EXPRESS INC - EXPR STOCK NEWS

Express, Inc. (NYSE: EXPR) has expanded its partnership with TV personality Tan France, appointing him as the new Lead Stylist of its Express Styling Community. France, a partner since 2019, will inspire Style Editors and store associates through mentorship and skills development, while continuing to support the brand’s mission of fostering confidence and self-expression. The Style Editor program, launched in July 2021, offers participants the chance to earn commissions on seasonal collections. France succeeds Rachel Zoe in this role and will share styling expertise across social media platforms to enhance community engagement.

Express, Inc. (NYSE: EXPR) expands its collegiate athlete style ambassador program by adding four new athletes from various states, including Jahvon Quinerly (Alabama), Justice Sueing (Ohio), Keyonte George (Texas), and Nick Smith Jr. (Arkansas). This initiative aims to enhance the brand's visibility during the college basketball season. The ambassadors will promote Express's Spring '23 collection through social media channels, showcasing style tips that resonate with confidence and authenticity. The ongoing success of the program reflects Express's commitment to its Styling Community, which encourages self-expression among its customers.

Express, Inc. (NYSE: EXPR) has finalized a strategic partnership with WHP Global, resulting in $260 million in gross proceeds aimed at bolstering its balance sheet. The funds will be allocated to pay down a $90 million term loan, invest in its omnichannel platform, and secure $60 million in guaranteed royalties for a joint venture focused on expanding the Express brand. WHP will acquire shares at $4.60 each, leading to approximately 7.4% ownership. This partnership is expected to drive significant growth opportunities through brand acquisitions and international licensing.

Express, Inc. (NYSE: EXPR) updated its full year 2022 outlook, expecting comparable sales to be flat and a diluted loss per share between $1.18 and $1.22. This outlook aligns with previous guidance and excludes ongoing benefits from its partnership with WHP Global, set to close in January 2023. CEO Tim Baxter acknowledged difficult macroeconomic conditions impacting consumer spending and emphasized commitment to returning to profitability in 2023 through strategic initiatives aimed at growth.

Express, Inc. (NYSE: EXPR) will participate in a fireside chat at the 2023 ICR Conference on Tuesday, January 10, 2023, at 4:00 p.m. Eastern Time. This event will be available via live webcast and replay on the Company’s Investor Relations website, www.express.com/investor. Express is recognized for its versatile apparel and accessories, operating over 550 stores across the U.S. and Puerto Rico. The brand emphasizes creating confidence and inspiring self-expression through its fashion offerings.

Express (NYSE: EXPR) has partnered with WHP Global to drive growth through an omnichannel platform. WHP will invest $25 million to acquire 5.4 million shares at $4.60 each, giving it a 7.4% ownership. They will form a joint venture valued at $400 million, with WHP taking a 60% stake. This collaboration aims to expand Express's brand through new licensing and international opportunities. The transaction, subject to approvals, is expected to close in EXPR's fourth fiscal quarter of 2022, strengthening both companies' balance sheets.

Express, Inc. (NYSE: EXPR) reported a challenging third quarter of 2022, with comparable sales down 8% and a gross margin decrease of 540 basis points. The firm faced significant headwinds from a tough macroeconomic environment and changing consumer spending habits, resulting in an operating loss of $30 million and a net loss of $34.4 million. Despite these setbacks, the company continues to focus on its transformation strategy and has strengthened its balance sheet through refinancing efforts totaling $250 million. Future expectations remain cautious, with projected diluted losses per share between $1.12 to $1.22.

The Board of Directors of Express, Inc. has appointed Satish Mehta as a Class I director, effective immediately. With over 20 years of experience in consumer products and technology, Mr. Mehta currently serves as the Chief Technology Officer at Chewy, Inc. His appointment aims to enhance the company’s eCommerce technologies and customer database strategies. Chairman Mylle H. Mangum and CEO Tim Baxter expressed confidence in Mr. Mehta's unique perspective to drive technological growth and transformation.

Express, Inc. (NYSE: EXPR) announced two key refinancing transactions aimed at improving its capital structure and liquidity. The amendments include increasing the revolving credit facility by $40 million to $290 million and refinancing a $140 million term loan, which reduces fixed debt exposure. The refinancing will replace the LIBOR interest rate benchmark with SOFR, leading to lower interest rates. CFO Jason Judd highlighted that these measures enhance liquidity and provide flexibility for debt repayment and growth initiatives.