In its second-largest acquisition, Amazon buys the company for $970 million.
E-commerce sales grew year over year almost 60%.
The online channel for Express Inc. clicked with its primary shoppers of fashion-conscious young adults in their 20s and 30s.
For the second quarter ended July 31, Express, No. 144 in the Internet Retailer Top 500 Guide, reported:
- An increase in web sales of 58.8% to $27 million from $17 million in the second quarter of 2009.
- An increase in total sales year over year of 9% to $407.3 million from $373.8 million.
- Growth in comparable-store sales of 6%.
- Net income of $22.1 million compared with a net loss of $6.8 million in the second quarter of 2009.
“The on-going benefit of our go-to-market strategy along with outstanding execution of our key growth strategies is resulting in increased sales productivity and profitability for our company,” says CEO Michael Weiss.
Internet Retailer calculates the Internet accounted for 6.6% of total sales, compared with 4.5% in the prior year.
For the first quarters, Express recorded:
- An increase in web sales of 37.5% to $47.3 million from $34.4 million in the first two quarters of 2009.
- An increase in total sales year over year of 11.4% to $833.7 million from $748.2 million.
- Net income of $52.7 million compared with net income of $843,000 in the first two quarters of 2009.
Internet Retailer calculates the Internet accounted for 5.7% of total sales, compared with 4.6% in the prior year.