Express (EXPR) Reports Q1 Loss of $1.55/sh

Express (NYSE: EXPR) reported Q1 EPS of ($1.55), versus ($0.15) reported last year. Revenue for the quarter came in at $210.3 million, versus $451.3 million reported last year.

Store Reopening Plans:

As of June 3, 2020, the Company has opened 303 stores, in accordance with the latest federal and state guidelines. The Company is taking the following actions to provide a safe and comfortable environment for our associates and customers:

• Training associates on the new health and safety protocols
• Practicing proper social distancing, and providing contact-free customer service and payment options
• Implementing enhanced cleaning and sanitizing procedures across all stores
• Designating a maximum capacity for each store
• Installing Plexiglas shields at all checkout counters
• Requiring all associates to wear face coverings
• Offering curbside pickup at Easton in Columbus, OH and Chicago, IL test locations with a plan to expand to more stores
• Introducing enhanced buy online pick-up in stores ("BOPIS") customer experience in select reopened stores, with plans to roll out to the entire store base by the end of the third quarter

The Company is taking a phased approach to reopening stores, with the pace and staffing calibrated to mall traffic and consumer demand. Plans will be accelerated or modified based on the learnings as well as any updated associate and customer safety measures.

Open store locations and hours of operation are available at www.express.com. The Company’s website and mobile app remain available to customers.

Second Quarter 2020 Guidance:

Due to the uncertainty surrounding the current environment, the Company will not provide guidance for the second quarter or the year at this time, with the exception of capital expenditures, which are expected to be in the range of $20 million to $25 million for the full year 2020.

For earnings history and earnings-related data on Express (EXPR) click here.

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