For Jack Ma, executive chairman of Alibaba Group Holdings, today is an extremely busy and lucrative day because the company he founded 15 years ...
The apparel retailer's web channel grew 57%.
It was a strong first quarter across the board for apparel retailer Express Inc., but the web was the channel that grew the fastest.
For the quarter ended May 1, Express, No. 144 in the Internet Retailer Top 500 Guide, achieved:
- An increase in web sales of 56.9% to $27.3 million from $17.4 million in the first quarter of 2009.
- Total sales increased year over year 13.9% to $426.5 million from $374.4 million.
- Comparable-store sales increased 12%.
- Net income increased 302.6% to $30.6 million from $7.6 million in the first quarter of 2009.
“Our leadership as a go-to fashion authority for our customers led to a 57% increase in e-commerce merchandise sales, and operating income that more than doubled versus the prior year,” says CEO Michael Weiss.
Internet Retailer calculates the web accounted for 6.4% of total sales compared with 4.6% in the first quarter of 2009. Express, which launched e-commerce in the summer of 2008, sells primarily to fashion-conscious men and women in their 20s and 30s.