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Express Inc.’s web sales jump more than 29% in Q3
Online sales accounted for more than 14% of the retailer’s total sales.
Specialty apparel retailer Express Inc. today reported that its web sales soared more than 29% in the third quarter and more than 34% in the first three quarters of 2013.
For the third quarter ended Nov. 2, Express, No. 97 in the Internet Retailer 2013 Top 500 Guide, reported:
- Web sales increased 29.2% to $71.2 million from $55.1 million in the third quarter of 2012.
- Total sales grew year over year 7.4% to $503.0 million from $468.5 million.
- Comparable-store sales, which include web sales, increased 5%.
- Net income increased 10.9% to $19.3 million from $17.4 million in the third quarter of 2012.
- The web accounted for 14.2% of total sales compared with 11.8% in the third quarter.
For the first three quarters of 2013, Express reported:
- Web sales increased 34.4% to $201.8 million from $150.2 million in the first three quarters of 2012.
- Total sales grew year over year 5.6% to $1.50 billion from $1.42 billion.
- Comparable-store sales, which include web sales, increased 3%.
- Net income dipped 8.9% to $68.6 million from $75.3 million in the first three quarters of 2012.
- The web accounted for 13.5% of total sales compared with 10.6% in the first three quarters of 2012.
While the retailer’s holidays sales have surpassed last year’s results to date, they have failed to meet expectations, says Michael Weiss, Express chairman and CEO.
“We had been planning for a promotional holiday season, but we now expect the intensity of those promotions to reach heightened levels and we are updating our full-year guidance accordingly,” he says. As a result, Express says it expects “low single-digit” growth in comparable-store sales, which include e-commerce, in the fourth quarter.