Company profile

Ticker
EXPR
Exchange
Website
CEO
Timothy G. Baxter
Employees
Location
Fiscal year end
Former names
Express Parent LLC
SEC CIK
IRS number
262828128

EXPR stock data

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FINRA relative short interest over last month (20 trading days) ?

Calendar

11 Dec 19
20 Feb 20
1 Feb 21

News

Company financial data Financial data

Quarter (USD) Nov 19 Aug 19 May 19 Feb 19
Revenue 488.48M 472.72M 451.27M 628.43M
Net income -3.11M -9.7M -9.93M -1.09M
Diluted EPS -0.05 -0.14 -0.15 -0.02
Net profit margin -0.64% -2.05% -2.20% -0.17%
Operating income -6.68M -9.76M -11.55M 12.56M
Net change in cash 13.96M 9.73M -27.44M 10.48M
Cash on hand 167.92M 153.96M 144.23M 171.67M
Cost of revenue 350.81M 346.22M 328.77M
Annual (USD) Jan 17 Jan 16 Jan 15
Revenue 2.19B 2.35B 2.17B
Net income 58.34M 116.51M 68.33M
Diluted EPS 0.74 1.38 0.81
Net profit margin 2.66% 4.96% 3.16%
Operating income 105.08M 207.24M 136.6M
Net change in cash 20.47M -159.26M
Cash on hand 207.37M 186.9M 346.16M

Financial data from Express earnings reports

13F holders
Current Prev Q Change
Total holders 143 152 -5.9%
Opened positions 20 15 +33.3%
Closed positions 29 32 -9.4%
Increased positions 39 44 -11.4%
Reduced positions 55 62 -11.3%
13F shares
Current Prev Q Change
Total value 228.51M 192.39M +18.8%
Total shares 66.45M 70.47M -5.7%
Total puts 152.9K 2.71M -94.4%
Total calls 301.01K 411.1K -26.8%
Total put/call ratio 0.5 6.6 -92.3%
Largest owners
Shares Value Change
BLK BlackRock 10.51M $36.14M +1.6%
Contrarius Investment Management 6.1M $21M 0.0%
Dimensional Fund Advisors 5.64M $19.41M +0.0%
Divisar Capital Management 5.45M $18.76M +115.5%
Vanguard 4.62M $15.88M -25.3%
Quinn Opportunity Partners 3.19M $10.96M +4.4%
N Price T Rowe Associates 3.14M $10.81M +9.8%
Renaissance Technologies 2.84M $9.77M +135.0%
STT State Street 2.6M $8.95M +1.3%
NEU Neuberger Berman 1.65M $5.67M -0.4%
Largest transactions
Shares Bought/sold Change
Divisar Capital Management 5.45M +2.92M +115.5%
Renaissance Technologies 2.84M +1.63M +135.0%
Vanguard 4.62M -1.57M -25.3%
Canada Pension Plan Investment Board 0 -1.51M EXIT
LSV Asset Management 0 -1.25M EXIT
DB Deutsche Bank 170.25K -1.16M -87.2%
MS Morgan Stanley 1.36M -1.02M -42.9%
Arrowstreet Capital, Limited Partnership 718.95K -529.19K -42.4%
Stormborn Capital Management 500K +500K NEW
Spark Investment Management 96.19K -407.01K -80.9%

