COLUMBUS, Ohio--(BUSINESS WIRE)-- Fashion apparel retailer Express, Inc. (NYSE: EXPR), announced its financial results for the fourth quarter and full year 2020. These results, which cover the thirteen and fifty-two weeks ended January 30, 2021, are compared to the thirteen and fifty-two weeks ended February 1, 2020.
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Express storefront at Easton Town Center in Columbus, Ohio. (Photo: Business Wire)
“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,” said Tim Baxter, Chief Executive Officer. “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.”
Fourth Quarter 2020 Operating Results:
Full Year 2020 Operating Results:
Balance Sheet And Cash Flow Highlights:
Borrowings:
On January 14, 2021, the Company announced that it has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140.0 million. The new financing includes a $90.0 million FILO Term Loan with a maturity date of May 24, 2024, and a $50.0 million Delayed Draw Term Loan. This financing is in addition to the Company’s existing $250.0 million revolving credit facility, of which $106.1 million was borrowed at year-end.
As of January 30, 2021, the net amount outstanding under the Company's credit facilities was $196.1 million and approximately $35.6 million was available for borrowing under the Company's revolving credit facility after giving effect to certain borrowing base limitations and outstanding letters of credit in the amount of $36.1 million. Further details regarding the facility are available on the Current Report on Form 8-K filed by the Company with the SEC on January 14, 2021.
Real Estate Agreements:
The Company took a number of steps to improve liquidity during the COVID-19 pandemic, including negotiating $85 million in rent abatements, deferrals and future rent reductions. The breakdown is as follows:
$25 million of the rent abatements were executed in 2020, and the remaining $25 million have been agreed to and are expected to be executed in the first quarter of 2021.
eCommerce Strategy:
The Company is finalizing a strategy that will grow its digital channel to $1.0 billion in 2024 and expects to unveil the details of the strategy in the second quarter of 2021. The strategy is based on the four foundational pillars of Product, Brand, Customer, and Execution, and will be driven by increases in conversion, average transaction value and traffic fueled by the following initiatives:
Full Year 2021 Outlook:
Due to the uncertainty of the current environment, the Company will only provide a high level outlook for 2021. For the full year of 2021, the Company expects the following:
Assumptions in the Company outlook are dependent upon the duration and intensity of the COVID-19 pandemic.
See Schedule 5 for a discussion of projected real estate activity.
Conference Call Information
A conference call to discuss fourth quarter and full year 2020 results is scheduled for March 10, 2021 at 8:30 a.m. Eastern Time (ET). Investors and analysts interested in participating in the 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 at 12:00 p.m. ET on March 10, 2021 until 11:59 p.m. ET on March 17, 2021 and can be accessed by dialing (800) 585-8367 and entering the replay pin number 9149572*. In addition, an investor presentation of fourth quarter and full year 2020 results will be available at www.express.com/investor at approximately 7:00 a.m. ET on March 10, 2021.
About Express, Inc.
Express is a modern, versatile, dual gender apparel and accessories brand that helps people get dressed for every day and any occasion. Launched in 1980 with the idea that style, quality and value should all be found in one place, Express has always been a brand of the now, offering some of the most important and enduring fashion trends. Express aims to Create Confidence & Inspire Self-Expression through a design & merchandising view that brings forward The Best of Now for Real Life Versatility.
