(Express) Express Inc. shares rose more than 10% in premarket on Wednesday after reporting net sales of $450.8 million, up 30% from the prior year.
The company said that its comparable sales increased by 31%. The increase reflected a 32% jump in comparable retail sales, both Express stores and e-commerce, and a 30% increase in comparable outlet store sales.
Express posted a gross margin of 29.2% in the first quarter, an increase from a margin of 22.8% in the prior year.
The company narrowed its net loss to $11.9 million or minus $0.18 per share, compared to a loss of $45.7 million or minus $0.70 per share in the prior year.
Express now projects that its comparable sales will improve in the mid-single digits in the second quarter. The gross margin rate is expected to jump by about 100 basis points.
For FY22, comparable sales are expected to rise by 8%-10%. The gross margin rate is expected to rise by more than 100 basis points, with an adjusted EPS of between $0.14 to $0.20.
EXPR: NYSE is up +10.05%.
