The Express Inc. saw a significant increase in ecommerce demand and apparent stabilization in store sales and traffic in July, as it continues to drive the transformational work of its corporate strategy - The Expressway Forward. The company estimates second quarter comparable sales to be down 24 percent and net sales to be down 48 percent on a year-over-year basis.
The company said in a statement that upon reopening its stores following closures due to the pandemic, it saw consistent acceleration in sales and traffic through the third week of June, but then a deceleration as new hot spots emerged in several states. This was further impacted by prolonged closures in New York and the re-closing of a number of stores in California. However, store sales and traffic appear to have stabilized in July, with total comparable sales, including ecommerce, at approximately negative 20 percent for the month. The company added that these results were also driven by the second consecutive month of positive demand for its ecommerce business in July, where demand has accelerated from negative 35 percent in early May to positive 25 percent for the back half of July.
“Our second consecutive month of positive ecommerce demand coupled with the apparent stabilization in store sales and traffic indicate that our new product vision and brand positioning are resonating with customers. I expect our comparable sales trend to improve as we resume flowing new receipts over the next several weeks,” said Tim Baxter, the company’s Chief Executive Officer. Picture:Business Wire