Store Operations - As of February 3, 2024, the company operated 589 stores in the United States and Puerto Rico[103] - As of February 3, 2024, the company operated 589 retail and factory outlet stores in the United States and Puerto Rico[228] - The company's total store count is 589, including 518 retail and outlet stores, 12 UpWest stores, and 59 Bonobos stores[334] Financial Performance - The company's selling, general, and administrative expenses were $594.1 million in 2023, representing 32.0% of net sales[135] - Gross profit decreased to $400.382 million in 2023 from $528.594 million in 2022, with a gross margin percentage drop of 680 basis points to 21.6%[134] - Net loss for the year ended February 3, 2024, was $(208.539) million, contributing to a decrease in retained earnings to $130.752 million[222] - Net loss for 2023 was $208.5 million, compared to a net income of $293.8 million in 2022[224] - Net sales for 2023 decreased by 0.5% ($9.8 million) to $1,854.4 million compared to 2022, with a 9% decline in total consolidated comparable sales[132] Cash Flow and Financing - Net cash used in operating activities was $56.8 million in 2023, an increase of $100.2 million compared to 2022[157] - Net cash used in investing activities was $54.5 million in 2023, primarily due to the acquisition of Bonobos for $28.3 million and capital expenditures of $26.1 million[159] - Net cash used in operating activities decreased to $(56.836) million in 2023 from $(157.080) million in 2022[156] - Net cash provided by financing activities increased to $81.861 million in 2023 from $(14.496) million in 2022, driven by borrowings under debt arrangements[160] - The company obtained $214.0 million in post-petition debtor-in-possession financing, including a $25.0 million new money term loan and $189.0 million in roll-up loans[171] - The company secured a $140,000,000 Asset-Based Term Loan Agreement on January 13, 2021[274] - A Second Amended and Restated $250,000,000 Asset-Based Loan Credit Agreement was executed on January 13, 2021[274] - The company entered into an Amended Revolving Credit Facility on January 25, 2023[274] Bankruptcy and Restructuring - The company filed for Chapter 11 bankruptcy on April 22, 2024, and the Bankruptcy Court confirmed the Plan on December 17, 2024[88][94] - The company filed for Chapter 11 bankruptcy on April 22, 2024, with the plan expected to be effective by December 31, 2024[209] - The company anticipates the Plan will go effective on or about December 31, 2024, with no operations remaining other than the wind-down process[324] - The Company filed for Chapter 11 bankruptcy on April 22, 2024, and the Bankruptcy Court confirmed the Plan on December 17, 2024[361][347] - The Company anticipates the Plan will go effective on or about December 31, 2024, after which it will have no operations other than the wind-down process[337][347] - The company closed 118 unexpired leases through the Chapter 11 process[304] - The Bankruptcy Court approved PricewaterhouseCoopers LLP as a post-petition audit service provider[254] Acquisitions and Investments - The company completed the acquisition of Bonobos on May 23, 2023, adding $152.2 million in net sales for 2023[338][132] - Bonobos, a wholly-owned subsidiary, represented 7% of total assets and 8% of total sales excluded from the audit of internal control over financial reporting[208] - The company recorded a $27.2 million impairment on equity method investments in 2023[224] - The Company recognized a $27.2 million impairment charge related to its equity method investment in 2023[354] - The Company indirectly held a 40% equity method interest in the Joint Venture as of February 3, 2024[342] Executive Compensation - The company's CEO, Stewart Glendinning, received a total compensation of $1,997,868 in 2023, including a $1,000,000 bonus[233] - Mr. Glendinning's annual base salary is $1,350,000 with an annual incentive award target amount[237] Intellectual Property and Licensing - The Company paid actual royalties at a rate of 3.25% of net sales from retail sales of certain licensed goods in the first through the fifth contract years, and 3.5% thereafter, and 8% of net sales from wholesale sales of such goods[251] - The Company committed to an annual guaranteed minimum royalty of $60 million in the first contract year, increasing by $1 million per year for the next five contract years, and remaining at $65 million following the sixth contract year[251] - The IP License Agreement provided the Company with an exclusive license in the United States to the intellectual property contributed to the IP JV and certain other intellectual property[251] - The initial term of the IP License Agreement was 10 years, and the IP License Agreement automatically renewed for successive renewal terms of 10 years[251] - The Company agreed to pay the IP JV a royalty on net sales of certain licensed goods[251] - A License Agreement with WHP Investments, LLC was executed on May 23, 2023[274] - The company formed an intellectual property joint venture with WHP Global to scale the Express brand through new domestic category licensing and international expansion