Apparel retailer Express Inc. on Monday filed for Chapter 11 bankruptcy protection. Express said in a press release that it was "continuing to serve customers in stores and online across its Express, Bonobos and UpWest Brads and expects to conduct business as usual as the company works to right-size its lease portfolio and operations."Brand management firm WHP Global and others on Monday sent Express a non-binding letter of intent to possibly buy a "substantial majority" of its operations. The bankruptcy fi ...

Fashion retailer Express filed for Chapter 11 bankruptcy protection Monday — and the mall staple said it is looking to sell off the majority of its stores.Columbus, Ohio-based Express, which is also the parent of Bonbons and Upwest brands, is shuttering a handful of its operations in the process. In an announcement the bankruptcy filing, the company said it planned to close 95 of its Express retail stores and all UpWest stores.Closing sales at these locations, which were not immediately specified, are set t ...

Today, warning bells may be signaling the end of the line for another struggling retail chain. Express (OTCMKTS:EXPR) has been struggling for months, so much so that it lost its place on the New York Stock Exchange earlier this month. When a company moves to trading over the counter after being delisted, it is often the beginning of the end. In the case of EXPR stock, that definitely seems to be the case. Reports indicate that the fashion retailer is taking steps to file for Chapter 11 bankruptcy as soon as ...

Express (OTCMKTS:EXPR) has now officially been de-listed from the NYSE, with shares of EXPR stock now trading on the over-the-counter market. This process began on Wednesday, and as the company reported in a press release, investors will still be able to invest in the company, though many don’t seem to be willing to do so. Shares of EXPR stock are trading about 10% lower in today’s session as investors look to continue to take a bearish stance on this fashion retailer.On a year-to-date basis, EXPR stock is ...

Apparel retailer Express (NYSE:EXPR) — which focuses on business casual attire — is on the ropes amid insider whispers of a debt restructuring initiative. People with knowledge of the matter note that one of the courses of action could involve filing for bankruptcy. If so, the filing could happen within weeks, sending EXPR stock plummeting.According to The Wall Street Journal, the insiders stated that the Ohio-based retailer hired restructuring advisor M3 and law firm Kirkland & Ellis. At the core of the ma ...

