Express, Inc. Provides Store Opening Details and Additional Business Updates
May 04 2020 - 3:15PM
Business Wire
Fashion apparel retailer Express, Inc. (NYSE: EXPR) today
provided details on store reopening plans as well as additional
business updates in response to the COVID-19 pandemic.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200504005721/en/
Express storefront at Easton Town Center
in Columbus, Ohio. (Photo: Business Wire)
Store Reopening Plans
In accordance with the latest federal and state guidelines, and
with adherence to new health and safety protocols, the Company
currently expects to reopen approximately 300 of its stores before
Memorial Day. Beginning with a few stores that opened last week in
Georgia and South Carolina, the Company will be taking a phased
approach with the pace and staffing calibrated to mall traffic and
consumer demand, and the overall plan will be accelerated or
modified based on the learning and any updated associate and
customer safety measures.
"This is a very fluid situation, and we will continue to operate
in an agile and adaptive manner. The health and safety of our
associates and customers is our priority as we reopen our stores,"
said Tim Baxter, Chief Executive Officer. "We know that it will
take time before consumer confidence and shopping activity reach
pre-pandemic levels, but I am confident that the actions we have
taken, and the elements of The EXPRESSway Forward strategy that we
had already begun to activate, put us in a strong position to
achieve our long term objectives."
The Company will take the following actions to provide a safe
and comfortable environment for its associates and customers:
- Train associates on the new health and safety protocols
- Practice proper social distancing, and provide contact-free
customer service and payment options
- Clean and sanitize all stores thoroughly and frequently
- Offer curbside pickup at Easton in Columbus, OH and Chicago, IL
test locations with a plan to expand to more stores based on
consumer response
- Introduce enhanced BOPIS customer experience in all reopened
stores
Open store locations and hours of operation are available at
www.express.com. The Company’s website and mobile app remain
available to customers.
The EXPRESSway Forward Strategy
Throughout this period of brick and mortar store closures and
larger economic uncertainty, the Company has maintained the
momentum of a number of key strategic initiatives, including the
following:
- Applied the new Express Edit design and merchandising approach
through virtual co-creation sessions between the Company's
designers and its customers
- Advanced the new Brand Positioning to Create Confidence &
Inspire Self-Expression through the launch of the #ExpressTogether
social media campaign that has driven strong customer engagement,
and developed new digital content to deliver the most appropriate
and relevant marketing messages for the current environment
- Conducted virtual research in order to stay attuned to customer
views and preferences
- Expanded digital stylist live chat feature to provide real-time
product and wardrobe assistance
- Executed all key milestone meetings in the new go to market
process virtually to stay on track to deliver the best new product
for Q4
Previously Communicated Actions
As announced in earlier press releases, the Company took the
following actions to maintain sufficient liquidity throughout the
COVID-19 crisis, and provided additional detail to quantify the
impacts where appropriate:
- Accessed $165 million from its credit facility; this was in
addition to $207 million cash on hand at the beginning of the
year
- Significantly reduced expenses, capital expenditures and
working capital; this included inventory reductions, furloughing
most store associates and a number of corporate associates,
suspending merit pay increases, and freezing all hiring with the
exception of a few critical senior leadership positions for which
candidates had already been identified
- Additional benefits expected from the Coronavirus Aid Relief
and Economic Security Act (CARES) including the expanded operating
loss carryback, employer payroll tax credit and deferral
provisions
Earnings Call and 2020 Annual Meeting of Shareholders
The Company today announced that its conference call to report
first quarter 2020 financial results will be held at 9:00 AM EST on
June 3, 2020.
The Company's 2020 Annual Meeting of Shareholders scheduled to
take place at 8:30 AM EST on June 10, 2020 will be held as a
virtual meeting.
About Express, Inc.:
Express is a leading fashion brand for women and men. Since
1980, Express has provided the latest apparel and accessories to
help customers build a wardrobe for every occasion, offering
fashion and quality at an attractive value. The company operates
retail and factory outlet stores in the United States and Puerto
Rico, as well as an online destination. For more information,
please visit www.express.com.
Forward-Looking Statements:
Certain statements in this press release are “forward-looking
statements” made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include any statement that does not directly relate to
any historical or current fact. Forward-looking statements are
based on our current expectations and assumptions, which may not
prove to be accurate. These statements are not guarantees and are
subject to risks, uncertainties, and changes in circumstances that
are difficult to predict, and significant contingencies, many of
which are beyond the Company's control. Important factors that
could cause actual results to differ materially from these
forward-looking statements are detailed in the Company’s Annual
Report on Form 10-K for the fiscal year ended February 1, 2020. We
undertake no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events, or otherwise, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200504005721/en/
Investors: Dan Aldridge daldridge@express.com (614) 474-4890
Media: Alysa Spittle aspittle@express.com (614) 474-4745
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