Express, a US-based modern, versatile, dual gender fashion retailer, has reported 40 per cent sales decline to $1,208 million in its complete fiscal 2020 that ended on January 30, 2021, compared to the sales of $2,019 million in the previous fiscal. The company’s net loss for the year widened to $405.4 million (FY19: $164.3 million).
“Over the past twelve months, we have effectively managed our liquidity while meaningfully advancing the Expressway Forward strategy. We took appropriate action and made progress despite extraordinary circumstances and market conditions,” Tim Baxter, chief executive officer at Express, said in a press release.
Gross profit during FY20 registered a loss of $4.9 million (gross profit: $550.5 million), while total operating expenses reduced to $450.3 million ($768.4 million). The company’s operating loss was $455.2 million ($217.8 million).
“We are well positioned to accelerate in 2021. I expect sales to continue improving sequentially each quarter, and that we will return to positive EBITDA in the back half of the year,” Baxter said.
Fibre2Fashion News Desk (JL)
Express, a US-based modern, versatile, dual gender fashion retailer, has reported 40 per cent sales decline to $1,208 million in its complete fiscal 2020 that ended on January 30, 2021, compared to the sales of $2,019 million in the previous fiscal. The company's net loss for the year widened to $405.4 million (FY19: $164.3 million).