Annuncio • 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. Annuncio • Aug 02
Reorganization Plan and Disclosure Statement Filed by Express, Inc. Express, Inc., along with its affiliates, filed a joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on July 31, 2024. As per the plan filed, administrative claims, priority tax claims, professional fee claims, DIP claims, U.S. Trustee fees, other secured claims of $0 and other priority claims of $29 million shall be paid in full in cash. General unsecured claims of $212 million with expected recovery of 10% - 15% shall receive, in full and final satisfaction, compromise, settlement, and release of and in exchange for its claim, its pro rata share of the distributable proceeds. Intercompany claims and intercompany interests shall either be reinstated, set off, settled, distributed, contributed, cancelled, or released without any distribution. Existing equity interests in express and section 510(b) claims shall be cancelled, released, and extinguished without any distribution to holders of such claims. The plan shall be funded from available cash and sale of assets. Annuncio • 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. Annuncio • 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. Annuncio • 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. Annuncio • 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. Annuncio • 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. Annuncio • 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. Annuncio • 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 Annuncio • 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. Annuncio • 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 6.4% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 122% per year but the company’s share price has fallen by 17% per year, which means it is significantly lagging earnings. Annuncio • 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 Annuncio • 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 7.0% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 110% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Annuncio • 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 25
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 7.1% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Annuncio • 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. Annuncio • 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 09
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 3.7% p.a. on average during the next 2 years, compared to a 4.6% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. Annuncio • Dec 09
Express, Inc. Provides Earnings Guidance for the Full Year 2022 Express, Inc. provided earnings guidance for the full year 2022. For the year, the company expects diluted loss per share to be in the range of $1.12 to $1.22. Annuncio • Dec 02
Express, Inc. Appoints Satish Mehta to Board of Directors The Board of Directors of Express, Inc. has named Satish Mehta as a Class I director, effective December 1, 2022. Mr. Mehta, 57, has a deep background in database engineering and a strong track record in technical leadership roles. He is currently the Chief Technology Officer of pet food and pet-health related products retailer Chewy, Inc. Mr. Mehta has over 20 years of experience across consumer products, technology and apparel. His background includes leadership positions at UnitedHealth Group, Staples, Yahoo!, and Gap, Inc. He spent 13 years in the Indian Navy, leaving the service as a Lieutenant Commander to join the private sector. Annuncio • Nov 29
Express, Inc. to Report Q3, 2023 Results on Dec 08, 2022 Express, Inc. announced that they will report Q3, 2023 results on Dec 08, 2022 Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.09, the stock trades at a trailing P/E ratio of 4.9x. Average forward P/E is 11x in the Specialty Retail industry in Germany. Total loss to shareholders of 68% over the past three years. 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 11% growth forecast for the Specialty Retail industry in Germany. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Annuncio • Sep 01
Express, Inc. Provides Earnings Guidance for the Third Quarter and Full Year 2022 Express, Inc. provided earnings guidance for the third Quarter and Full Year 2022. For third quarter, the company expects Comparable sales to decrease mid-single digitsFor the full year 2022, the company expects Comparable sales to increase mid-single digits. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.91, the stock trades at a trailing P/E ratio of 6.9x. Average forward P/E is 11x in the Specialty Retail industry in Germany. Negligible returns to shareholders over past three years. Annuncio • Aug 10
Express, Inc. to Report Q2, 2023 Results on Aug 31, 2022 Express, Inc. announced that they will report Q2, 2023 results on Aug 31, 2022 Valuation Update With 7 Day Price Move • Aug 09
Investor sentiment improved over the past week After last week's 22% share price gain to €2.01, the stock trades at a trailing P/E ratio of 7.7x. Average forward P/E is 12x in the Specialty Retail industry in Germany. Total returns to shareholders of 7.9% over the past three years. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €1.83, the stock trades at a trailing P/E ratio of 6.7x. Average forward P/E is 10x in the Specialty Retail industry in Germany. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €2.09, the stock trades at a trailing P/E ratio of 7.8x. Average forward P/E is 10x in the Specialty Retail industry in Germany. Total loss to shareholders of 12% over the past three years. 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 9.8% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 5% per year. Annuncio • May 26
