

)

 

$

(352,169

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

Depreciation and amortization

51,964

 

 

55,699

 

Loss on disposal of property and equipment

74

 

 

1

 

Impairment of property, equipment and lease assets

 

 

29,853

 

Equity method investment impairment

 

 

3,233

 

Share-based compensation

7,856

 

 

7,286

 

Deferred taxes

 

 

65,358

 

Landlord allowance amortization

(319

)

 

(312

)

Other non-cash adjustments

 

 

(500

)

Changes in operating assets and liabilities:

 

 

 

Receivables, net

523

 

 

(1,833

)

Income tax receivable

57,992

 

 

(109,014

)

Inventories

(119,228

)

 

(130,340

)

Accounts payable, deferred revenue, and accrued expenses

95,621

 

 

183,129

 

Other assets and liabilities

5,800

 

 

(1,993

)

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

78,284

 

 

(251,602

)

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Capital expenditures

(18,095

)

 

(13,550

)

NET CASH USED IN INVESTING ACTIVITIES

(18,095

)

 

(13,550

)

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Proceeds from borrowings under the revolving credit facility

73,000

 

 

165,000

 

Repayment of borrowings under the revolving credit facility

(154,050

)

 

 

Proceeds from borrowings under the term loan facility

50,000

 

 

 

Repayment of borrowings under the term loan facility

(43,263

)

 

 

Proceeds on financing arrangements

 

 

2,634

 

Repayments of financing arrangements

(769

)

 

(1,293

)

Costs incurred in connection with debt arrangements

(471

)

 

(382

)

Repurchase of common stock for tax withholding obligations

(3,715

)

 

(599

)

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

(79,268

)

 

165,360

 

 

 

 

 

NET DECREASE IN CASH AND CASH EQUIVALENTS

(19,079

)

 

(99,792

)

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD

55,874

 

 

207,139

 

CASH AND CASH EQUIVALENTS, END OF PERIOD

$

36,795

 

 

$

107,347

 

Schedule 4

Express, Inc.

Supplemental Information - Consolidated Statements of Income

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited)

 

The Company supplements the reporting of its financial information determined under United States generally accepted accounting principles (GAAP) with certain non-GAAP financial measures: adjusted net income/(loss), adjusted operating income/(loss), adjusted diluted earnings per share, EBITDA, and free cash flow.

 

How These Measures Are Useful

 

The Company believes that these non-GAAP measures provide additional useful information to assist stockholders in understanding its financial results and assessing its prospects for future performance. Management believes adjusted net income/(loss), adjusted operating income/(loss), adjusted diluted earnings per share, and EBITDA are important indicators of the Company's business performance because they exclude items that may not be indicative of, or are unrelated to, the Company's underlying operating results, and may provide a better baseline for analyzing trends in the business. In addition, adjusted diluted earnings per share and EBITDA are used as a performance measures in the Company's long-term executive compensation program for purposes of determining the number of equity awards that are ultimately earned and EBITDA is also a metric used in our short-term cash incentive compensation plan. Management believes that free cash flow provides useful information regarding liquidity as it shows our operating cash flows less cash reinvested in the business (capital expenditures).

 

Limitations of the Usefulness of These Measures

 

Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures having the same or similar names. These adjusted financial measures should not be considered in isolation or as a substitute for reported net income/(loss), operating loss, or diluted earnings per share. These non-GAAP financial measures reflect an additional way of viewing the Company's operations that, when viewed with the GAAP results and the below reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of the Company's business. Management strongly encourages investors and stockholders to review the Company's financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

 

Thirteen Weeks Ended October 30, 2021

(in thousands, except per share amounts)

Operating
Income

 

Income Tax
Impact

 

Net Income

 

Diluted
Earnings
per Share

 

Weighted
Average Diluted
Shares
Outstanding

Reported GAAP Measure

$

16,254

 

 

 

 

$

13,086

 

 

$

0.19

 

 

69,856

 

Valuation allowance on deferred taxes (a)

 

 

(1,485

)

 

(1,485

)

 

(0.02

)

 

 

Adjusted Non-GAAP Measure

$

16,254

 

 

 

 

$

11,601

 

 

$

0.17

 

 

 

  1. Valuation allowance released due to improvement in forecasted 2021 pre-tax results.

 

Thirty-Nine Weeks Ended October 30, 2021

(in thousands, except per share amounts)

Operating
Loss

 

Income Tax
Impact

 

Net Loss

 

Diluted
Earnings
per Share

 

Weighted
Average Diluted
Shares
Outstanding

Reported GAAP Measure

$

(9,526

)

 

 

 

$

(21,999

)

 

$

(0.33

)

 

66,244

 

Valuation allowance on deferred taxes (a)

 

 

(490

)

 

(490

)

 

(0.01

)

 

 

Adjusted Non-GAAP Measure

$

(9,526

)

 

 

 

$

(22,489

)

 

$

(0.34

)

 

 

  1. Valuation allowance released due to improvement in forecasted 2021 pre-tax results.

 

Thirteen Weeks Ended October 31, 2020

(in thousands, except per share amounts)

Operating
Loss

 

Income Tax
Impact

 

Net Loss

 

Diluted
Earnings
per Share

 

Weighted
Average Diluted
Shares
Outstanding

Reported GAAP Measure

$

(110,916

)

 

 

 

$

(90,349

)

 

$

(1.39

)

 

64,868

 

Impairment of property, equipment and lease assets

8,370

 

 

(2,215

)

(a)

6,155

 

 

0.09

 

 

 

Valuation allowance on deferred taxes (b)

 

 

15,998

 

 

15,998

 

 

0.25

 

 

 

Tax impact of the CARES Act (c)

 

 

(7,996

)

 

(7,996

)

 

(0.12

)

 

 

Adjusted Non-GAAP Measure

$

(102,546

)

 

 

 

$

(76,192

)

 

$

(1.17

)

 

 

  1. Items tax affected at the applicable deferred or statutory rate.
  2. Valuation allowance provided against previously recognized deferred tax assets and 2020 losses, less net operating losses utilized under the CARES Act.
  3. Income tax benefit primarily due to a net operating loss carryback under the CARES Act to years with a higher federal statutory tax rate than is currently enacted.