opportunities[333] Asset and Lease Transactions - The Company entered into an asset purchase agreement with the Phoenix JV for a total purchase price of approximately $172.0 million, including $134.0 million in cash consideration and $38.0 million in assumed liabilities[335] - The Purchase Agreement provided for a total purchase price of approximately $172.0 million, consisting of approximately $134.0 million in cash consideration and $38.0 million of assumed liabilities[303] - The Sale Transaction was successfully consummated on June 21, 2024, assigning 403 leases for Express stores, 50 leases for Bonobos stores, and the lease for the Company's corporate headquarters in Columbus, Ohio, to the Phoenix JV[303] - The Company received a non-binding letter of intent from Phoenix JV for the potential acquisition of a substantial portion of the Company's assets and the assumption of leases on a minimum of 280 stores for aggregate cash consideration in the amount of $10.0 million plus 100% of the net orderly liquidation value of acquired merchandise[303] Taxes and Royalties - The company's royalty income was $(22.4) million in 2023, representing (1.2)% of net sales[137] - The company's income tax benefit was $(693) thousand in 2023, with an effective tax rate of 0.3%[146] - Distributions received by the Company from the IP JV during fiscal year 2023 totaled $22.4 million[267] - The company received a CARES Act refund of approximately $49.0 million on April 15, 2024[306] Stock and Equity - The company implemented a 1-for-20 reverse stock split of its Common Stock on August 30, 2023[107] - The company's Common Stock was delisted from the NYSE on March 6, 2024 due to non-compliance with market capitalization requirements[79] - The company issued and sold 5.4 million shares of common stock to WHP for an aggregate purchase price of $25.0 million in January 2023[170] - The company's equity compensation plan includes 206,144 performance-based RSUs with potential payout ranging from 0% to 200% of target[265] - The Company implemented a 1-for-20 reverse stock split effective August 30, 2023[365] Internal Controls and Reporting - The company's disclosure controls and procedures were effective at the reasonable assurance level as of February 3, 2024[312] - The company's internal control over financial reporting was evaluated based on the Internal Control - Integrated Framework (2013) issued by COSO[313] - The company's executive officers are appointed by the Board and serve until their successors have been duly elected and qualified or their earlier resignation or removal[327] Other Expenses and Charges - Buying and occupancy costs increased by $2.7 million due to severance charges and $3.4 million due to impairment charges in 2023[134] - Other operating income, net decreased to $(9.375) million in 2023 from $(590) thousand in 2022, representing a $(8.785) million decrease[138] - Other expense (income), net increased to $27.2 million in 2023 from $(1.384) million in 2022, primarily due to an impairment of equity method investment[145] - The Company recognized $4.7 million in restructuring charges in 2023, including $2.7 million in cost of goods sold and $2.0 million in selling, general, and administrative expenses[340] - The Company recognized impairment charges of $3 million related to store level property and equipment and right of use assets for the year ended February 3, 2024[213] - Consolidated property and equipment, net of $106 million and consolidated right of use asset, net of $529 million as of February 3, 2024[213] Miscellaneous - Store related Property and Equipment, including right of use assets, are tested for recoverability based on indicators such as material adverse changes in projected revenues and significant negative economic conditions[180] - Inventory adjustments were made based on the lower of cost or net realizable value, with a weighted-average cost basis[186] - The company's cash and cash equivalents decreased by $29.4 million to $36.2 million at the end of 2023[224] - Capital expenditures were $26.1 million in 2023, down from $47.4 million in 2022[224] - Outstanding checks not yet presented for payment amounted to $12.5 million as of February 3, 2024[348] - Total advertising expense was $122.0 million in 2023, a decrease from $134.9 million in 2022[357] - The company's gain on transaction with WHP decreased by $409.5 million in 2023 compared to 2022[144] - The Company completed an Investment Agreement with WH Borrower, LLC on December 8, 2022[274] - A Membership Interest Purchase Agreement was signed on December 8, 2022, involving Express, Inc., WH Borrower, LLC, and Express, LLC[274] - The equity interests in the Joint Venture was sold pursuant to the Sale Transaction[267] - Bonobos' total assets and total revenues represent approximately 7% and 8% of the company's total assets and total revenues, respectively, as of February 3, 2024[315] - The company obtained $214.0 million of DIP Facilities to administer the Chapter 11 Cases and operate the business during the pendency of the cases[321] - Related Person Transactions require approval if the amount exceeds $120,000[249]