Express, Inc. Provides Second Quarter and Raises Full Year 2022 outlook Express, Inc. Provided Second Quarter and Raises Full Year 2022. The company Raises full year comparable sales outlook to an increase of 8% - 10%. The company also provided outlook for a mid-single digit increase in second quarter comparable sales. Annuncio • May 12
Express, Inc. to Report Q1, 2023 Results on May 25, 2022 Express, Inc. announced that they will report Q1, 2023 results on May 25, 2022 Annuncio • May 02
Express, Inc., Annual General Meeting, Jun 08, 2022 Express, Inc., Annual General Meeting, Jun 08, 2022, at 08:30 US Eastern Standard Time. Agenda: To consider the election of class III directors; to approve executive compensation (Say-on-Pay); to consider the ratification of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for 2022; and to consider Such other business as may properly come before the meeting. 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 18% growth forecast for the retail industry in Germany. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Annuncio • Feb 25
Express, Inc. to Report Q4, 2022 Results on Mar 09, 2022 Express, Inc. announced that they will report Q4, 2022 results on Mar 09, 2022 Annuncio • Feb 02
Express, Inc. Names Patricia E. Lopez as Class II Director, Effective February 1, 2022 Express, Inc. has named Patricia E. Lopez as a Class II director, effective February 1, 2022. Ms. Lopez, 60, is an accomplished multinational executive with experience in global marketing and general management roles. She was previously CEO of High Ridge Brands. 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 19% growth forecast for the industry in Germany. 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 16% 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 70 percentage points per year, which is a significant difference in performance. Annuncio • Aug 26
Express, Inc. Provides Earnings Guidance for the Second Half and Full Year 2021 Express, Inc. provided earnings guidance for the second half and full year 2021. For the period, net Sales above 2019 levels on a comparable basis for the second half of the year. 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. Annuncio • Jun 04
Express, Inc. Provides Earnings Guidance for the Second Quarter and Full Year 2021 Express, Inc. provided earnings guidance for the second quarter and full year 2021. For the second quarter the company expected Net interest expense to be $4 million.
For the period the company expected Sequential comparable sales improvement throughout the year. Net interest expense of $16 million for the full year. Annuncio • May 29
Rosen Law Announces Updated Lead Plaintiff Deadline in Securities Class Action Lawsuits on Behalf of Investors Unable to Execute Trades and Who Sold And/Or Purchased Certain Securities on the Robinhood Trading Platform on or Around January 28, 2021 Rosen Law Firm announced the updated July 27, 2021lead plaintiff deadline in the class action lawsuits filed on behalf of those who were unable to execute trades, sold, and/or purchased certain securities including American Airlines Group Inc., AMC Entertainment Holdings Inc., BlackBerry Limited, Bed Bath & Beyond Inc., GameStop Corp., Express, Koss Corporation, Naked Brand Group, Nokia Corporation, Sundial Growers, Inc., Tootsie Roll Industries, and Trivago NV(collectively, the “Affected Securities”) on the Robinhood Trading Platform on or around January 28, 2021. The lawsuits variously seek to recover damages for those affected by Robinhood’s alleged market manipulation in violation of Sections 9(a) and 10(b) of the Securities Exchange Act of 1934 (15 U.S.C. §§ 78i(a) and 78(j)(b), and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission (17 C.F.R. § 240.10b-5)).
According to the lawsuits, Robinhood engaged in illegal market manipulation by restricting trading of some or all of the Affected Securities. The manipulation depressed the value of the Affected Securities causing substantial losses to investors. On the other hand, the alleged manipulation bestowed significant benefits to those who had short positions on the Affected Securities, including hedge funds. Pursuant to the Private Securities Litigation Reform Act of 1995 (15 U.S.C. § 78u-4(a)(3)(A)(i)(II)), if wish to serve as lead plaintiff, must move the Court no later than July 27, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. 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 104 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 7.6% growth forecast for the Specialty Retail industry in Germany. Annuncio • Mar 04
Express, Inc. to Report Q4, 2021 Results on Mar 10, 2021 Express, Inc. announced that they will report Q4, 2021 results on Mar 10, 2021 Annuncio • Feb 04
Express, Inc. Regains Compliance With NYSE Listing Standards Express, Inc. announced that on February 1, 2021, it was notified by the New York Stock Exchange ("NYSE") that the Company had regained compliance with the NYSE's continued listing standards. As previously disclosed, on September 29, 2020, Express received formal notice from the NYSE that it was not in compliance with the NYSE's continued listing standards as a result of the average closing price of the Company's common stock being less than $1.00 per share over a consecutive 30 trading-day period. The Company regained compliance on January 29, 2021 after the Company’s common stock had a closing share price of at least $1.00 and had maintained an average closing share price of at least $1.00 over the 30 trading-day period ending on that date. Analyst Estimate Surprise Post Earnings • Dec 04