The company operates over 500 retail and factory outlet stores in the United States and Puerto Rico, as well as an online store. Express, Inc. 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, 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 impact 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) | |||||||
| January 30, 2021 |
| February 1, 2020 | ||||
ASSETS |
|
|
| ||||
Current Assets: |
|
|
| ||||
Cash and cash equivalents | $ | 55,874 |
|
| $ | 207,139 |
|
Receivables, net | 14,556 |
|
| 10,824 |
| ||
Income tax receivable | 111,342 |
|
| 3,000 |
| ||
Inventories | 264,360 |
|
| 220,303 |
| ||
Prepaid rent | 7,883 |
|
| 6,850 |
| ||
Other | 20,495 |
|
| 22,573 |
| ||
Total current assets | 474,510 |
|
| 470,689 |
| ||
|
|
|
| ||||
Right of Use Asset, Net | 797,785 |
|
| 1,010,216 |
| ||
|
|
|
| ||||
Property and Equipment | 969,402 |
|
| 979,639 |
| ||
Less: accumulated depreciation | (789,204 | ) |
| (731,309 | ) | ||
Property and equipment, net | 180,198 |
|
| 248,330 |
| ||
|
|
|
| ||||
Deferred Tax Assets | — |
|
| 54,973 |
| ||
Other Assets | 5,964 |
|
| 6,531 |
| ||
TOTAL ASSETS | $ | 1,458,457 |
|
| $ | 1,790,739 |
|
|
|
|
| ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
| ||||
Current Liabilities: |
|
|
| ||||
Short-term lease liability | $ | 203,441 |
|
| $ | 226,174 |
|
Accounts payable | 150,230 |
|
| 126,863 |
| ||
Deferred revenue | 32,430 |
|
| 38,227 |
| ||
Accrued expenses | 128,952 |
|
| 76,211 |
| ||
Total current liabilities | 515,053 |
|
| 467,475 |
| ||
|
|
|
| ||||
Long-Term Lease Liability | 722,949 |
|
| 897,304 |
| ||
Long-Term Debt | 192,032 |
|
| — |
| ||
Other Long-Term Liabilities | 18,734 |
|
| 19,658 |
| ||
Total Liabilities | 1,448,768 |
|
| 1,384,437 |
| ||
|
|
|
| ||||
Commitments and Contingencies |
|
|
| ||||
|
|
|
| ||||
Total Stockholders’ Equity | 9,689 |
|
| 406,302 |
| ||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 1,458,457 |
|
| $ | 1,790,739 |
|
Schedule 2 | |||||||||||||||
Express, Inc. Consolidated Statements of Income (In thousands, except per share amounts) (Unaudited) | |||||||||||||||
| Thirteen Weeks Ended |
| Fifty-Two Weeks Ended | ||||||||||||
| January 30, 2021 |
| February 1, 2020 |
| January 30, 2021 |
| February 1, 2020 | ||||||||
Net Sales | $ | 430,335 |
|
| $ | 606,725 |
|
| $ | 1,208,374 |
|
| $ | 2,019,194 |
|
Cost of Goods Sold, Buying and Occupancy Costs | 358,924 |
|
| 442,824 |
|
| 1,213,281 |
|
| 1,468,619 |
| ||||
GROSS PROFIT/(LOSS) | 71,411 |
|
| 163,901 |
|
| (4,907 | ) |
| 550,575 |
| ||||
Operating Expenses: |
|
|
|
|
|
|
| ||||||||
Selling, general, and administrative expenses | 134,001 |
|
| 148,941 |
|
| 450,834 |
|
| 564,332 |
| ||||
Impairment of intangible assets | — |
|
| 197,618 |
|
| — |
|
| 197,618 |
| ||||
Restructuring costs | — |
|
| 7,337 |
|
| — |
|
| 7,337 |
| ||||
Other operating expense/(income), net | 136 |
|
| (119 | ) |
| (526 | ) |
| (847 | ) | ||||
TOTAL OPERATING EXPENSES | 134,137 |
|
| 353,777 |
|
| 450,308 |
|
| 768,440 |
| ||||
|
|
|
|
|
|
|
| ||||||||
OPERATING LOSS | (62,726 | ) |
| (189,876 | ) |
| (455,215 | ) |
| (217,865 | ) | ||||
Interest Expense/(Income), Net | 1,386 |
|
| (796 | ) |
| 3,401 |
|
| (2,981 | ) | ||||
Other Expense, Net | — |
|
| — |
|
| 2,733 |
|
| — |
| ||||
LOSS BEFORE INCOME TAXES | (64,112 | ) |
| (189,080 | ) |
| (461,349 | ) |
| (214,884 | ) | ||||
Income Tax Benefit | (10,832 | ) |
| (47,464 | ) |
| (55,900 | ) |
| (50,526 | ) | ||||
NET LOSS | $ | (53,280 | ) |
| $ | (141,616 | ) |
| $ | (405,449 | ) |
| $ | (164,358 | ) |
|
|
|
|
|
|
|
| ||||||||
EARNINGS PER SHARE: |
|
|
|
|
|
|
| ||||||||
Basic | $ | (0.82 | ) |
| $ | (2.21 | ) |
| $ | (6.27 | ) |
| $ | (2.49 | ) |
Diluted | $ | (0.82 | ) |
| $ | (2.21 | ) |
| $ | (6.27 | ) |
| $ | (2.49 | ) |
|
|
|
|
|
|
|
| ||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING: |
|
|
|
|
|
|
| ||||||||
Basic | 64,953 |
|
| 63,994 |
