The e-retailer reports a $126 million net loss, stemming from a $640 million year-over-year increase in spending in the quarter on technology and content ...
E-commerce increased 41% in Q3 versus 5% for stores.
It was a good third quarter all around for specialty apparel chain retailer Express Inc., but the channel that grew the fastest was e-commerce.
For the third quarter ended Oct. 30, Express, No. 124 in the Internet Retailer Top 500 reported:
- Web sales increased 40.7% to $45.6 million from $32.4 million in the third quarter of 2010.
- Total sales grew 8.0% to $486.8 million from $450.6 million in the third quarter of 2010.
- Comparable-store sales increased 5%.
- Net income increased year over year 24.3% to $32.7 million from $26.3 million.
Internet Retailer calculates the web accounted for 9.4% of total sales compared with 7.2% in the third quarter of 2010. “We grew our e-commerce channel by 41%, and our new stores performed ahead of our expectations,” says CEO Michael Weiss. “We continue to expect the combination of our data-driven strategies and brand-building initiatives to lead to another quarter of strong results and continued accomplishments toward our long-term goals and objectives.”
For the first three quarters:
- Web sales increased 39.3% to $121.2 million from $87 million in the first three quarters of 2010.
- Total sales grew 9.4% to $1.4 billion from $1.28 billion.
- Comparable-store sales increased 6%.
- Net income increased year over year 1.6% to $80.3 million from $79 million.
Internet Retailer calculates the web accounted for 8.7% of total sales compared with 6.8% in the first three quarters of 2010.