Express CEO expects 'continued strong sales momentum' in e-commerce
David Kornberg, the company's president and CEO, stated: "Our second quarter performance represents another step forward in our pursuit of returning Express to sustainable and profitable long-term growth. Comparable sales grew for the second consecutive quarter, and for the third consecutive quarter we increased earnings relative to the prior year. E-commerce had another exceptional quarter, with sales increasing 37%, on top of 28% growth achieved in the prior year period." Kornberg continued, "As we look to the balance of the year, we are focused on continuing to drive growth through important initiatives across product, brand, and customer experience. We are excited about our fall and holiday assortments and expect continued strong sales momentum in our e-commerce business. Our launch of extended sizes is performing well and we are seeing success build from our expanded omni-channel capabilities, both of which are expected to deliver more benefit in the second half of 2018 and into 2019. Our financial position remains strong with $191 million in cash at quarter end and no debt. Under our $150 million share repurchase program, we have repurchased $49 million, or 6.1 million shares to date, underscoring our confidence in the business and commitment to driving shareholder value."