|
| 64,624 |
|
| 66,133 |
| ||||
Diluted | 64,953 |
|
| 63,994 |
|
| 64,624 |
|
| 66,133 |
|
Schedule 3 | |||||||
Express, Inc. Consolidated Statements of Cash Flows (In thousands) (Unaudited) | |||||||
| Fifty-Two Weeks Ended | ||||||
| January 30, 2021 |
| February 1, 2020 | ||||
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| ||||
Net loss | $ | (405,449 | ) |
| $ | (164,358 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
| ||||
Depreciation and amortization | 73,698 |
|
| 85,383 |
| ||
Loss on disposal of property and equipment | 901 |
|
| 916 |
| ||
Impairment of property, equipment, and lease assets | 34,380 |
|
| 4,430 |
| ||
Impairment of intangible assets | — |
|
| 197,618 |
| ||
Equity method investment impairment | 3,233 |
|
| 500 |
| ||
Share-based compensation | 9,462 |
|
| 8,177 |
| ||
Deferred taxes | 54,967 |
|
| (49,561 | ) | ||
Landlord allowance amortization | (416 | ) |
| (2,205 | ) | ||
Other non-cash adjustments | (500 | ) |
| (500 | ) | ||
Changes in operating assets and liabilities: |
|
|
| ||||
Receivables, net | (3,732 | ) |
| 6,545 |
| ||
Income tax receivable | (108,342 | ) |
| (1,500 | ) | ||
Inventories | (44,057 | ) |
| 47,463 |
| ||
Accounts payable, deferred revenue, and accrued expenses | 68,275 |
|
| (32,339 | ) | ||
Other assets and liabilities | (6,046 | ) |
| (9,859 | ) | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | (323,626 | ) |
| 90,710 |
| ||
|
|
|
| ||||
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| ||||
Capital expenditures | (16,854 | ) |
| (37,039 | ) | ||
NET CASH USED IN INVESTING ACTIVITIES | (16,854 | ) |
| (37,039 | ) | ||
|
|
|
| ||||
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| ||||
Proceeds from borrowings under the revolving credit facility | 165,000 |
|
| — |
| ||
Repayment of borrowings under the revolving credit facility | (58,950 | ) |
| — |
| ||
Proceeds from borrowings under the term loan facility | 90,000 |
|
| — |
| ||
Proceeds on financing arrangements | 2,634 |
|
| — |
| ||
Repayments of financing arrangements | (1,864 | ) |
| — |
| ||
Costs incurred in connection with debt arrangements | (6,979 | ) |
| (899 | ) | ||
Payments on lease financing obligations | — |
|
| (90 | ) | ||
Repurchase of common stock under share repurchase program | — |
|
| (15,610 | ) | ||
Repurchase of common stock for tax withholding obligations | (626 | ) |
| (1,603 | ) | ||
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 189,215 |
|
| (18,202 | ) | ||
|
|
|
| ||||
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS | (151,265 | ) |
| 35,469 |
| ||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 207,139 |
|
| 171,670 |
| ||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 55,874 |
|
| $ | 207,139 |
|
Schedule 4
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 loss, adjusted operating loss, adjusted diluted earnings per share, and EBITDA. 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 loss, adjusted operating 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. 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 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 January 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 | $ | (62,726 | ) |
|
|
| $ | (53,280 | ) |
| $ | (0.82 | ) |
| 64,953 |
| |
Impairment of property, equipment and lease assets | 4,527 |
|
| (1,210 | ) | (a) | 3,317 |
|
| 0.05 |
|
|
| ||||
Valuation allowance on deferred taxes (b) | — |
|
| 12,378 |
|
| 12,378 |
|
| 0.19 |
|
|
| ||||
Tax impact of the CARES Act (c) | — |
|
| (5,507 | ) |
| (5,507 | ) |
| (0.08 | ) |
|
| ||||
Adjusted Non-GAAP Measure | $ | (58,199 | ) |
|
|
| $ | (43,092 | ) |
| $ | (0.66 | ) |
|
|
| Thirteen Weeks Ended February 1, 2020 | ||||||||||||||||
(in thousands, except per share amounts) | Operating (Loss)/Income |
| Income Tax Impact |
| Net (Loss)/Income | Diluted Earnings per Share |
| Weighted Average Diluted Shares Outstanding |
| ||||||||
