The company’s comparable retail sales, which includes both Express stores and e-commerce, were down 4% in Q3 FY23. Credit: Mike Mozart/ Flickr (Creative Commons).

American fashion retailer Express has recorded a $36.8m net loss in the third quarter (Q3) of fiscal 2023 (FY23), compared to a net loss of $34.4m in the same period in FY22.

The retailer reported a loss per diluted share of $9.83 in Q3 FY23, compared to $10.09 in the same quarter of the previous year.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Its earnings before interest, taxes, depreciation, and amortisation were negative $17.1m in Q3 FY23, compared to negative $14.5m in Q3 FY22.

During the quarter ending 28 October 2023, Express reported consolidated net sales of $454.1m, up 5% from $434.1m in the same period a year previously.

Net sales for the company’s Express and UpWest brands dropped by 7% to $402.0m, and net sales of Bonobos were $52.1m.

The comparable retail sales, including Express stores and e-commerce, were down 4% from 2022 and comparable outlet sales also decreased 13% against the same period.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Express chief executive officer Stewart Glendinning stated: “During the past three months, I have had the opportunity to assess our operating capabilities, organisational structure and processes, marketing and customer acquisition abilities, and merchandise and product strategies.

“Express has the right building blocks in place with a strong portfolio of brands, a high-potential partnership with WHP and a premier omnichannel platform. Our efforts to unlock our full potential and improve our performance are already underway.”

Considering the challenging macroeconomic environment, Express has predicted net sales for the full year to be approximately $1.840bn to $1.865bn.

It also expects a diluted loss per share of between $46.00 and $50.00.

The company continues to review its business model and expects to deliver more than $200m in annualised savings by 2025 against 2022.

In 2023, the retailer aims to reduce costs by $80m, of which it has already delivered $30m.