Welcome to our dedicated page for EXPRESS news (Ticker: EXPR), a resource for investors and traders seeking the latest updates and insights on EXPRESS stock.
Express Inc (NYSE: EXPR) provides investors and industry professionals with centralized access to official corporate communications and market-moving developments. This resource aggregates press releases, financial filings, and strategic announcements from the fashion retailer known for its contemporary apparel and omnichannel retail strategy.
Users can efficiently track earnings reports, partnership announcements, and operational updates critical for understanding EXPR's position in the competitive fashion sector. The curated collection emphasizes material developments affecting corporate strategy, including store network changes, e-commerce initiatives, and leadership transitions.
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EXPR has announced a definitive agreement to acquire the Bonobos brand from Walmart for $75 million, with WHP Global acquiring the brand for $50 million and EXPR acquiring Bonobos' operating assets for $25 million. This acquisition marks the first collaboration between WHP Global and EXPR following their strategic partnership earlier this year. Bonobos is recognized for its double-digit sales growth and innovative retail model. The partnership aims to enhance growth and profitability by leveraging synergies from EXPR's omnichannel platform. The transaction is projected to be accretive to operating income and free cash flow positive in fiscal 2023. The acquisition is expected to close in the second fiscal quarter of 2023, pending customary conditions.
Express, Inc. (NYSE: EXPR) announced it is not in compliance with the NYSE minimum price criteria, following a notification on March 28, 2023. The Company must maintain an average closing share price of at least $1.00 over a consecutive 30 trading-day period within six months to regain compliance. During this period, the common stock will continue to be listed and traded on the NYSE. Express plans to notify the NYSE of its intent to cure this deficiency, which may include a reverse stock split. This notice does not affect ongoing business operations nor violate any debt obligations.
Express, Inc. (NYSE: EXPR) reported a full year 2022 diluted EPS of $4.25, aided by a $409 million gain from a strategic partnership with WHP Global. Consolidated net sales decreased 14% to $514.3 million in Q4 2022, with comparable retail sales down 15%. The company faced headwinds as comparable sales were flat for the year, particularly in the women's business. Despite operational challenges, Express identified $40 million in annualized savings in early 2023 and anticipates improved sales trends moving forward. For 2023, the company expects a diluted loss per share between $0.85 to $1.05, with positive low-single-digit comparable sales growth forecasted.
Express, Inc. (NYSE: EXPR) announced the retirement of President & Chief Operating Officer Matthew Moellering, effective May 5, 2023. Moellering, with Express since 2003, played a vital role in the company's transformation and strategy implementation. The company has hired Spencer Stuart for an external search for his successor. Moellering expressed confidence in the company's future due to its strategic partnership with WHP Global. Since its inception in 1980, Express has grown into a multichannel apparel brand with over 550 retail locations in the U.S. and Puerto Rico, aiming to create confidence and inspire self-expression.
