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Total sales grew 5.8% but e-commerce rose 56.5%
It was a good third quarter overall for sales for specialty apparel retailer Express Inc., but it was the e-commerce channel that shined.
For the third quarter ended Oct. 31, Express, No. 144 in the Internet Retailer Top 500 Guide, reported:
- Web sales increased 56.5% to $32.4 million from $20.7 million in the third quarter of 2009.
- Total sales grew year over year 5.8% to $450.6 million from $426.0 million.
- Net income declined 7.7% to $26.3 million from $28.5 million in the third quarter of 2009.
“The quarter included positive comparable store sales, a 57% increase in e-commerce sales and a 240 basis-point increase in gross margin, all contributing to a 26.6% increase in operating income compared to the third quarter last year,” says CEO Michael Weiss. Comparable-store sales were not disclosed.
Internet Retailer calculates the web accounted for 7.2% of total sales compared with 4.9% in the prior year.
For the first three quarters Express reported:
- Web sales increased 57.9% to $87.0 million from $55.1 million in the first three quarters of 2009.
- Total sales grew year over year 9.4% to $1.28 billion from $1.17 billion.
- Net income increased 169.3% to $78.9 million from $29.3 million in the first three quarters of 2009.
Comparable-store sales were not disclosed.
Internet Retailer calculates the web accounted for 6.8% of total sales compared with 4.7% in the prior year.