Ankündigung • Aug 08
First Motion for Exclusivity Period Extension Approved For Express, Inc. The US Bankruptcy Court granted an order for the extension of the exclusivity periods for Express, Inc. on August 7, 2024. As per the order, the debtor’s exclusivity period to file its plan and to solicit votes on its plan, have been extended by 90 days i.e. up to November 18, 2024 and January 20, 2025, respectively. Ankündigung • Jun 27
WHP Global, LLC, Brookfield Properties, Inc, Centennial Real Estate Management, LLC, and Simon Property Group, L.P completed the acquisition of majority Retail stores and operations of Express, Inc (OTCPK:EXPR). WHP Global, LLC, Brookfield Properties, Inc, Centennial Real Estate Management, LLC, and Simon Property Group, L.P signed a non-binding letter of intent to acquire majority of Retail stores and operations of Express, Inc (OTCPK:EXPR) for approximately $170 million on April 22, 2024. The transaction value consists of $136 million in cash considerations and $38 million in assumed liabilities. The transaction is subject to the approval of the Bankruptcy Court. Kirkland & Ellis LLP acted as a legal advisor, Moelis & Company LLC and M3 Partners, LP acted as a financial advisor to Express, Inc. As on June 14, 2024 court has approved the transaction.
WHP Global, LLC, Brookfield Properties, Inc, Centennial Real Estate Management, LLC, and Simon Property Group, L.P completed the acquisition of Retail stores and operations of Express, Inc (OTCPK:EXPR) on June 25, 2024. Ankündigung • May 08
Express, Inc. announced delayed annual 10-K filing On 05/06/2024, Express, Inc. announced that they will be unable to file their next 10-K by the deadline required by the SEC. Ankündigung • Apr 25
Express, Inc. Files Form 15 Express, Inc. has announced that it has filed a Form 15 with the Securities and Exchange Commission to voluntarily deregister its common stock under the Securities Exchange Act of 1934, as amended. The par value of the company's common stock was $0.01 per share. Ankündigung • Mar 07
The New York Stock Exchange to Commence Delisting Proceedings against Express The New York Stock Exchange (‘NYSE’, the ‘Exchange’) announced that the staff of NYSE Regulation has determined to commence proceedings to delist the common stock of Express, Inc. (the ‘Company’) from the NYSE. Trading in the Company’s common stock will be suspended immediately. NYSE Regulation reached its decision to delist the Company’s common stock pursuant to Section 802.01B of the NYSE’s Listed Company Manual because the Company had fallen below the NYSE’s continued listing standard requiring listed companies to maintain an average global market capitalization over a consecutive 30 trading day period of at least $15,000,000. The Company has a right to a review of this determination by a Committee of the Board of Directors of the Exchange. The NYSE will apply to the Securities and Exchange Commission to delist the common stock upon completion of all applicable procedures, including any appeal by the Company of the NYSE Regulation staff’s decision. New Risk • Feb 14
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: US$8.47m This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Shares are highly illiquid. High level of non-cash earnings (148% accrual ratio). Market cap is less than US$10m (US$8.47m market cap). Minor Risk Shareholders have been diluted in the past year (9.7% increase in shares outstanding). Ankündigung • Dec 22
Express, Inc. Announces Resignation of Antonio J. Lucio to Its Board of Directors On December 18, 2023,Express, Inc. announced Antonio J. Lucio notified the Board of Directors of his decision to resign from the Board, effective immediately. Mr. Lucio informed the Board that his resignation from the Board was not due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. Effective immediately following Mr. Lucio’s resignation, the Board decreased the size of the Board from ten to nine directors. Reported Earnings • Dec 01
Third quarter 2024 earnings released: US$9.83 loss per share (vs US$10.09 loss in 3Q 2023) Third quarter 2024 results: US$9.83 loss per share. Revenue: US$454.1m (up 4.6% from 3Q 2023). Net loss: US$36.8m (loss widened 6.9% from 3Q 2023). Revenue is forecast to grow 7.1% p.a. on average during the next 2 years, compared to a 5.6% growth forecast for the Specialty Retail industry in the United Kingdom. Ankündigung • Dec 01
Express, Inc. Provides Earnings Guidance for the Fourth Quarter and Full Year of 2023 Express, Inc. provided earnings guidance for the fourth quarter and full year of 2023. For the year, the company expects net sales to be between approximately $565 million to $590 million, including the 14th week and approximately $60 million in Bonobos net sales.For the full year, the company expects net sales to be between approximately $1.840 billion to $1.865 billion, including the 53rd week and approximately $150 million in Bonobos net sales. Diluted loss per share to be between $46.00 to $50.00. Ankündigung • Nov 17
Express, Inc. to Report Q3, 2024 Results on Nov 30, 2023 Express, Inc. announced that they will report Q3, 2024 results at 9:00 AM, US Eastern Standard Time on Nov 30, 2023 Board Change • Nov 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Stewart Glendinning was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CEO & Director Stewart Glendinning was the last director to join the board, commencing their role in 2023. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Ankündigung • Sep 09