[Forward-Looking Statements](index=3&type=section&id=FORWARD-LOOKING%20STATEMENTS) The report contains forward-looking statements subject to risks that could cause actual results to differ materially from expectations - This report contains forward-looking statements concerning the company's financial condition, results of operations, and business strategies. These statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from expectations[7](index=7&type=chunk) - The company identifies several categories of risks that could impact its performance, including[8](index=8&type=chunk)[9](index=9&type=chunk)[10](index=10&type=chunk)[11](index=11&type=chunk) - **Operational and Industry Risks:** General economic conditions, consumer spending, competition, supply chain disruptions, and reliance on third parties[10](index=10&type=chunk) - **Strategic Risks:** Ability to respond to fashion trends, dependence on brand image, execution of growth strategy, and realizing benefits from the Bonobos acquisition[10](index=10&type=chunk) - **Risks Related to WHP Partnership:** Ability to realize success and synergies from the strategic partnership with WHP Global[10](index=10&type=chunk) - **Financial, IT, Legal, and Stock Ownership Risks:** Including lease obligations, credit facility covenants, data security, and stock price volatility[13](index=13&type=chunk) [PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the company's unaudited consolidated financial statements and management's discussion and analysis for the period [Item 1. Financial Statements (Unaudited)](index=5&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents unaudited consolidated financial statements, including balance sheets, income statements, cash flows, and notes detailing key events like the Bonobos acquisition and going concern assessment [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet shows changes in assets, liabilities, and equity, reflecting increased inventories and debt, and decreased cash and equity Consolidated Balance Sheet Highlights (in thousands) | Account | Oct 28, 2023 | Jan 28, 2023 | Change | | :--- | :--- | :--- | :--- | | Cash and cash equivalents | $34,643 | $65,612 | -$30,969 | | Inventories | $480,867 | $365,649 | +$115,218 | | Total Assets | $1,467,758 | $1,398,325 | +$69,433 | | Total Debt (Short & Long-Term) | $274,672 | $122,000 | +$152,672 | | Total Liabilities | $1,319,803 | $1,090,756 | +$229,047 | | Total Stockholders' Equity | $147,955 | $307,569 | -$159,614 | [Consolidated Statements of Income and Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20and%20Comprehensive%20Income) This statement details the company's net sales, gross profit, operating loss, and net loss for the quarter and year-to-date periods Q3 2023 vs Q3 2022 Performance (in thousands, except EPS) | Metric | Thirteen Weeks Ended Oct 28, 2023 | Thirteen Weeks Ended Oct 29, 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $454,063 | $434,145 | +4.6% | | Gross Profit | $109,517 | $120,617 | -9.2% | | Operating Loss | $(28,742) | $(29,509) | +2.6% | | Net Loss | $(36,811) | $(34,448) | -6.9% | | Diluted EPS | $(9.83) | $(10.09) | +2.6% | YTD 2023 vs YTD 2022 Performance (in thousands, except EPS) | Metric | Thirty-Nine Weeks Ended Oct 28, 2023 | Thirty-Nine Weeks Ended Oct 29, 2022 | Change | | :--- | :--- | :--- | :--- | | Net Sales | $1,272,664 | $1,349,849 | -5.7% | | Gross Profit | $273,679 | $405,818 | -32.6% | | Operating Loss | $(138,428) | $(28,200) | -391% | | Net Loss | $(154,294) | $(39,326) | -292% | | Diluted EPS | $(41.42) | $(11.59) | -257% | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) This statement summarizes cash flows from operating, investing, and financing activities, showing a net decrease in cash YTD Cash Flow Summary (in thousands) | Cash Flow Activity | Thirty-Nine Weeks Ended Oct 28, 2023 | Thirty-Nine Weeks Ended Oct 29, 2022 | | :--- | :--- | :--- | | Net Cash Used in Operating Activities | $(131,367) | $(95,869) | | Net Cash Used in Investing Activities | $(51,692) | $(24,340) | | Net Cash Provided by Financing Activities | $152,090 | $103,625 | - The net decrease in cash and cash equivalents was **$31.0 million** for the first thirty-nine weeks of 2023, compared to a decrease of $16.6 million in the same period of 2022[20](index=20&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) These notes detail accounting policies, multi-brand structure, the Bonobos acquisition, a reverse stock split, debt facilities, and a going concern assessment - The company operates two brand-based segments: Express (including UpWest) and Bonobos. As of October 28, 2023, it operated **600 total stores**[23](index=23&type=chunk)[24](index=24&type=chunk) - On May 23, 2023, the company acquired the operating assets of Bonobos for approximately **$28.3 million in cash**, funded by borrowings under its Revolving Credit Facility[25](index=25&type=chunk)[84](index=84&type=chunk) - The company faces substantial doubt about its ability to continue as a going concern due to challenging macroeconomic conditions, but management believes its plans to reduce expenses and improve liquidity will mitigate these risks for at least one year[38](index=38&type=chunk)[40](index=40&type=chunk)[42](index=42&type=chunk) - On September 5, 2023, the company entered into a **$65.0 million** "first-in, last-out" (FILO) asset-based term loan to expand liquidity access[42](index=42&type=chunk)[110](index=110&type=chunk)[111](index=111&type=chunk) - A **1-for-20 reverse stock split** was effected on August 30, 2023, and all share and per-share amounts have been retroactively adjusted[27](index=27&type=chunk)[28](index=28&type=chunk)[142](index=142&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q3 2023 performance, highlighting Bonobos-driven sales growth, declining comparable sales, eroded gross margins, and a refined strategy with significant cost-saving initiatives [Business Trends and Outlook](index=32&type=section&id=Business%20Trends%20and%20Outlook) The company faces macroeconomic challenges, implementing cost-saving measures and a refined strategy focused on profitable growth, omnichannel leverage, and financial discipline - The company is facing a challenging macroeconomic environment with reduced consumer spending and increased price sensitivity, which has significantly impacted performance[38](index=38&type=chunk)[155](index=155&type=chunk) - Management has a stated goal to deliver over **$200 million in annualized savings by 2025** versus 2022[156](index=156&type=chunk)[174](index=174&type=chunk) - Specific cost reduction targets have been identified and are being implemented: **$80 million for fiscal 2023** and **$120 million in annualized reductions for fiscal 2024**, compared to 2022[157](index=157&type=chunk)[158](index=158&type=chunk)[175](index=175&type=chunk) - The company is also pursuing at least **$50 million in gross margin expansion opportunities** through efficiencies in sourcing, production, and supply chain[158](index=158&type=chunk)[176](index=176&type=chunk) [Results