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About Express, Inc.

Express operates about 600 stores throughout the US and Puerto Rico that sell modern, versatile, dual gender apparel and accessories brand that helps people get dressed for every day and any occasion trendy. The chain's fashions — which include everything from button-downs and dresses to jeans and pants to shoes, belts, and handbags — are styled to have an international influence and modern appeal. Its stores are located primarily in malls, and Express also sells merchandise online and via mobile apps. Customers in Latin America can shop in more than 10 franchised locations as well as online. Express was founded in 1980.

Operations

The Company reports results as a single segment, which includes the operation of its Express brick-and-mortar retail and outlet stores, e-commerce operations, and franchise operations. By merchandise type, apparel makes up more than 85% of the retailer's total sales, while accessories and other items make up an additional 10%. Women's merchandise accounts for more than 60% of sales; men's merchandise makes up the remainder. By sales channel, Retail generates about 75% of total sales, while Outlet creates nearly 25%.

The retailer sources its merchandise from over 110 vendors operating through more than 330 manufacturing facilities across the globe (mostly in Asia). The top five countries it sources merchandise from are China, Indonesia, Vietnam, Bangladesh, and India.

Geographic Reach

Ohio-based Express operates 595 stores, including more than 600 retail and factory outlets in the US and Puerto Rico. California, Texas, Florida, and New York are the retailer's major markets with more than a third of total locations.

Overseas, franchisees operate more than five stores in Mexico and a handful of other Latin American countries.

Sales and Marketing

Express relies on a variety of marketing vehicles to acquire new customers, engage with existing customers, to increase store traffic and online, and build its brand. They seek to optimize their customer relationship management ("CRM") through a number of tactics, such as test and learn programs, circulation and offer models, and greater use of digital marketing.

The company's advertising expense totaled $114.7 million, $123.1 million, and $112.8 million in 2019, 2018, and 2017, respectively.

Financial Performance

Express's revenue and net income have continuously decreased for the past five years. Its revenues for the past five years have dropped almost 15%, with its net income equally struggling over the same period, experiencing a net loss of $164.4 million in 2019.

In fiscal 2019, the company reported revenue of $2 billion, down 5% from the prior year. Comparable retail sales decreased about 5% in 2019 compared to 2018. The decrease in comparable retail sales resulted primarily from a decrease in transactions and in-store average dollar sales per transaction. They attribute these reductions to decreased traffic at their retail and outlet stores, as well as increased promotions.

The company reported with a net loss of $164.4 million in 2019. This was due to higher loss before income taxes as well as impairment and restructuring costs.

Cash at the end of fiscal 2019 was $207.1 million, a rise of approximately 20% from $171.7 million from the prior year. Cash from operations contributed $90.7 million to the coffers, while investing activities used $37 million, resulting from capital expenditures. Financing activities used another $18.2 million for stock repurchase programs.

Strategy

Express's corporate strategy includes: engaging their customers and acquiring new ones, executing with precision to accelerate sales and profitability, putting product first, and reinvigorating their brand. The delivery of compelling new merchandise at an attractive value, retention and acquisition of customers, growth of the retail business, and the expansion of omni-channel capabilities are among the various initiatives the company has for further profitability.

They are also reliant upon their ability to obtain desirable store locations, negotiate acceptable leases, and open stores on budget and in a timely manner. In fiscal 2019, the company opened more than 30 new outlet stores and closed 40 retail stores. To effectively carry out their growth strategy, they will need to continue to invest funds in order to maintain and improve their systems.

In the fourth quarter of 2019, in connection with the Company's new strategy and the restructuring of the work force, the Company recognized $7.3 million in restructuring and related reorganization charges. The charges were primarily related to employee severance, benefits and professional fees. As of February 1, 2020, approximately $5.7 million was unpaid and recorded in accrued expenses on the Consolidated Balance Sheet. The Company expects the majority of these costs to be paid in 2020.

Company Background

Express's roots go back to 1980 with its first store in Chicago as part of Limited Brands.