Express, Inc. Appoints Stewart Glendinning as Chief Executive Officer, Effective September 15, 2023 Express, Inc. announced that Stewart Glendinning has been appointed Chief Executive Officer and a member of the Express Board of Directors, effective September 15, 2023. Glendinning succeeds Tim Baxter, who has resigned as Chief Executive Officer and as a member of the Board. Baxter will be available as needed to support a smooth transition. Glendinning brings to Express more than 20 years of experience in the consumer products industry and a proven record of operating excellence, financial discipline and building high-performing teams to grow iconic brands. He most recently served as Group President, Prepared Foods of Tyson Foods, Inc. In this role, he managed all aspects of the Prepared Foods portfolio, including renowned brands Jimmy Dean, Hillshire Farm and Ball Park, and guided the business to strong volume performance and market share gains across the retail brand portfolio. Previously, Glendinning was Chief Financial Officer of Tyson Foods and responsible for worldwide financial planning, finance and accounting functions. Ankündigung • Sep 08
Express, Inc. Appoints Stewart Glendinning as Member of Board of Directors, Effective September 15, 2023 Express, Inc. announced that Stewart Glendinning has been appointed Chief Executive Officer and a member of the Express Board of Directors, effective September 15, 2023. Glendinning succeeds Tim Baxter, who has resigned as Chief Executive Officer and as a member of the Board. Baxter will be available as needed to support a smooth transition. Glendinning brings to Express more than 20 years of experience in the consumer products industry and a proven record of operating excellence, financial discipline and building high-performing teams to grow iconic brands. He most recently served as Group President, Prepared Foods of Tyson Foods, Inc. In this role, he managed all aspects of the Prepared Foods portfolio, including renowned brands Jimmy Dean, Hillshire Farm and Ball Park, and guided the business to strong volume performance and market share gains across the retail brand portfolio. Previously, Glendinning was Chief Financial Officer of Tyson Foods and responsible for worldwide financial planning, finance and accounting functions. Reported Earnings • Sep 07
Second quarter 2024 earnings released: US$11.79 loss per share (vs US$2.07 profit in 2Q 2023) Second quarter 2024 results: US$11.79 loss per share (down from US$2.07 profit in 2Q 2023). Revenue: US$435.3m (down 6.4% from 2Q 2023). Net loss: US$44.1m (down US$51.1m from profit in 2Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Specialty Retail industry in the United Kingdom. Ankündigung • Aug 30
Express, Inc. to Report Q2, 2024 Results on Sep 06, 2023 Express, Inc. announced that they will report Q2, 2024 results on Sep 06, 2023 Ankündigung • Jul 15
Express, Inc. Announces Resignation of Malissa Akay as Executive Vice President and Chief Merchandising Officer On July 14, 2023 Express, Inc. announced expense reduction initiative, Malissa Akay ceased to serve as Executive Vice President and Chief Merchandising Officer of the company effective immediately. Reported Earnings • May 25
First quarter 2024 earnings released: US$0.99 loss per share (vs US$0.18 loss in 1Q 2023) First quarter 2024 results: US$0.99 loss per share (further deteriorated from US$0.18 loss in 1Q 2023). Revenue: US$383.3m (down 15% from 1Q 2023). Net loss: US$73.4m (loss widened US$61.5m from 1Q 2023). Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Specialty Retail industry in the United Kingdom. Ankündigung • May 13
Express, Inc. to Report Q1, 2024 Results on May 24, 2023 Express, Inc. announced that they will report Q1, 2024 results at 9:30 AM, US Eastern Standard Time on May 24, 2023 Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: US$4.32 (vs US$0.22 loss in FY 2022) Full year 2023 results: EPS: US$4.32 (up from US$0.22 loss in FY 2022). Revenue: US$1.86b (flat on FY 2022). Net income: US$293.8m (up US$308.3m from FY 2022). Profit margin: 16% (up from net loss in FY 2022). Revenue is forecast to grow 2.3% p.a. on average during the next 2 years, compared to a 6.3% growth forecast for the Specialty Retail industry in the United Kingdom. Ankündigung • Jan 28
Express, Inc. Appoints Yehuda Shmidman to Board of Directors as Class II Director On January 25, 2023, Express, Inc. completed the previously announced transactions contemplated by (i) the Investment Agreement, by and between the Company and WH Borrower, LLC, dated as of December 8, 2022 and (ii) the Membership Interest Purchase Agreement, by and among the Company, WHP and Express, LLC, dated as of December 8, 2022. On January 25, 2023, Mr. Yehuda Shmidman, Chairman and Chief Executive Officer of WHP Global, was appointed to the Company’s Board of Directors as a Class II director in connection with the Closing. In connection with this appointment, the Board increased its size from ten to eleven directors. Ankündigung • Jan 10
Express, Inc. Reaffirms Earnings Guidance for the Full Year 2022 Express, Inc. reaffirmed earnings guidance for the full year 2022. For the year, the company now expects comparable sales of around flat, consistent with prior outlook and diluted loss per share of $1.18 to $1.22, within the range of prior outlook, excluding impact of $260 million in proceeds from WHP partnership expected to close January 2023. The other elements of the full year 2022 outlook provided by the Company on December 8, 2022, remain unchanged. Reported Earnings • Dec 08