The Securities and Exchange Commission (SEC) settled charges with Express, Inc., in which it alleged that the fashion retailer failed to disclose executive compensation paid to its now-former CEO in fiscal years 2019, 2020 and 2021.Express Inc.’s failure to disclose $979,269 worth of perks and personal benefits to its CEO during those years resulted in it understating the “All Other Compensation” portion of the CEO’s compensation by an average of 94%, the SEC said in a Tuesday (Dec. 17) press release.“Publi ...

Shares of this high-flying payments leader have plenty of upside. Shares of American Express (AXP 0.28%) have skyrocketed to an all-time high with a 44% return this year, outperforming the 20% gain in the S&P 500 index. The financial services giant has benefited from resilient macroeconomic conditions, driving solid growth and stronger earnings. Shareholders have had plenty to cheer about lately. On the other hand, investors on the sidelines may wonder if it's too late to jump in and buy shares. Can the ral ...

I am a value investor focused on "Sideline Activism": Finding activist situations in companies that are both undervalued to peers and are in industries seeing high levels of consolidation. Analyst's Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I h ...

Business: International Money Express is an omnichannel money remittance services company. IMXI offers money transfer services digitally through a network of agent retailers in the United States, Canada, Spain, Italy and Germany. It works through company-operated stores, its mobile application and the company's websites. Its remittance services include a suite of ancillary financial processing solutions and payment services available in all 50 states in the United States, Puerto Rico and 13 provinces in Can ...

The credit card giant still looks like a promising long-term investment. Metric 2021 2022 2023 Total revenue (net of interest (17%) 17% 14% American Express' (AXP 3.57%) stock has rallied nearly 60% over the past three years as the S&P 500 advanced just over 20%. The financial services giant outperformed the market as it continued generating stable growth in a tough macro environment. But will this blue chip stalwart stay ahead of the market over the next three years? Let's review its business model, growth ...

Along with the broader market, American Express clawed back losses from last week. Shares of American Express (AXP 3.23%) traded approximately 4% higher as of 1:30 p.m. ET today, according to data from S&P Global Market Intelligence, as the market tried to claw back some of the losses incurred last week when the broader benchmark S&P 500 fell 1.7% and suffered its worst week since March of 2023. While there was no specific news about the company today, there are a few reasons to explain the movement. Keepin ...

Diversification can be a useful way to manage risk in the financial sector. Warren Buffett-led Berkshire Hathaway (BRK.A -0.99%) (BRK.B -1.18%) achieved a new milestone in August, surpassing $1 trillion in market cap for the first time. Although Berkshire is known for its public equity investments in companies like Apple and Coca-Cola, the value of the rest of the business is actually much higher. In fact, Berkshire's holdings in public companies are worth about $320 billion compared to the $1.026 trillion ...

American Express Company (AXP) and an Amex Ventures portfolio company, Knot, recently introduced a pilot feature designed to streamline the process of adding payment information at certain retailers. This pilot feature is currently available to a select group of American Express customers, allowing them to effortlessly input their payment details at popular merchants such as Bloomingdale's, Hilton and Macy's (M) . Knot is a fintech firm that focuses on managing card-on-file data. It provides a seamless way ...

SAN FRANCISCO, Sept. 04, 2024 (GLOBE NEWSWIRE) -- Stitch Fix, Inc. (NASDAQ: SFIX), the leading online personal styling service, today announced that it has appointed Timothy Baxter and Fiona Tan to its Board of Directors, effective Oct. 14. "Tim and Fiona are highly respected retail leaders, and we are excited to welcome them to the Stitch Fix Board of Directors," said Matt Baer, Chief Executive Officer, Stitch Fix. "We are currently in the midst of a transformation, and Tim's extensive background in appare ...