of Operations](index=40&type=section&id=Results%20of%20Operations) Q3 2023 consolidated net sales increased due to Bonobos, but comparable sales declined, and gross margin decreased significantly due to promotional activity Q3 2023 vs Q3 2022 Net Sales (in thousands) | Brand/Metric | Q3 2023 | Q3 2022 | Change | | :--- | :--- | :--- | :--- | | Express | $401,971 | $434,145 | -7.4% | | Bonobos | $52,092 | $0 | N/A | | **Total Net Sales** | **$454,063** | **$434,145** | **+4.6%** | | Total Comp Sales | -6% | -8% | - | - Q3 2023 gross margin decreased by **370 basis points to 24.1%** from 27.8% in Q3 2022. This was driven by a **440 basis point drop in merchandise margin** due to promotions and royalty expenses, partially offset by a 70 basis point improvement in buying and occupancy costs as a percentage of sales[206](index=206&type=chunk) YTD 2023 vs YTD 2022 Net Sales (in thousands) | Brand/Metric | YTD 2023 | YTD 2022 | Change | | :--- | :--- | :--- | :--- | | Express | $1,179,644 | $1,349,849 | -12.6% | | Bonobos | $93,020 | $0 | N/A | | **Total Net Sales** | **$1,272,664** | **$1,349,849** | **-5.7%** | | Total Comp Sales | -12% | +6% | - | - YTD 2023 gross margin decreased by **860 basis points to 21.5%** from 30.1% in YTD 2022, driven by a **660 basis point decline in merchandise margin** and a 200 basis point deleverage in buying and occupancy costs[216](index=216&type=chunk) [Liquidity and Capital Resources](index=47&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity relies on cash from operations and its Revolving Credit Facility, bolstered by a new $65.0 million FILO Term Loan - Cash used in operating activities was **$131.4 million** for the first thirty-nine weeks of 2023, an increase from $95.9 million used in the same period of 2022, primarily due to a larger operating loss and changes in working capital[240](index=240&type=chunk)[241](index=241&type=chunk) - On September 5, 2023, the company secured a **$65.0 million** first-in-last-out (FILO) asset-based term loan to expand liquidity access[239](index=239&type=chunk) - As of October 28, 2023, the company had **$21.7 million** available for borrowing under its Revolving Credit Facility[239](index=239&type=chunk)[245](index=245&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=49&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is exposure to interest rate fluctuations on its variable-rate debt, totaling approximately $277.7 million - A hypothetical **100 basis point (1%) change** in underlying interest rates would impact the company's annual interest expense by approximately **$2.8 million**, based on debt levels at October 28, 2023[248](index=248&type=chunk) [Item 4. Controls and Procedures](index=49&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective, with the Bonobos business to be excluded from internal control assessment for the current fiscal year - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were effective as of October 28, 2023[252](index=252&type=chunk) - No material changes were made to the company's internal control over financial reporting during the third quarter of 2023[254](index=254&type=chunk) [PART II - OTHER INFORMATION](index=51&type=section&id=PART%20II%20OTHER%20INFORMATION) This section covers legal proceedings, updated risk factors, equity security sales, other information, and a list of exhibits [Item 1. Legal Proceedings](index=51&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in legal claims, including wage and hour lawsuits in California, where a proposed settlement awaits final court approval - The company is involved in representative actions in California alleging violations of wage and hour statutes. A proposed settlement was reached in June 2022, received preliminary court approval in August 2023, and a final approval hearing is scheduled for January 2024[136](index=136&type=chunk)[137](index=137&type=chunk)[139](index=139&type=chunk) [Item 1A. Risk Factors](index=51&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, including new risks related to the Bonobos acquisition and the potential failure to achieve targeted cost savings - A new risk factor highlights that the company may fail to realize the expected strategic and financial benefits of the Bonobos acquisition due to challenges with customer retention, supplier relationships, and operational integration[257](index=257&type=chunk) - Another new risk factor states that the company may not fully realize the benefits of its workforce reduction and other cost-saving actions within the anticipated timeline, which could weaken its ability to support operations and meet debt obligations[258](index=258&type=chunk)[259](index=259&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase shares under its program during Q3 2023, with approximately $34.2 million remaining authorized for repurchase - No shares were repurchased under the publicly announced program during the quarter. Approximately **800 shares** were purchased to satisfy employee tax withholding obligations[261](index=261&type=chunk) - The remaining authorization under the share repurchase program is approximately **$34.2 million** as of October 28, 2023[141](index=141&type=chunk)[261](index=261&type=chunk) [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) No directors or officers adopted or terminated Rule 10b5-1 trading plans or other trading arrangements during the most recent fiscal quarter - No directors or officers adopted or terminated any Rule 10b5-1 trading plans during the third quarter of 2023[264](index=264&type=chunk) [Item 6. Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Quarterly Report, including corporate documents, debt agreements, and Sarbanes-Oxley certifications

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended July 29, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______ Commission File Number 001-34742 EXPRESS, INC. (Exact name of registrant as specified in its charter) Delaware 26-2828128 (State or other ...

Express Inc. (NYSE:EXPR) Q2 2023 Earnings Conference Call September 6, 2023 8:30 AM ET Company Participants Tim Baxter - Chief Executive Officer Jason Judd - Senior Vice President, Chief Financial Officer Greg Johnson - Vice President, Investor Relations Conference Call Participants Dana Telsey - Telsey Advisory Group Eric Beder - Small Cap Consumer Research Marni Shapiro - Retail Tracker Operator Good morning. My name is Jean Louis and I will be your conference operator today. I would like to welcome every ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended April 29, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM ______ TO ______ Commission File Number 001-34742 EXPRESS, INC. (Exact name of registrant as specified in its charter) Delaware 26-2828128 (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 1 Express Drive Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended January 28, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-34742 EXPRESS, INC. (Exact name of registrant as specified in its charter) | | | (State or other ju ...