 

Thirty-Nine Weeks Ended October 31, 2020

(in thousands, except per share amounts)

Operating
Loss

 

Income Tax
Impact

 

Net Loss

 

Diluted
Earnings
per Share

 

Weighted
Average Diluted
Shares
Outstanding

Reported GAAP Measure

$

(392,489

)

 

 

 

$

(352,169

)

 

$

(5.46

)

 

64,515

 

Impairment of property, equipment and lease assets

29,853

 

 

(7,901

)

(a)

21,952

 

 

0.34

 

 

 

Equity method investment impairment (b)

 

 

(642

)

 

2,091

 

 

0.03

 

 

 

Valuation allowance on deferred taxes (c)

 

 

93,317

 

 

93,317

 

 

1.45

 

 

 

Tax impact of the CARES Act (d)

 

 

(36,553

)

 

(36,553

)

 

(0.57

)

 

 

Tax impact of executive departures (e)

 

 

111

 

 

111

 

 

 

 

 

Adjusted Non-GAAP Measure

$

(362,636

)

 

 

 

$

(271,251

)

 

$

(4.20

)

 

 

  1. Items tax affected at the applicable deferred or statutory rate.
  2. Impairment before tax was $2.7 million and was recorded in other expense, net.
  3. Valuation allowance provided against previously recognized deferred tax assets and 2020 losses, less net operating losses utilized under the CARES Act.
  4. Income tax benefit primarily due to a net operating loss carryback under the CARES Act to years with a higher federal statutory tax rate than is currently enacted.
  5. Represents the tax impact related to the expiration of former executive non-qualified stock options.

 

Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended

(in thousands)

October 30, 2021

 

October 31, 2020

 

October 30, 2021

 

October 31, 2020

Net income/(loss)

$

13,086

 

 

$

(90,349

)

 

$

(21,999

)

 

$

(352,169

)

Interest expense, net

2,879

 

 

936

 

 

12,246

 

 

2,015

 

Income tax expense/(benefit)

289

 

 

(21,503

)

 

227

 

 

(45,068

)

Depreciation and amortization

15,662

 

 

18,316

 

 

48,418

 

 

55,519

 

EBITDA (Non-GAAP Measure)

$

31,916

 

 

$

(92,600

)

 

$

38,892

 

 

$

(339,703

)

 

 

Thirteen Weeks Ended

 

Thirty-Nine Weeks Ended

(in thousands)

 

November 2, 2019

Net loss

 

$

(3,105

)

 

$

(22,742

)

Interest income, net

 

(690

)

 

(2,185

)

Income tax benefit

 

(2,880

)

 

(3,062

)

Depreciation and amortization

 

20,831

 

 

63,898

 

EBITDA (Non-GAAP Measure)

 

$

14,156

 

 

$

35,909

 

 

Thirty-Nine Weeks Ended

(in thousands)

October 30, 2021

 

October 31, 2020

 

November 2, 2019

Net cash provided by (used in) operating activities

$

78,284

 

 

$

(251,602

)

 

$

32,834

 

Less:

 

 

 

 

 

Capital expenditures

(18,095

)

 

(13,550

)

 

(20,503

)

Free Cash Flow (Non-GAAP Measure)

$

60,189

 

 

$

(265,152

)

 

$

12,331

 

Schedule 5

Express, Inc.

Real Estate Activity

(Unaudited)

 

 

 

 

Third Quarter 2021 - Actual

 

October 30, 2021 - Actual

Company-Operated Stores

Opened

Closed

 

Store Count

Gross Square Footage

Retail Stores

 

351

 

Outlet Stores

1

 

207

 

Express Edit Concept Stores1

2

(1)

 

5

 

UpWest Stores

1

 

7

 

TOTAL

4

(1)

 

570

4.7 million

 

 

 

 

 

 

Fourth Quarter 2021 - Projected

 

January 29, 2022 - Projected

Company-Operated Stores

Opened

Closed

 

Store Count

Gross Square Footage

Retail Stores

(5)

 

346

 

Outlet Stores

(4)

 

203

 

Express Edit Concept Stores1

 

5

 

UpWest Stores

1

(1)

 

7

 

TOTAL

1

(10)

 

561

4.7 million

 

 

 

 

 

 

Full Year 2021 - Projected

 

January 29, 2022 - Projected

Company-Operated Stores

Opened

Closed

 

Store Count

Gross Square Footage

Retail Stores

(13)

 

346

 

Outlet Stores

1

(8)

 

203

 

Express Edit Concept Stores1

6

(2)

 

5

 

UpWest Stores

8

(1)

 

7

 

TOTAL

15

(24)

 

561

4.7 million

  1. The initial lease terms for Express Edit Concept stores are typically less than 12 months.

 

INVESTOR CONTACT
Greg Johnson
VP, Investor Relations
gjohnson@express.com
(614) 474-4890

Source: Express, Inc.

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