Golden Gate Capital, which bought ailing Express from Limited Brands in 2007, took it public in an IPO worth about $272 million in 2010. The IPO followed years of pain for Express, which had closed more than 300 stores since 2005 amid declining sales.

Express, Inc.

1 Express Dr
Columbus, OH 43230-1496
Phone: 1 (614) 474-4001

Firm Stats

Employer Type: Publicly Owned
Stock Symbol: EXPR
Stock Exchange: , NYSE
President, CEO, and Director: David G. Kornberg
Chairman: Mylle H. Mangum
EVP and COO: Matthew C. Moellering
Employees (This Location): 900
Employees (All Locations): 14,000

Major Office Locations

Columbus, OH

Other Locations

Birmingham, AL
Dothan, AL
Hoover, AL
Huntsville, AL
Mobile, AL
Montgomery, AL
Spanish Fort, AL
Tuscaloosa, AL
Fayetteville, AR
Jonesboro, AR
Little Rock, AR
Rogers, AR
Chandler, AZ
Mesa, AZ
Phoenix, AZ
Scottsdale, AZ
Tucson, AZ
Arcadia, CA
Bakersfield, CA
Brea, CA
Canoga Park, CA
Capitola, CA
Carlsbad, CA
Citrus Heights, CA
Concord, CA
Corona, CA
Costa Mesa, CA
Downey, CA
El Cajon, CA
El Centro, CA
Emeryville, CA
Escondido, CA
Fairfield, CA
Fresno, CA
Glendale, CA
Laguna Hills, CA
Lakewood, CA
Los Angeles, CA
Milpitas, CA
Mission Viejo, CA
Montebello, CA
Monterey, CA
Moreno Valley, CA
Newark, CA
Newport Beach, CA
Northridge, CA
Palm Desert, CA
Palo Alto, CA
Pleasanton, CA
Redondo Beach, CA
Riverside, CA
Roseville, CA
Sacramento, CA
San Diego, CA
San Francisco, CA
San Luis Obispo, CA
San Mateo, CA
Santa Ana, CA
Santa Barbara, CA
Santa Rosa, CA
Sherman Oaks, CA
Stockton, CA
Temecula, CA
Torrance, CA
West Covina, CA
Westminster, CA
Aurora, CO
Broomfield, CO
Colorado Springs, CO
Denver, CO
Littleton, CO
Danbury, CT
Enfield, CT
Farmington, CT
Manchester, CT
Meriden, CT
Milford, CT
Trumbull, CT
Waterford, CT
Newark, DE
Wilmington, DE
Altamonte Springs, FL
Boynton Beach, FL
Destin, FL
Fort Lauderdale, FL
Fort Myers, FL
Gainesville, FL
Jacksonville, FL
Key West, FL
Miami, FL
Miami Beach, FL
Orange Park, FL
Orlando, FL
Saint Petersburg, FL
Sarasota, FL
South Miami, FL
Tampa, FL
Wellington, FL
Athens, GA
Atlanta, GA
Augusta, GA
Buford, GA
Duluth, GA
Gainesville, GA
Kennesaw, GA
Lithonia, GA
Morrow, GA
Savannah, GA
Ames, IA
Cedar Falls, IA
Algonquin, IL
Aurora, IL
Bloomingdale, IL
Bloomington, IL
Bourbonnais, IL
Chicago, IL
Chicago Ridge, IL
Fairview Heights, IL
Geneva, IL
Gurnee, IL
Joliet, IL
Lombard, IL
Matteson, IL
Norridge, IL
Oak Brook, IL
Peoria, IL
Riverside, IL
Rockford, IL
West Dundee, IL
Bloomington, IN
Carmel, IN
Evansville, IN
Indianapolis, IN
Noblesville, IN
Leawood, KS
Shawnee Mission, KS
Wichita, KS
Florence, KY
Lexington, KY
Louisville, KY