Financial report summary

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Risks
  • Our business is sensitive to consumer spending and general economic conditions. Recessionary, slow growth, or other difficult economic conditions could adversely affect our financial performance.
  • Our ability to attract customers to our stores that are located in malls or other shopping centers depends heavily on the success of these malls and shopping centers, and continued decreases in customer traffic in these malls or shopping centers, whether due to the growing preference for online shopping or otherwise, could cause our net sales and our profitability to be less than expected.
  • We face significant competition that could adversely affect our ability to generate higher net sales and margins.
  • We do not own or operate any manufacturing facilities and therefore depend upon third parties for the manufacture of all of our merchandise. The inability of a manufacturer to ship goods on-time to our specifications or to operate in compliance with our Vendor Code of Conduct or applicable laws could negatively impact our business.
  • The raw materials used to manufacture our products and our transportation and labor costs are subject to availability constraints and price volatility, which could result in increased costs.
  • The interruption of the flow of merchandise from international manufacturers or increased tariffs on imports could disrupt our supply chain.
  • If we encounter difficulties associated with distribution facilities or if they were to shut down for any reason, we could face shortages of inventory in our stores, delayed shipments to our online customers, and harm to our reputation.
  • We rely upon independent third-party transportation providers for substantially all of our product shipments and are subject to increased shipping costs as well as the potential inability of our third-party transportation providers to deliver on a timely basis.
  • We rely on third parties to provide us with certain key services for our business. If any of these third parties fails to perform their obligations to us or declines to provide services to us in the future, we may suffer a disruption to our business. Furthermore, we may be unable to provide these services or implement substitute arrangements on a timely basis with terms favorable to us.
  • Our business is highly dependent upon our ability to identify and respond to new and changing fashion trends, customer preferences, and other related factors. Our inability to identify and respond to these new trends may lead to inventory markdowns and write-offs, which could adversely affect us and our brand image.
  • Our sales, profitability, and cash levels fluctuate on a seasonal basis and are affected by a variety of factors, including consumer demand, our product offerings relative to customer demand, the mix of merchandise we offer, promotions, inventory levels, and our sales mix between stores and e-commerce.
  • Our business depends in part on a strong brand image. If we are unable to maintain and enhance our brand, or our brand reputation is damaged for any reason, we may fail to attract customers and suffer a significant decline in sales.
  • Consumer behavior is rapidly changing, and if we are unable to successfully adapt to consumer shopping preferences and develop and maintain a relevant and reliable omni-channel experience for our customers, our financial performance and brand image could be adversely affected.
  • We depend on key executive management and may not be able to retain or replace these individuals or recruit additional personnel, which could harm our business.
  • We rely significantly on information systems and any failure, inadequacy, interruption, or security failure of those systems could harm our ability to effectively operate our business, cause a decrease in our net sales, increase our expenses, and harm our reputation.
  • We may be exposed to risks and costs associated with the loss of customer information that would cause us to incur unexpected expenses, loss of revenues, and reputational harm.
  • We have, and will continue to have, significant lease obligations. We are subject to risks associated with leasing substantial amounts of space, including future increases in occupancy costs and the need to generate significant cash flow to meet our lease obligations.
  • The terms of our Revolving Credit Facility may restrict our current and future operations, which could adversely affect our ability to respond to changes in our business and to manage our operations.
  • We may recognize impairment on long-lived assets.
  • There are claims made against us from time to time that can result in litigation or regulatory proceedings which could distract management from our business activities and result in significant liability.
  • Changes in laws, including employment laws and laws related to our merchandise, could make conducting our business more expensive or otherwise change the way we do business.
  • We may be unable to protect our trademarks or other intellectual property rights, may be precluded from using trademarks in certain countries, and may face claims from third parties for intellectual property infringement, any of which could harm our business.
  • Changes in tax law, tax requirements, results of tax audits, and other factors may cause fluctuations in our effective tax rate and operating results.
  • If we fail to establish and maintain adequate internal controls over financial reporting, we may not be able to report our financial results in a timely and reliable manner, which could harm our business and impact the value of our securities.
  • Our ability to pay dividends and repurchase shares is subject to restrictions in our Revolving Credit Facility, results of operations, and capital requirements.
  • Anti-takeover provisions in our charter documents and Delaware law may discourage or delay acquisition attempts for us that our stockholders might consider favorable.
Management Discussion
  • Net sales in the third quarter of 2019 decreased approximately $26.5 million compared to the third quarter of 2018. The decrease was primarily attributable to decreases in retail and outlet comparable sales. The decrease in retail comparable sales was the result of decreased traffic at our retail stores and a decrease in the number of transactions. In addition, our retail sales were negatively impacted by our decision to strategically reduce the number of store-wide and site-wide promotions. The decrease in our outlet comparable sales was the result of decreased traffic and a lower average selling price.
  • The 250 basis point decrease in gross margin percentage, or gross profit as a percentage of net sales, in the third quarter of 2019 compared to the third quarter of 2018 was comprised of a 140 basis point decrease in merchandise margin and a 110 basis point increase in buying and occupancy costs as a percentage of net sales. The decrease in merchandise margin was primarily driven by actions to move through clearance inventory and product that did not fit with our evolving product strategy. This was partially offset by being more strategic with our promotional activity during the quarter. The increase in buying and occupancy costs as a percentage of net sales was primarily the result of the decrease in sales.
  • The $4.0 million decrease in selling, general, and administrative expenses in the third quarter of 2019 as compared to the third quarter of 2018 was the result of decreased store payroll of $2.1 million, marketing expenses of $2.0 million and home office payroll, including incentive and stock-based compensation, of $1.2 million. These decreases were partially offset by a $1.8 million increase in professional fees.
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