Third quarter 2023 earnings released: US$0.51 loss per share (vs US$0.20 profit in 3Q 2022) Third quarter 2023 results: US$0.51 loss per share (down from US$0.20 profit in 3Q 2022). Revenue: US$434.1m (down 8.0% from 3Q 2022). Net loss: US$34.4m (down 363% from profit in 3Q 2022). Revenue is forecast to grow 2.0% p.a. on average during the next 2 years, compared to a 5.4% growth forecast for the Specialty Retail industry in the United Kingdom. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment deteriorated over the past week After last week's 18% share price decline to US$1.08, the stock trades at a trailing P/E ratio of 5.3x. Average forward P/E is 9x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 74% over the past year. Reported Earnings • Sep 01
Second quarter 2023 earnings released: EPS: US$0.10 (vs US$0.16 in 2Q 2022) Second quarter 2023 results: EPS: US$0.10 (down from US$0.16 in 2Q 2022). Revenue: US$464.9m (up 1.6% from 2Q 2022). Net income: US$7.04m (down 34% from 2Q 2022). Profit margin: 1.5% (down from 2.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to stay flat compared to a 8.7% growth forecast for the Specialty Retail industry in the United Kingdom. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$1.93, the stock trades at a trailing P/E ratio of 6.9x. Average forward P/E is 9x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improved over the past week After last week's 19% share price gain to US$1.98, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 68% over the past year. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to US$1.69, the stock trades at a trailing P/E ratio of 6.4x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 66% over the past year. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 20% share price decline to US$2.08, the stock trades at a trailing P/E ratio of 8x. Average forward P/E is 10x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 55% over the past year. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 23% share price gain to US$3.03, the stock trades at a trailing P/E ratio of 10.4x. Average forward P/E is 11x in the Specialty Retail industry in the United Kingdom. Total loss to shareholders of 36% over the past year. Reported Earnings • May 26
First quarter 2023 earnings released: US$0.18 loss per share (vs US$0.70 loss in 1Q 2022) First quarter 2023 results: US$0.18 loss per share (up from US$0.70 loss in 1Q 2022). Revenue: US$450.8m (up 30% from 1Q 2022). Net loss: US$11.9m (loss narrowed 74% from 1Q 2022). Over the next year, revenue is forecast to grow 3.8%, compared to a 11% growth forecast for the industry in the United Kingdom. Reported Earnings • Mar 10
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: US$0.22 loss per share (up from US$6.27 loss in FY 2021). Revenue: US$1.87b (up 55% from FY 2021). Net loss: US$14.4m (loss narrowed 96% from FY 2021). Like-for-like sales growth: 37.0% vs FY 2021 Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.2%, compared to a 12% growth forecast for the retail industry in the United Kingdom. Reported Earnings • Mar 10
Full year 2022 earnings: Revenues and EPS in line with analyst expectations Full year 2022 results: US$0.22 loss per share (up from US$6.27 loss in FY 2021). Revenue: US$1.87b (up 55% from FY 2021). Net loss: US$14.4m (loss narrowed 96% from FY 2021). Like-for-like sales growth: 37.0% vs FY 2021 Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 6.2%, compared to a 12% growth forecast for the retail industry in the United Kingdom. Board Change • Dec 04
High number of new directors Director Antonio Lucio was the last director to join the board, commencing their role in the last week. Reported Earnings • Dec 03
Third quarter 2022 earnings: EPS in line with expectations, revenues disappoint Third quarter 2022 results: EPS: US$0.20 (up from US$1.39 loss in 3Q 2021). Revenue: US$472.0m (up 47% from 3Q 2021). Net income: US$13.1m (up US$103.4m from 3Q 2021). Profit margin: 2.8% (up from net loss in 3Q 2021). Revenue missed analyst estimates by 6.2%. Over the next year, revenue is forecast to grow 26%, compared to a 11% growth forecast for the industry in the United Kingdom. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 27
Second quarter 2022 earnings released: EPS US$0.16 (vs US$1.67 loss in 2Q 2021) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2022 results: Revenue: US$457.6m (up 86% from 2Q 2021). Net income: US$10.6m (up US$118.4m from 2Q 2021). Profit margin: 2.3% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. Reported Earnings • Jun 05
First quarter 2022 earnings released: US$0.70 loss per share (vs US$2.41 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: US$345.8m (up 64% from 1Q 2021). Net loss: US$45.7m (loss narrowed 70% from 1Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Reported Earnings • Mar 12
Full year 2021 earnings released: US$6.27 loss per share (vs US$2.49 loss in FY 2020) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2021 results: Revenue: US$1.21b (down 40% from FY 2020). Net loss: US$405.4m (loss widened 147% from FY 2020). Like-for-like sales growth: Down 27.0% vs FY 2020 Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 105 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 12
Revenue beats expectations Revenue exceeded analyst estimates by 0.5%. Over the next year, revenue is forecast to grow 39%, compared to a 6.1% growth forecast for the Specialty Retail industry in the United Kingdom.