Reported GAAP Measure | $ | (189,876 | ) |
|
|
| $ | (141,616 | ) | $ | (2.21 | ) |
| 63,994 |
|
| |
Impairment of intangible assets | 197,618 |
|
| (49,727 | ) | (a) | 147,891 |
| 2.26 |
|
|
|
| ||||
Impairment of property, equipment and lease assets | 2,148 |
|
| (559 | ) | (a) | 1,589 |
| 0.02 |
|
|
|
| ||||
Impact of restructuring | 7,337 |
|
| (1,834 | ) | (a) | 5,503 |
| 0.08 |
|
|
|
| ||||
Tax impact of other executive departures | — |
|
| 413 |
|
| 413 |
| 0.01 |
|
|
|
| ||||
Adjusted Non-GAAP Measure | $ | 17,227 |
|
|
|
| $ | 13,780 |
| $ | 0.21 |
|
| 65,544 |
| (b) |
| Fifty-Two Weeks Ended January 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 | $ | (455,215 | ) |
|
|
| $ | (405,449 | ) |
| $ | (6.27 | ) |
| 64,624 |
| |
Impairment of property, equipment and lease assets | 34,380 |
|
| (9,111 | ) | (a) | 25,269 |
|
| 0.39 |
|
|
| ||||
Equity method investment impairment (b) | — |
|
| (642 | ) |
| 2,091 |
|
| 0.03 |
|
|
| ||||
Valuation allowance on deferred taxes (c) | — |
|
| 105,695 |
|
| 105,695 |
|
| 1.64 |
|
|
| ||||
Tax impact of the CARES Act (d) | — |
|
| (42,060 | ) |
| (42,060 | ) |
| (0.65 | ) |
|
| ||||
Tax impact of executive departures (e) | — |
|
| 111 |
|
| 111 |
|
| — |
|
|
| ||||
Adjusted Non-GAAP Measure | $ | (420,835 | ) |
|
|
| $ | (314,343 | ) |
| $ | (4.86 | ) |
|
|
| Fifty-Two Weeks Ended February 1, 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 | $ | (217,865 | ) |
|
|
| $ | (164,358 | ) |
| $ | (2.49 | ) |
| 66,133 |
| |
Impairment of intangible assets | 197,618 |
|
| (49,727 | ) | (a) | 147,891 |
|
| 2.24 |
|
|
| ||||
Impairment of property, equipment and lease assets | 4,430 |
|
| (1,152 | ) | (a) | 3,278 |
|
| 0.05 |
|
|
| ||||
Impact of restructuring | 7,337 |
|
| (1,834 | ) | (a) | 5,503 |
|
| 0.08 |
|
|
| ||||
Impact of CEO departure | — |
|
| 822 |
| (b) | 822 |
|
| 0.01 |
|
|
| ||||
Impact of other executive departures | 1,716 |
|
| 12 |
| (c) | 1,728 |
|
| 0.03 |
|
|
| ||||
Adjusted Non-GAAP Measure | $ | (6,764 | ) |
|
|
| $ | (5,136 | ) |
| $ | (0.08 | ) |
|
|
| Thirteen Weeks Ended |
| Fifty-Two Weeks Ended | ||||||||||||
| January 30, 2021 |
| February 1, 2020 |
| January 30, 2021 |
| February 1, 2020 | ||||||||
Net Loss | $ | (53,280 | ) |
| $ | (141,616 | ) |
| $ | (405,449 | ) |
| $ | (164,358 | ) |
Interest Expense/(Income), Net | 1,386 |
|
| (796 | ) |
| 3,401 |
|
| (2,981 | ) | ||||
Income Tax Benefit | (10,832 | ) |
| (47,464 | ) |
| (55,900 | ) |
| (50,526 | ) | ||||
Depreciation and amortization | 17,740 |
|
| 21,201 |
|
| 73,259 |
|
| 85,099 |
| ||||
EBITDA | $ | (44,986 | ) |
| $ | (168,675 | ) |
| $ | (384,689 | ) |
| $ | (132,766 | ) |
Schedule 5 | |||||
Express, Inc. Real Estate Activity (Unaudited) | |||||
|
|
|
| ||
Fourth Quarter 2020 - Actual |
| January 30, 2021 - Actual | |||
Company-Operated Stores | Opened | Closed |
| Store Count | Gross Square Footage |
Retail Stores | — | (19) |
| 359 |
|
Outlet Stores | — | (4) |
| 210 |
|
Express Edit Concept Stores1 | 1 | — |
| 1 |
|
TOTAL | 1 | (23) |
| 570 | 4.8 million |
|
|
|
|
|
|
First Quarter 2021 - Projected |
| May 1, 2021 - Projected | |||
Company-Operated Stores | Opened | Closed |
| Store Count | Gross Square Footage |
Retail Stores | — | (5) |
| 354 |
|
Outlet Stores | — | (4) |
| 206 |
|
Express Edit Concept Stores1 | 1 | — |
| 2 |
|
UpWest Stores | 1 | — |
| 1 |
|
TOTAL | 2 | (9) |
| 563 | 4.8 million |
|
|
|
|
|
|
Full Year 2021 - Projected |
| January 29, 2022 - Projected | |||
Company-Operated Stores | Opened | Closed |
| Store Count | Gross Square Footage |
Retail Stores | — | (20) |
| 339 |
|
Outlet Stores | 1 | (5) |
| 206 |
|
Express Edit Concept Stores1 | 9 | — |
| 10 |
|
UpWest Stores | 4 | — |
| 4 |
|
TOTAL | 14 | (25) |
| 559 | 4.7 million |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210310005215/en/
INVESTOR CONTACT Dan Aldridge VP, Investor Relations daldridge@express.com (614) 474-4890
Source: Express, Inc.