Columbus, Ohio -- Express Inc. reported that its net income for the quarter ended Oct. 27 fell to $17.4 million, from $32.7 million a year earlier, amid a fall in same-store sales.
Net sales fell 4% to $468.5 million. Same-store sales declined 5%.
Express chairman and CEO, Michael A. Weiss, said: “The third quarter was a very challenging one for our company. However, we believe we have identified the issues impacting our performance and have developed, and begun to execute, a plan to fix them. To that end, we re-balanced our sweater assortment, introduced entry price point fashion items in key categories, and began to set and communicate clearer pricing and promotional strategies for our customers. We believe that these actions will position us well for the future.”
Express expects to open eight stores in the fourth quarter, including five stores in the United States and three stores in Canada, to end the quarter with 625 locations and approximately 5.4 million gross square feet in operation.