Express to Close Fifty Stores
Express Inc. has announced plans to close fifty stores. The store closings are the result of declining sales. Express announced that its first quarter sales were down 11% from the year before. The retailer has a total of 630 stores.Express says in its Q1 report that the closures will occur over the next 3 years primarily when the store leases expire. The company says the store closings will begin at the end of its current fiscal year or the beginning of the next fiscal year. The company says its Spring inventory did not sell quickly and its Memorial Day sales event was not as strong as last year's.
Express, Inc. chairman and ceo Michael Weiss says, "Our second quarter results will be impacted by the need to move through slow selling Spring inventory and a Memorial Day event that did not drive traffic as successfully as last year. Our full year guidance incorporates the impact of a very challenging first half, while also anticipating sequential improvements in comparable sales in quarters two through four as we deliver new product we believe will be more in line with customer expectations."
Posted on May 30, 2014