Express, Inc. (NYSE: EXPR), the fashion apparel retail, recently announced its Q4-2020 and FY2020 financial results for January 30, 2021, and December 31, 2020, respectively. All Q4-2021 financial results here are comparable against financial results ending on February 1, 2020.
Financial report of Q4-2020 as compared with Q4-2019
The company reported a 29% decline in consolidated net sales, which came in at $430.3 million when compared against $606.7 million in Q4-2019. Consolidated comparable sales dropped 27%.
Express, Inc. (NYSE: EXPR) reported a gross margin of 16.6% of net sales compared with 27.0% in Q4-2019. This decrease is attributed to COVID-induced sales impact, along with a non-cash impairment charge of $4.5 million against previously held store assets.
Operating loss came in at $62.7 million against a $189.9 million loss in Q4-2019. This loss includes restructuring and intangible asset impairment charges, which in numbers is around $205.0 million.
Net loss of EXPR in Q4-2020 was $53.3 million or $0.82 per diluted share. Net loss on an adjusted basis came in at $43.1 million, or $0.66 per diluted share in Q4-2020. The company reported an EBITDA loss of $45.0 million in Q4-2020, comparable with a $168.7 million loss in Q4-2019.
Operating results of EXPR for FY2020
Meanwhile, the company reported a 40% decline in consolidated net sales in FY2020, which came in at $1,208 million, comparable against $2,019 million in FY2019. Consolidated comparable sales are down 27%.
The operating loss of Express, Inc. (NYSE: EXPR) in FY2020 is $455.2 million against the $217.9 million loss in FY2019.
EXPR reported a $405.4 million net loss, or $6.27 per diluted share loss, against a net loss of $164.4 million, or $2.49 per diluted share in the year before. EBITDA came in at a $384.7 million loss as against $132.8 million in FY2019.
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