Alexandria, LA
Baton Rouge, LA
Lafayette, LA
Lake Charles, LA
Metairie, LA
Monroe, LA
Slidell, LA
Auburn, MA
Burlington, MA
Cambridge, MA
Dartmouth, MA
Dedham, MA
Foxborough, MA
Hingham, MA
Kingston, MA
Natick, MA
Hanover, MD
Nottingham, MD
Oxon Hill, MD
Ada, MI
Ann Arbor, MI
Auburn Hills, MI
Clinton Township, MI
Flint, MI
Grand Rapids, MI
Grandville, MI
Livonia, MI
Midland, MI
Novi, MI
Portage, MI
Saginaw, MI
Sterling Heights, MI
Traverse City, MI
Troy, MI
Westland, MI
Burnsville, MN
Eden Prairie, MN
Maple Grove, MN
Minneapolis, MN
Rochester, MN
Saint Paul, MN
Columbia, MO
Independence, MO
Kansas City, MO
Saint Louis, MO
Meridian, MS
Charlotte, NC
Greensboro, NC
Greenville, NC
Raleigh, NC
Wilmington, NC
Winston Salem, NC
Fargo, ND
Lincoln, NE
Omaha, NE
Danville, NH
Nashua, NH
East Brunswick, NJ
Edgewater, NJ
Freehold, NJ
Livingston, NJ
Mays Landing, NJ
Moorestown, NJ
Paramus, NJ
Rockaway, NJ
Albuquerque, NM
Las Cruces, NM
Henderson, NV
Las Vegas, NV
Reno, NV
Albany, NY
Astoria, NY
Bay Shore, NY
Bayside, NY
Brooklyn, NY
Buffalo, NY
Hicksville, NY
Huntington Station, NY
Kingston, NY
Massapequa, NY
New Hartford, NY
New Hyde Park, NY
New York, NY
Oceanside, NY
Pelham, NY
Rochester, NY
Staten Island, NY
Valley Stream, NY
Victor, NY
Yonkers, NY
Akron, OH
Beavercreek, OH
Cincinnati, OH
Columbus, OH
Fairlawn, OH
Mentor, OH
Niles, OH
Olmsted Twp, OH
Sandusky, OH
Strongsville, OH
Toledo, OH
Vancouver, OH
Westlake, OH
Youngstown, OH
Norman, OK
Oklahoma City, OK
Tulsa, OK
Portland, OR
Colmar, PA
Erie, PA
Harrisburg, PA
Homestead, PA
Langhorne, PA
North Wales, PA
Pittsburgh, PA
Plymouth Meeting, PA
Scranton, PA
Springfield, PA
Whitehall, PA
Willow Grove, PA
Providence, RI
Warwick, RI
Anderson, SC
Charleston, SC
Columbia, SC
Florence, SC
Greenville, SC
North Charleston, SC
Spartanburg, SC
Sioux Falls, SD
Collierville, TN
Goodlettsville, TN
Jackson, TN
Knoxville, TN
Memphis, TN
Murfreesboro, TN
Nashville, TN
Abilene, TX
Amarillo, TX
Arlington, TX
Austin, TX
Beaumont, TX
Brownsville, TX
Dallas, TX
El Paso, TX
Friendswood, TX
Frisco, TX
Garland, TX
Houston, TX
Humble, TX
Irving, TX
Katy, TX
Lewisville, TX
Lubbock, TX
Mcallen, TX
Mckinney, TX
Mesquite, TX
Monahans, TX
Odessa, TX
Pasadena, TX
Plano, TX
San Antonio, TX
Sugar Land, TX
Waco, TX
Sandy, UT
Dulles, VA
Fredericksburg, VA
Harrisonburg, VA
Norfolk, VA
North Chesterfield, VA
Portsmouth, VA
Richmond, VA
Roanoke, VA
Springfield, VA
Virginia Beach, VA
Woodbridge, VA
South Burlington, VT
Bellevue, WA
Bellingham, WA
Lynnwood, WA
Puyallup, WA
Seattle, WA
Brookfield, WI
Eau Claire, WI
Greendale, WI
La Crosse, WI
Madison, WI
Milwaukee, WI
Barboursville, WV