Revenue misses expectations Revenue missed analyst estimates by 14%. Over the next year, revenue is forecast to grow 16%, compared to a 7.0% growth forecast for the Specialty Retail industry in Germany. Reported Earnings • Dec 04
Third quarter 2021 earnings released: US$1.39 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2021 results: Revenue: US$322.1m (down 34% from 3Q 2020). Net loss: US$90.3m (loss widened US$87.2m from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 134% per year but the company’s share price has only fallen by 49% per year, which means it has not declined as severely as earnings. Annuncio • Nov 13
Express, Inc. to Report Q3, 2021 Results on Dec 03, 2020 Express, Inc. announced that they will report Q3, 2021 results at 10:45 AM, GMT Standard Time on Dec 03, 2020 Annuncio • Oct 03
Express, Inc. Responds to Notice of Non-Compliance With NYSE Trading Share Price Listing Standard Rules Express, Inc. announced that the New York Stock Exchange (NYSE) has notified the Company that it is no longer in compliance with NYSE continued listing criteria, which require listed companies to maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period. The Company received written notice of the non-compliance on September 29, 2020. In accordance with NYSE rules, the Company has a period of six months from receipt of the notice to regain compliance with the NYSE’s minimum share price requirement. The notice has no immediate impact on the listing of the common stock, which will remain listed and traded on the NYSE during this period, subject to the Company’s compliance with the other continued listing requirements of the NYSE. Under NYSE rules, the Company can regain compliance at any time during the six-month cure period if on the last trading day of any calendar month during the cure period the Company’s common stock has a closing share price of at least $1.00 and an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month or on the last day of the cure period. In accordance with the NYSE’s rules, the Company plans to formally notify the NYSE of its intent to cure the deficiency, including for example through a reverse stock split, subject to Board and stockholder approval, if necessary, to cure the share price non-compliance. The NYSE notification does not affect the ongoing business operations of the Company or its reporting requirements with the Securities and Exchange Commission nor does it trigger any violation of its debt obligations. Annuncio • Aug 27
Express, Inc. Not Provide Guidance for the Third Quarter 2020 Express, Inc. announced that due to the uncertainty of the current environment, the Company will not provide guidance for the third quarter or the year at this time. Annuncio • Aug 06
Express, Inc. to Report Q2, 2021 Results on Aug 26, 2020 Express, Inc. announced that they will report Q2, 2021 results on Aug 26, 2020 Annuncio • Jul 17
Express Provides Business and Store Reopening Updates Express, Inc. provided an update on its current business and latest store reopening plans. The Company unveiled a comprehensive strategy at the New York Stock Exchange in late January of this year called The EXPRESSway Forward, and was in the early stages of a transformation when the pandemic struck and forced the closure of stores and offices just six weeks later. The Company already had a number of important initiatives underway in support of its four foundational pillars of Product, Brand, Customer, and Execution, and the business had begun to show positive signs of a turnaround. As of July 5th, the Company has reopened approximately 95% of its stores and expects to open the remaining stores in the coming weeks. All openings have been in accordance with the latest federal and state guidelines, and with adherence to recommended health and safety protocols. As part of the reopening process, the Company has enabled ship from store capabilities in over 330 locations to support online demand. In addition, the Company has enabled buy online pick-up in store capabilities in over 275 stores and plans to have all retail stores enabled by the end of the third quarter. With each successive wave of store openings, sales and traffic improved steadily week over week through the third week in June, with sales outpacing traffic due to higher conversion levels. Comparable sales for open stores sequentially improved from down over 50% in early May to approximately negative 15% by the third week in June. Traffic also improved, from approximately negative 65% in early May to approximately negative 30% by the third week in June. As COVID-19 cases began to spike in several states in late June, the Company saw declines in both sales and traffic in Arizona, California, Florida, and Texas, which were significant enough to impact total results. Results in stores have been negatively impacted by multiple factors, including reduced mall traffic due to COVID-19 and the cancellation of June and July product, the latter causing the assortments to not yet be fully reflective of the Company’s new vision but deemed prudent in order to effectively manage liquidity. The Company has continued to see improvement in online sales and traffic on its website and mobile app which reflects positive consumer response to the new product. Digital demand has improved throughout the quarter and delivered a positive comp in June due to an increase in both traffic and conversion. Digital penetration to the total has remained elevated even as stores have reopened.